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Yangarra Announces Second Quarter 2014 Financial and Operating Results
CALGARY , Aug. 13, 2014 /CNW/ - Yangarra Resources Ltd. (" Yangarra " or the " Compan...
About this update from Yangarra Resources Ltd.
[{"type":"text","content":"\n\nCALGARY, Aug. 13, 2014 /CNW/ - Yangarra Resources Ltd. (\"Yangarra\" or the \"Company\") (TSX:YGR) announces its financial and operating results for the three and six months ended June 30, 2014. \n\nSecond Quarter Highlights \n\nProduction for the quarter was 2,606 boe/d (51% oil and NGL's), a 32% increase from the same period in 2013.  The production was negatively impacted by turn-around season at various third party facilities in Central Alberta.  A total of 60,000 boe (650 boe/d for the quarter) of production, representing almost $3 million of cash flow, was shut in while the various facilities were under repair.  \n\n\nOil and gas sales including royalty income were $14.1 million with funds flow from operations of $8.2 million ($0.15 per share - basic). This was an 82% and 26% increase from the same period in 2013, respectively with the spread in funds flow from operations between the two periods primarily a result of the monthly settlement of commodity contracts. \nEarnings before interest, taxes, depletion & depreciation, amortization and changes in the fair value of commodity contracts (\"EBITDA\") was $8.6 million, compared with $6.8 million in the same period of 2013. \nOperating costs were $6.92 per boe and transportation costs were $1.88 per boe, an increase of 7% and 46%, respectively, from the same period in 2013. \nOperating netback of $38.23 per boe, a 5% decrease from the $40.30 per boe reported in the same period of 2013.  Field net backs (operating netback excluding commodity contracts) were $47.04 an increase of 31% from the same period in 2013. \nG&A costs of $1.36 per boe, which is a 31% decrease from the second quarter of 2013. \nRoyalties were 7% of oil and gas revenue (6% when the commodity contracts are excluded). \nTotal capital expenditures were $19.4 million. \n\nThe Company successfully drilled or participated in 9 gross (4.8 net) wells during the second quarter of 2014 and the Company expects to drill a total of 6 gross (5.5 net) wells in the third quarter. \nAs at June 30, 2014, the Company had current bank debt and working capital deficit, excluding fair value of commodity contracts and non-cash flow-through share premium obligations, of $41.0 million compared to $44.6 million at December 31, 2013.\n\nThe annualized second quarter debt to cash flow ratio was 1...