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Dixie Energy Trust Releases Second Quarter 2014 Financial Results and Appoints an Independent Director
CALGARY , Aug. 26, 2014 /CNW/ - Dixie Energy Trust (" Dixie " or the " Trust ") is p...
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[{"type":"text","content":"\n\nCALGARY, Aug. 26, 2014 /CNW/ - Dixie Energy Trust (\"Dixie\" or the \"Trust\") is pleased to report its financial results for the quarter and six month period ended June 30, 2014. Dixie's unaudited interim condensed consolidated financial statements for the three and six months ended June 30, 2014 and related management's discussion and analysis (\"MD&A\") have been filed with the applicable securities regulators and are available on the Trust's website at DixieEnergyTrust.com and on SEDAR at sedar.com.  All figures are presented in Canadian dollars unless otherwise indicated.\n\nSummary of Second Quarter and First Half Financial Results\n\nFor the quarter ended June 30, 2014, Dixie had oil and natural gas revenues, net of royalties of $657,517, a net loss of $447,449 and a basic and diluted net loss of $0.01 per trust unit. The Trust's total comprehensive loss for the period, which included a foreign currency translation loss of $879,486, was $1,326,985. For the six months ended June 30, 2014, Dixie had oil and natural gas revenues, net of royalties of $1,310,738, a net loss of $865,065 and a basic and diluted net loss of $0.02 per trust unit. The Trust's total comprehensive loss for the period, which included a foreign currency translation gain of $63,405, was $801,660.\n\nAs of June 30, 2014, the cash position of the Trust was $435,875 with working capital deficiency of $536,187.\n\nSecond Quarter and First Half 2014 Highlights\n\n\nDixie acquired additional oil and gas leases totaling 277 gross acres (110 net) of undeveloped land in the Maple Branch prospect in Lowndes and Monroe County, Mississippi (the \"Maple Branch Prospect\"). As at June 30, 2014, Dixie held a 40% working interest in 15,555 gross acres (6,222 net) of undeveloped land in the Maple Branch prospect.\nDuring the second quarter of 2014, Dixie's average oil and gas production was 106 boepd (95% oil) and its netback was US$50.89 per boe. During the second quarter, Dixie's average oil sale price was US$98.47 per boe. During the six months ended June 30, 2014, Dixie's average oil and gas production was 105 boepd (91% oil) and its netback was US$47.50 per boe. During the six months, Dixie's average oil sale price was US$97.71 per boe.\nSubsequent to June 30, 2014\n\nOn August 5, 2014, Dixie announced it had closed an acquisition of interests in ...