Business
Yangarra Announces First Quarter 2013 Financial and Operating Results
CALGARY , May 21, 2013 /CNW/ - Yangarra Resources Ltd. (" Yangarra " or the " Company ...
About this update from Yangarra Resources Ltd.
[{"type":"text","content":"\n\n\nCALGARY, May 21, 2013 /CNW/ - Yangarra Resources Ltd. (\"Yangarra\" or the \"Company\") (TSXV: YGR) announces its financial and operating results for the\n three months ended March 31, 2013.\n\n\nHighlights of the quarter ended March 31, 2013 are as follows:\n\n\n\nProduction was 1,809 boe/d (47% oil and NGL's) with production\n negatively impacted by 200 boe/d shut-in due to the drilling of new\n wells on existing pad sites.\n\n\nOil and gas sales including royalty income was $7.7 million with funds\n flow from operations of $4.8 million ($0.04 per share - basic).\n\n\nOperating costs for the first quarter, including $0.96/boe of\n transportation costs, were $9.00/boe\n\n\nThe Q1 2013 netback of $34.34 per boe is a 16% increase from the $29.66\n per boe reported in the first quarter or 2012.  Realized prices were\n $42.68/boe up 28% from $33.30/boe in the first quarter of 2012\n (realized natural gas prices increased by 63%).\n\n\nCapital expenditures of $11 million focused on drilling and\n infrastructure  in Central Alberta\n\n\nAs at March 31, 2013, the Company had a bank debt and working capital\n deficit of $42 million compared to $34 million at December 31, 2012.\n\n\nYangarra constructed a gas processing facility (100% working interest)\n in the quarter with the facility online April 10, 2013 which brought on\n eight previously standing wells. \n\n\n\nFinancial Summary\n\n\n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n\n\n \n\n\n \n\n\n \n\n\n2013\n\n\n \n\n\n \n\n\n2012\n\n\n\n\n \n\n\n \n\n\n \n\n\nQ1\n\n\n \n\n\n \n\n\nQ1\n\n\n\n\nStatements of Comprehensive Income (Loss)\n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n\n\nPetroleum & natural gas sales\n\n\n \n\n\n \n\n\n$\n\n\n     6,518,381\n\n\n \n\n\n \n\n\n$\n\n\n     6,907,412\n\n\n\n\nNet income (loss) for the period (before tax)\n\n\n \n\n\n \n\n\n$\n\n\n      (393,286)\n\n\n \n\n\n \n\n\n$\n\n\n      (983,334)\n\n\n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n\n\nNet income (loss) for the period\n\...