Business
Tourmaline Oil Corp. Announces Q4 and 2011 Year End Financial Results
CALGARY, March 20, 2012 /CNW/ - Tourmaline Oil Corp. (TSX:TOU) ("Tourmaline" or the "Compan...
About this update from Tourmaline Oil Corp.
[{"type":"text","content":"\n\n\n\n\n\nCALGARY, March 20, 2012 /CNW/ - Tourmaline Oil Corp. (TSX:TOU)\n (\"Tourmaline\" or the \"Company\") achieved record growth in reserves\n (78%), production (74%) and funds from operations1 (81%) while delivering strong profitability in a period of difficult\n natural gas prices.  The Company posted record after-tax earnings of\n $42.7 million for the 2011 calendar year.\n\n\n2011 Highlights\n\n\nRecord full year 2011 after-tax earnings of $42.7 million ($0.28/diluted\n share) compared to after-tax earnings of $8.8 million ($0.07/diluted\n share) for 2010.\n\n\nRecord quarterly production in Q4 2011 of 37,912 boepd - a 65% increase\n over Q4 2010 and a 10% increase over Q3 2011.\n\n\nRecord full year 2011 average production of 31,007 boepd - a 74%\n increase over 2010.\n\n\nRecord quarterly funds from operations of $73.3 million or $0.45 per\n diluted share - an increase of 17% over Q3 2011.\n\n\nFull year 2011 funds from operations of $241.4 million, or $1.58 per\n diluted share - an increase of 81% over 2010.\n\n\nTotal proved reserves growth of 72% (38% per share) and 2P reserves\n growth of 78% (47% per share) over 2010.\n\n\nTotal proved plus probable reserve additions of 123.2 MMBOE in 2011 with\n reserve value increasing by $1.12 billion (NPV 10% before tax) despite\n significantly lower forecast natural gas prices employed in the 2011\n report.\n\n\nStrong balance sheet with net debt2of $228.3 million.\n\n\nRecord low operating costs of $5.17/boe in Q4 2011 - a 10% decrease from\n Q3 2011 and full year 2011 operating costs of $5.58/boe were 12% lower\n than 2010.\n\n\nRecord cash G&A3 costs of $0.82 per boe in Q4 2011 and strong 2011 cash G&A unit costs\n of $1.02 - down 21% from 2010.\n\n\nStrong operating netback4of $22.35/boe full year 2011 - a 3% increase over 2010.\n\n\nTourmaline drilled 89 gross wells (72.7 net wells) in 2011 with a 100%\n success rate.\n\n\n__________________________\n\n\n\n\n\n1\n\n\nFunds from operations is defined as cash provided by operations before\n changes in non-cash operating working capital.  See \"Non-IFRS Financial\n Measures\" in the attached Management's Discussion and Analysis.\n\n\n2\n\n\nNet debt is defined as long-term bank debt plus working capital\n (adjusted for the fair value of financial instruments).  See \"Non-IFRS\n Financial Measures\"...