Business
Yangarra Announces Year End 2012 Financial, Operating Results and Reserves
CALGARY, March 27, 2013 /CNW/ - Yangarra Resources Ltd. (" Yangarra " or the " Company ")...
About this update from Yangarra Resources Ltd.
[{"type":"text","content":"\n\n\n\n\n\nCALGARY, March 27, 2013 /CNW/ - Yangarra Resources Ltd. (\"Yangarra\" or the \"Company\") (TSXV:YGR) releases its financial, operating results and reserves for\n the year ended December 31, 2012.\n\n\n2012 Financial and Operating Highlights\n\n\n\nAverage daily production was 1,914 boe/d a 59% increase from 2011.\n\n\nOil and gas sales for the year were $21 million a 6% increase from 2011,\n with cash flow from operations of $15 million ($0.12 per share -\n basic).\n\n\nOperating costs, including $0.84/boe of transportation costs, were\n $7.65/boe.\n\n\nOperating netback of $25.48 per boe, was a 38% decrease from the $41.05\n per boe reported in 2011.\n\n\nNet Capital expenditures were $20 million for 2012.\n\n\nAs at December 31, 2012, the Company had a bank debt and working capital\n deficit of $36 million ($33 million including mark to market on\n commodity contracts) compared to $34 million at December 31, 2011.\n\n\n\n2012 Reserve Report Highlights\n\n\n\nIncreased proved plus probable reserves by 44% to 12.5 million barrels\n of oil equivalent (11.6 million barrels of working interest and 0.9\n million barrels for the royalty interest) and proved reserves by 30% to\n 7.2 million barrels of oil equivalent (6.6 million barrels of working\n interest and 0.6 million barrels for the royalty interest).\n\n\nProved plus probable reserves, net present value discounted at 10% (\"NPV\n 10\") at December 31, 2012 was $167 million, an increase of 7% compared\n to December 31 2011.\n\n\nReplaced 2012 production by 237% on a proved basis and 546% on a proved\n plus probable basis.\n\n\nAchieved finding and development costs of $12.45/boe on proved plus\n probable reserves including changes in future capital ($4.44/boe\n excluding changes in future capital) $18.09/boe on proved reserves\n including changes in future capital ($8.22/boe excluding changes in\n future capital).\n\n\nGenerated a finding and development recycle ratio of 2.05 times on\n proved plus probable reserves including changes in future capital (5.74\n times excluding changes in future capital) based on the Company's\n estimated 2012 operating netback of $25.48 per barrel of oil\n equivalent.\n\n\nReserve life index of 15.7 years on a total proved plus probable basis\n based on the Company's December, 2012 production rate of 2,180 boe/d.\n\n\nNet Asset V...