Business
Valeura announces second quarter 2014 financial and operating results
CALGARY , Aug. 13, 2014 /CNW/ - Valeura Energy Inc. (" Valeura " or the " Corporation ") ...
About this update from Valeura Energy Inc.
[{"type":"text","content":"\n\nCALGARY, Aug. 13, 2014 /CNW/ - Valeura Energy Inc. (\"Valeura\" or the \"Corporation\") (TSX: VLE) is pleased to report highlights of its unaudited financial and operating results for the three and six month periods ended June 30, 2014 and an update on subsequent developments. The complete quarterly reporting package for the Corporation, including the unaudited financial statements and associated management's discussion and 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\"We have remained disciplined in executing our current strategy of delivering production growth while living within our means and funding capital expenditures from cash flow and cash on hand,\" said Jim McFarland, President and Chief Executive Officer. ''Net sales grew by 45% in the first half of 2014 compared to the same period in 2013, while funds flow from operations of $7.2 million in the first half of 2014 was more than sufficient to fund capital expenditures of $5.4 million. Capital expenditures are expected to increase in the second half of 2014 due to a planned ramp-up in drilling in Turkey. Full year capital expenditures are expected to be in the range of $14 to 16 million and yield a 10 to 16% growth in annual production in Turkey compared to 2013.\" \n\n\"The focus on operational and capital efficiency continues to bear fruit,\" said McFarland. \"Corporate unit operating costs have been approximately halved in the past year and averaged $7.11 per boe in the second quarter of 2014. This improvement was instrumental in growing corporate operating netbacks by 9% to $44.70 per boe in the second quarter of 2014 compared to the same period in 2013, more than offsetting a 4% decline in averaged realized prices. Significant progress has also been made in reducing drilling times and associated costs in Turkey and we are targeting to realize further capital cost reductions of 10 to 20% in the current round of drilling.\" \n\nQ2 2014 RESULTS AT A GLANCE \n\n\nNet sales 1,166 boe/d, up 35% from Q2 2013\nFunds flow from operations $3.4 million, up 93% from Q2 2013\nCorporate operating netback $44.70 per boe, up 9% from Q2 2013\nCorporate unit operating costs $7.11 per boe, down 46% from Q2 2013\nNet capex $1.5 million\nCompleted four re-entry fracs and seven recompletion w...