Bullboard - Stock Discussion Forum Razor Energy Corp V.RZE.H

Alternate Symbol(s): RZREF | V.RZE.W.H

Razor Energy Corp. is a Canada-based junior oil and gas development and production company. The Company is focused on acquiring, enhancing, and producing oil and gas from properties primarily in Alberta. The Company produces primarily light oil, natural gas, and natural gas liquids in Alberta. Its operations include Swan Hills/Kaybob Region and Southern Alberta Region. The Swan Hills/Kaybob... see more

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TSXV:RZE.H - Post Discussion

Razor Energy Corp > Superb Q1 Financials…Geothermal Project on Schedule

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Post by nozzpack on May 27, 2022 7:45am

Superb Q1 Financials…Geothermal Project on Schedule

Firing on all cylinders..

Q1 2022 financial and operational highlights

Production: Averaged 4,457 boe/d (barrels of oil equivalent per day) in Q1 2022, representing a 48-per-cent increase from Q1 2021 and a 2-per-cent increase from Q4 2021.
Adjusted funds flow: Generated adjusted funds flow of $9.7-million (41 cents/share (basic and diluted)) in Q1 2022, representing an increase of $10.5-million from Q1 2021 and an increase of $7.3-million from Q4 2021 driven by improved operating netbacks and higher production.
Operating netback: Achieved an operating netback of $26.00/boe in Q1 2022, compared with (66 cents/boe) in Q1 2021 and $8.93/boe in Q4 2021.
Geothermal project: The fully financed Geothermal project is in the final construction phase. The Geothermal project will be capable of generating up to 21 megawatts of grid connected power, of which up to 30 per cent will be sustainable clean power generation.
Net debt: Net debt was reduced by $2.1-million in Q1 2022 to $96.9-million and further reductions are expected over the balance of the year.

Near- and medium-term objectives

Safely execute the company's production enhancement programs and Geothermal project.
Reduce net debt through a measured investment in production enhancement while continuing to optimize operational and administrative costs.
Actively identify and consider asset acquisitions and business combinations with other oil and gas producers, energy related service companies, and lower carbon electricity producers and technologies.

Select quarterly highlights

The attached tab

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Comment by nozzpack on May 28, 2022 7:03am

A rough scoping of Phase 1 Geothermal project for 21 MW and current power prices indicates annual revenues in the $20 million range. As I understand the progress , power generation begins later this year. This would be a great project to spin out to shareholders..

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