Business
Valeura announces fourth quarter 2013 financial and operating results and year-end 2013 reserves
CALGARY , March 11, 2014 /CNW/ - Valeura Energy Inc. (" Valeura " or the " Corporation "...
About this update from Valeura Energy Inc.
[{"type":"text","content":"\n\n\nCALGARY, March 11, 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 December 31,\n 2013, audited results for the year ended December 31, 2013, year-end\n 2013 reserves and an update on subsequent developments. The complete\n quarterly reporting package for the Corporation, including the audited\n annual financial statements and associated management's discussion and\n analysis (\"MD&A\") and the 2013 Annual Information Form (\"2013 AIF\"), have been filed on SEDAR at www.sedar.com and posted on the Corporation's website at www.valeuraenergy.com.\n\n\nQ4 2013 RESULTS AT A GLANCE\n\n\n\nNet sales 1,191 boe/d, up 18% from Q3 2013\n\n\n\n\nFunds flow from operations $3.8 million, up 24% from Q3 2013\n\n\n\n\nOperating netback $43.25 per boe\n\n\n\n\n1P reserves 1.8 MMboe and 2P reserves 5.8 MMboe at year-end 2013, up 55%\n and 16%, respectively, from year-end 2012\n\n\n\n\nReplaced 280% of corporate production at the 1P level and 326% of\n production at the 2P level in 2013\n\n\n\n\n1P reserves value $46 MM or $0.80 per share; 2P reserves value $130 MM\n or $2.24 per share (NPV10 before tax)\n\n\n\n\n9 additional re-entry fracs completed in new Mezardere slope fan play \n\n\n\n\nDrilled and fracked a third horizontal tight gas well with IP30 of 2.0\n MMcf/d (gross) \n\n\n\n(See below for definitions and advisories)\n\n\nOPERATIONAL HIGHLIGHTS\n\n\n\nNet corporate petroleum and natural gas sales in the fourth quarter of\n 2013 averaged 1,191 barrels of oil equivalent per day (\"boe/d\"), which was 18% higher than sales in the third quarter of 2013. Net\n sales in Turkey in the fourth quarter of 2013 averaged 1,149 boe/d,\n including 6.8 million cubic feet per day (\"MMcf/d\") of natural gas and 14 barrels of oil per day (\"bopd\"). Net sales in Canada in the fourth quarter of 2013 averaged 42 boe/d.\n\n\n\n\nNet corporate petroleum and natural gas sales to date in the first\n quarter of 2014 have averaged approximately 1,300 boe/d reflecting\n continued growth in gas production from the Thrace Basin in Turkey.\n\n\n\nThrace Basin - TBNG JV (Valeura 40%)\n\n\n\nCompleted 232 square kilometres of new 3D seismic in the Osmanli area at\n a cost of $2.3 million (net) on joint venture...