Google Übersetzer
CALGARY, April 5, 2012 /CNW/ - Yangarra Resources Ltd. ("Yangarra" or the "Company") (TSXV: YGR) is pleased to announce its financial and operating results for the year ended December 31, 2011.
During the year ended December 31, 2011 the Company completed the following significant milestones:
- Average daily production for 2011 was 1,205 boe/d a 127% increase from 2010. Fourth quarter 2011 production was 1,720 boe/d (49% oil and NGL's), which is a 37% increase from the third quarter 2011.
- Oil and gas sales during the year were $20.7 million a 217% increase from 2010 and cash flow from operations were $16.3 million ($0.15 per share - basic) a 452% increase from 2010. Fourth quarter 2011 oil and gas sales were $7.6 million with cash flow from operations of $5.7 million ($0.05 per share - basic) a 40% and 16% increase from the third quarter of 2011, respectively.
- Operating costs for 2011, including $0.79/boe of transportation costs, were $8.18/boe this represents a 27% decrease from 2010.
- Operating netback of $38.15 per boe, a 58% increase from the $24.12 per boe reported in 2010.
- Capital expenditures were $64 million for 2011 and $20 million in the fourth quarter of 2011.
- As at December 31, 2011, the Company had a working capital deficit of $34 million resulting in a debt to annualized trailing quarter cash flow ratio of 1.49 to 1. However due to a step change in the production levels in the month of December 2011, the annualized December cash flow results in a debt to cash flow ratio of 0.97 to 1.
Year End Disclosure
The Company's financial statements, notes to the financial statements and management's discussion and analysis will be filed on SEDAR (www.sedar.com) and are available on the Company's website (www.yangarra.ca). An Annual Information Form, including the Company's reserves and resource data for the period ended December 31, 2011 as evaluated by AJM Deloitte and other oil and natural gas information prepared in accordance with National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities, will be filed on SEDAR prior to the end of the April 2012.
The Company's Annual General Meeting of Shareholders is scheduled for 10:00 AM on Thursday May 24, 2012 in the Plaza Room - Metropolitan Centre, 333-4th Avenue SW, Calgary, AB.
Operations Summary
| 2011 | 2010 | Year ended | |||||||||
| Q4 | Q3 | Q4 | 2011 | 2010 | |||||||
| Daily production volumes | |||||||||||
| Natural gas (mcf/d) | 4,740 | 4,161 | 2,564 | 3,874 | 2,151 | ||||||
| Oil (bbl/d) | 536 | 384 | 260 | 361 | 116 | ||||||
| NGL's (bbl/d) | 258 | 132 | 54 | 145 | 28 | ||||||
| Royalty income (boe/d) | 136 | 44 | 19 | 53 | 6 | ||||||
| Combined (boe/d 6:1) | 1,720 | 1,253 | 761 | 1,205 | 509 | ||||||
| Product pricing (includes royalty income) | |||||||||||
| Oil ($/bbl) | $ | 93.54 | $ | 89.25 | $ | 80.54 | $ | 92.79 | $ | 74.70 | |
| NGL ($/bbl) | $ | 55.18 | $ | 54.00 | $ | 62.20 | $ | 58.60 | $ | 56.04 | |
| Gas ($/mcf) | $ | 3.52 | $ | 3.93 | $ | 3.93 | $ | 3.91 | $ | 3.92 | |
| Combined ($/boe) | $ | 49.88 | $ | 47.85 | $ | 40.94 | $ | 48.55 | $ | 35.55 | |
| Revenue | |||||||||||
| Petroleum & natural gas sales - Gross | $ | 7,555,427 | $ | 5,378,932 | $ | 2,864,802 | $ | 20,742,259 | $ | 6,534,377 | |
| Royalty income | $ | 335,618 | $ | 137,243 | $ | 93,882 | $ | 613,139 | $ | 123,106 | |
| Royalty expense | $ | (563,262) | $ | (209,529) | $ | (128,984) | $ | (972,706) | $ | (165,309) | |
| Petroleum & natural gas sales - Net | $ | 7,327,783 | $ | 5,306,646 | $ | 2,829,700 | $ | 20,382,692 | $ | 6,492,174 | |
Operating Netbacks
| 2011 | 2010 | Year ended | ||||||||||
| Q4 | Q3 | Q4 | 2011 | 2010 | ||||||||
| Revenues | $ | 46.09 | $ | 46.31 | $ | 40.94 | $ | 47.16 | $ | 35.55 | ||
| Royalty income | 3.79 | 1.55 | 1.34 | 1.39 | 0.67 | |||||||
| Royalty expense | (3.56) | (1.82) | (1.84) | (2.21) | (0.90) | |||||||
| Production costs | (7.78) | (6.44) | (10.56) | (7.38) | (9.91) | |||||||
| Transportation costs | (0.45) | (1.01) | (1.04) | (0.79) | (1.29) | |||||||
| Netback per boe | $ | 38.08 | $ | 38.58 | $ | 28.84 | $ | 38.15 | $ | 24.12 | ||
Financial Summary
| 2011 | 2010 | Year ended | ||||||||
| Q4 | Q3 | Q4 | 2011 | 2010 | ||||||
| Statement of Operations and Deficit | ||||||||||
| Net income (loss) for the period (before tax) | $ | (3,142,348) | $ | 5,424,074 | $ | (1,037,921) | $ | 4,872,697 | $ | (2,599,497) |
| Net income (loss) for the period | $ | (2,155,583) | $ | 4,106,091 | $ | (183,574) | $ | 1,385,698 | $ | (1,745,150) |
| Net income (loss) per share - basic | $ | (0.02) | $ | 0.04 | $ | 0.00 | $ | 0.01 | $ | (0.03) |
| Net income (loss) per share - fully diluted | $ | (0.02) | $ | 0.03 | $ | 0.00 | $ | 0.01 | $ | (0.03) |
|
Weighted average number of shares - basic |
116,336,405 |
116,307,057 |
73,869,598 |
105,960,324 |
57,581,832 |
|||||
|
Weighted average number of shares - fully diluted |
123,740,262 |
124,209,770 |
80,497,022 |
113,781,122 |
57,581,832 |
|||||
| Statement of Cash Flows | ||||||||||
| Funds flow from operations | $ | 5,686,411 | $ | 4,967,853 | $ | 1,567,756 | $ | 16,341,180 | $ | 2,959,286 |
| Funds flow from operations per share - basic | $ | 0.05 | $ | 0.04 | $ | 0.02 | $ | 0.15 | $ | 0.05 |
| Funds flow from operations per share - fully diluted | $ | 0.05 | $ | 0.04 | $ | 0.02 | $ | 0.14 | $ | 0.05 |
| Year ended | ||||||||||
| 2011 | 2010 | |||||||||
| Balance Sheet | ||||||||||
| Property and equipment | $ | 119,374,220 | $ | 63,263,452 | ||||||
| Total assets | $ | 141,291,044 | $ | 68,373,813 | ||||||
Natural gas has been converted to a barrel of oil equivalent (Boe) using 6,000 cubic feet (6 Mcf) of natural gas equal to one barrel of oil (6:1), unless otherwise stated. The Boe conversion ratio of 6 Mcf to 1 Bbl is based on an energy equivalency conversion method and does not represent a value equivalency; therefore Boe's may be misleading if used in isolation. References to natural gas liquids ("NGLs") in this news release include condensate, propane, butane and ethane and one barrel of NGLs is considered to be equivalent to one barrel of crude oil equivalent (Boe). One ("BCF") equals one billion cubic feet of natural gas. One ("Mmcf") equals one million cubic feet of natural gas. Operating netbacks are calculated as revenue from all products less operating costs.
Forward looking information
Certain information regarding Yangarra set forth in this news release, including management's assessment of future plans, operations and operational results may constitute forward-looking statements under applicable securities law and necessarily involve risks associated with oil and gas exploration, production, marketing and transportation such as loss of market, volatility of prices, currency fluctuations, imprecision of reserves estimates, environmental risks, competition from other producers and ability to access sufficient capital from internal and external sources. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements.
All reference to $ (funds) are in Canadian dollars.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the Policies of the TSX Venture Exchange) accepts responsibility for the adequacy and accuracy of this release.
please contact James Glessing, Chief Financial Officer, at (403) 262-9558.