Business
Valeura announces first quarter 2014 financial and operating results
CALGARY , May 14, 2014 /CNW/ - Valeura Energy Inc. (" Valeura " or the " Corporation ") ...
About this update from Valeura Energy Inc.
[{"type":"text","content":"\n\n\nCALGARY, May 14, 2014 /CNW/ - Valeura Energy Inc. (\"Valeura\" or the \"Corporation\") (TSX: VLE) is pleased to report highlights of its unaudited financial\n and operating results for the three month period ended March 31, 2014\n and an update on subsequent developments. The complete quarterly\n reporting package for the Corporation, including the unaudited\n financial statements and associated management's discussion and\n analysis (\"MD&A\"), has been filed on SEDAR at www.sedar.com and posted on the Corporation's website at www.valeuraenergy.com.\n\n\nQ1 2014 RESULTS AT A GLANCE\n\n\n\nNet sales 1,317 boe/d, up 11% from Q4 2013 and tracking average annual\n guidance of 1,250 to 1,310 boe/d\n\n\n\n\nFunds flow from operations $3.7 million \n\n\n\n\nCorporate operating netback $44.26 per boe\n\n\n\n\nNet capex $3.9 million, down 32% from Q4 2013 and in-line with budget\n\n\n\n\nDrilled and fracked two new horizontal wells in Mezardere slope fan play\n with restricted IP30 rates of 1.5 and 1.3 MMcf/d (gross)\n\n\n\n\nCompleted processing of new 3D seismic survey in Osmanli area \n\n\n\n(See below for definitions, non-IFRS measures and other advisories)\n\n\nOPERATIONAL HIGHLIGHTS\n\n\n\nNet corporate petroleum and natural gas sales in the first quarter of\n 2014 averaged 1,317 barrels of oil equivalent per day (\"boe/d\"), which was 11% higher than sales in the fourth quarter of 2013. This\n is the third consecutive quarter of increasing sales. Net sales in\n Turkey in the first quarter of 2014 averaged 1,274 boe/d, including 7.6\n million cubic feet per day (\"MMcf/d\") of natural gas and 7.0 barrels of oil per day. Net sales in Canada in\n the first quarter of 2014 averaged 43 boe/d.\n\n\n\n\nNet corporate petroleum and natural gas sales in April 2014 averaged\n approximately1,250 boe/d, reflecting a temporary gap in drilling and\n associated production additions to offset natural declines. Drilling is\n expected to resume in June, consistent with the constrained work\n program and capital budget for 2014, funded from available cash and\n operating cash flow.\n\n\n\nThrace Basin - TBNG JV (Valeura 40%)\n\n\n\nDrilled and fracked two new horizontal wells BTD-2H and TDR-11H in the\n Tekirdag area on joint venture lands acquired from Thrace Basin Natural\n Gas (Turkiye) Corporation (\"TBNG\") and Pinnacle Turkey Inc. (...