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Yangarra Announces Third Quarter 2014 Financial and Operating Results
CALGARY , Nov. 12, 2014 /CNW/ - Yangarra Resources Ltd. (" Yangarra " or the " Compa...
About this update from Yangarra Resources Ltd.
[{"type":"text","content":"\n\n\nCALGARY, Nov. 12, 2014 /CNW/ - Yangarra Resources Ltd. (\"Yangarra\" or the \"Company\") (TSX:YGR) announces its financial and operating results for the three\n and nine months ended September 30, 2014.\n\n\nThird Quarter Highlights\n\n\n\nProduction for the quarter was 3,039 boe/d (48% oil and NGL's), a 36%\n increase from the same period in 2013 and a 17% increase from the\n previous quarter.\n\n\n\n\nOil and gas sales, after royalties, were $13.6 million with funds flow\n from operations of $9.3 million ($0.16 per share - basic).  Both are a\n 46% increase from the same period in 2013.\n\n\n\n\nNet Income of $8.0 million ($10.6 million before future income taxes).\n\n\n\n\nEarnings before interest, taxes, depletion, depreciation and impairment\n (\"EBITDA\") was $15.7 million ($0.27 per share - basic), compared with\n $4.3 million in the same period of 2013.  This represents a 265%\n increase primarily due to positive non-cash changes in the fair value\n of commodity contracts.\n\n\n\n\nOperating costs were $6.45 per boe and transportation costs were $1.52\n per boe, an increase of 18% and 3%, respectively, from the same period\n in 2013.  Operating costs have been reduced by 7% when compared to the\n second quarter of 2014.\n\n\n\n\nField net backs (operating netback excluding commodity contracts) were\n $42.33, an increase of 17% from the same period in 2013.  Operating\n netback were $37.20 per boe, an 8% increase from $34.56 per boe\n reported in the same period of 2013.\n\n\n\n\nG&A costs were $2.23 per boe, which is a 27% increase from the third\n quarter of 2013 due to the fees required to graduate to the Toronto\n Stock Exchange.\n\n\n\n\nRoyalties were 7% of oil and gas revenue (6% when the commodity\n contracts are excluded).\n\n\n\n\nTotal capital expenditures were $19.6 million. The Company drilled 5\n gross (4.2 net) wells.\n\n\n\n\nNet debt, excluding the current portion of the fair value of commodity\n contracts, was $51.2 million.\n\n\n\n\nThe annualized third quarter debt to cash flow ratio was 1.4 : 1.\n\n\n\n\nThe Company had utilized 57% of its total debt facility as at September\n 30, 2014.\n\n\n\n\nYangarra has 60% of its 2015 liquids production hedged at an average\n price of $93.32 CDN/bbl.\n\n\n\n\n\nOperations and Guidance Update\nThe Company drilled 5 gross (4.2 net) we...