September 03, 2014 14:18 ET
RedWater Announces Financial and Operating Results for the Three and Six Months Ended June 30, 2014
OKOTOKS, ALBERTA--(Marketwired - Sept. 3, 2014) - RedWater Energy Corp. ("RedWater") (TSX VENTURE:RED) is pleased to report record financial and operating results for the three and six month periods ended June 30, 2014. RedWater's interim condensed financial statements and related management's discussion and analysis for the three and six months ended June 30, 2014 have been filed and are available on the SEDAR website at www.sedar.com and may also be obtained on RedWater's website at www.redwaterenergy.com.
Highlights
- Total production averaged 274 boe/d in the second quarter of 2014, an increase of 31.7% from 208 boe/d of production in the second quarter of 2013
- Oil production averaged 155 bod in the second quarter of 2014, an increase of 38.4% from 112 bod of production in the second quarter of 2013
- Gross revenue (net of royalties) increased to $1,250,469 in the second quarter of 2014, an increase of 37.9% from $906,984 in the second quarter of 2013
- Operating netback rose to $1,040,939 for first six months of 2014, an increase of 43.0% compared to $728,033 in the first six months of 2013
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Three Months Ended
June 30, |
Six Months Ended
June 30, |
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2014 |
2013 |
2014 |
2013 |
| Operations |
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| Production |
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Oil (bbls/d) |
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155 |
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112 |
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166 |
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112 |
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Natural Gas (Mcf/d) |
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716 |
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577 |
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734 |
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540 |
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BOEPD |
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274 |
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208 |
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288 |
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202 |
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| Average Selling Price |
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Oil ($/bbls) |
$ |
94.72 |
$ |
81.04 |
$ |
92.48 |
$ |
76.27 |
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Natural Gas ($/Mcf) |
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4.81 |
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3.34 |
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5.60 |
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3.23 |
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BOE ($/BOE) |
$ |
66.15 |
$ |
52.86 |
$ |
67.55 |
$ |
50.91 |
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| Operating Netback ($/BOE) |
$ |
17.15 |
$ |
20.79 |
$ |
20.00 |
$ |
19.94 |
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Three Months Ended
June 30, |
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Six Months Ended
June 30, |
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2014 |
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2013 |
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2014 |
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2013 |
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| Financial |
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| Petroleum and Natural Gas Revenues, net of royalties |
1,250,469 |
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906,984 |
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2,699,645 |
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1,705,700 |
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| Fund Flow from Operations |
(50,679 |
) |
63,356 |
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198,872 |
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22,346 |
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Per Share, Basic & Diluted |
0.00 |
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0.00 |
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0.00 |
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0.00 |
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| Net loss & comprehensive loss |
(339,539 |
) |
(150,531 |
) |
(485,428 |
) |
(579,815 |
) |
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Per Share, Basic & Diluted |
(0.01 |
) |
(0.00 |
) |
(0.01 |
) |
(0.02 |
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| Capital Expenditures |
239,759 |
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(131,660 |
) |
472,726 |
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3,008,788 |
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| Total Assets |
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19,512,556 |
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18,656,333 |
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| Shareholders' Equity |
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6,231,882 |
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7,116,341 |
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| Common Shares Outstanding |
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| Basic |
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40,233,250 |
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34,840,152 |
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| Diluted |
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40,233,250 |
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34,840,152 |
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| Share Trading |
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High |
0.11 |
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0.12 |
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0.11 |
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0.19 |
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Low |
0.07 |
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0.09 |
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0.06 |
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0.09 |
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Close |
0.10 |
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0.10 |
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0.10 |
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0.10 |
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| Trading Volume |
2,641,697 |
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918,900 |
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3,194,285 |
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3,780,357 |
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Operational Review
Westlock
- Finalized Operational Review Wabamun oil horizontal drilling locations at Westlock.
- Estimated 6 - 10 million barrels of oil in place
- 3D Seismic
- 3 preliminary drill locations with forecasted IP rates of 150 bod/70 mcf /d natural gas
Redwater
- Finalized light oil drilling locations at Redwater
- 4 preliminary locations forecasted IP rates 50 bod/75 mcf/d natural gas
RedWater will begin the expansion of the Redwater battery facilities in the 3rd quarter. The completion of the disposal well and the treater installation (estimated cost $250,000.00) are expected to result in cost savings of $16/barrel of oil production.
RedWater is completing tie-in plans for several previously drilled and tested Mannville gas wells.
Business of RedWater Energy Corp.
RedWater Energy Corp. is an emerging oil and gas exploration and development company. RedWater is engaged in the acquisition, enhancement and exploration of conventional oil and gas projects in Western Canada with a focus on developing high working interest light oil opportunities. RedWater's core properties are located in Redwater, Westlock, Fairydell-Bon Accord