CALGARY, ALBERTA--(Marketwire - May 30, 2012) -
THIS NEWS RELEASE IS NOT FOR DISSEMINATION IN THE UNITED STATES OR TO U.S. PERSONS.
Bowood Energy Inc. (TSX VENTURE:BWD) ("Bowood" or the "Company") announces its financial and operational results for the three months ended March 31, 2012.
The Company will file its unaudited Financial Statements and related Management Discussion and Analysis ("MD & A") for the three months ended March 31, 2012 with the Canadian securities regulatory authorities on SEDAR. An electronic copy of these materials will be available under Bowood's issuer profile on SEDAR at www.sedar.com and on the Company's website at www.bowoodenergy.ca.
Financial and Operating Highlights
Certain selected financial and operational information for the three months ended March 31, 2012 is set out below and should be read in conjunction with Bowood's Financial Statements and MD & A.
| Financial Highlights |
Three Months Ended March 31 |
|
| (all amounts in Cdn $ except common share data) |
2012 |
|
2011 |
|
| Petroleum and natural gas revenue |
1,551,799 |
|
1,586,564 |
|
|
Per share - basic |
0.006 |
|
0.006 |
|
|
|
- diluted |
0.005 |
|
0.005 |
|
| Funds flow from operations |
141,236 |
|
314,314 |
|
|
Per share - basic |
0.001 |
|
0.001 |
|
|
|
- diluted |
0.001 |
|
0.001 |
|
| Net loss |
822,455 |
|
560,303 |
|
|
Per share - basic |
0.003 |
|
0.002 |
|
|
|
- diluted |
0.003 |
|
0.002 |
|
| Capital expenditures |
356,458 |
|
1,564,134 |
|
| Net (cash) debt |
4,500,560 |
|
(4,428,561 |
) |
| Shareholders' equity |
36,056,776 |
|
49,776,591 |
|
| Total assets |
44,950,952 |
|
57,307,136 |
|
|
Common Shares Basic |
274,933,373 |
|
274,933,373 |
|
|
Common Shares Diluted |
290,053,373 |
|
290,253,373 |
|
|
|
|
|
|
| Operating Highlights |
Three Months Ended March 31 |
|
| (6:1 boe conversion) |
2012 |
|
2011 |
|
| Average daily production |
|
|
|
|
|
Natural gas (mcf/d) |
2,600 |
|
2,290 |
|
|
Liquids (Oil & NGLs) (bbls/d) |
131 |
|
109 |
|
|
Oil equivalent (boe/d) |
564 |
|
490 |
|
| Average sales price (including fixed commodity contracts): |
|
|
|
|
|
Natural gas ($/mcf) |
2.22 |
|
3.96 |
|
|
Liquids (Oil & NGLs) ($/bbl) |
86.02 |
|
78.92 |
|
|
Oil equivalent ($/boe) |
30.21 |
|
35.97 |
|
| Operating cost ($/boe) |
11.09 |
|
12.32 |
|
| Operating netback ($/boe) (including fixed commodity contracts) |
13.25 |
|
19.29 |
|
| Wells drilled - gross (net): |
|
|
|
|
|
Gas |
0 (0.00 |
) |
0 (0.00 |
) |
|
Oil |
0 (0.00 |
) |
0 (0.00 |
) |
|
Suspended |
-- |
|
-- |
|
|
D & A |
-- |
|
-- |
|
|
Total |
0 (0.00 |
) |
0 (0.00 |
) |
Events after the Reporting Period
Bowood announced on May 14, 2012, that the Company entered into an agreement to acquire certain undeveloped lands and minor production in southern Alberta from Legacy Oil + Gas Inc. ("Legacy") in exchange for 200,000,000 common shares of Bowood. The agreement stipulates, among other things, that Bowood's management team would be replaced by Trent Yanko as President + CEO and Matt Janisch as Vice President, Finance + CFO and that Bowood would be managed by Legacy under a services agreement.
About Bowood Energy Inc.
With operations based in Calgary, Alberta, Bowood Energy Inc. is a TSX-V Tier 2 corporation. Through its wholly owned subsidiary, Bowood Energy Ltd., the Company is engaged in the acquisition, exploration, development, and production of oil and gas resources. Current projects are in the Province of Alberta.
Reader Advisories
Forward-Looking Statements: Certain information in this press release is forward-looking within the meaning of Canadian securities laws as it relates to anticipated financial performance, events or strategies. All statements other than statements of historical fact contained in this news release are forward-looking statements. Readers can identify many of these statements by looking for words such as will, anticipate, believe, plan, intend, target, and expect or similar words that suggest future outcomes. Although management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct.
The forward-looking statements included in this press release involve substantial known and unknown risks, uncertainties and assumptions, certain of which are beyond the Company's control. Such risks, uncertainties and assumptions include, without limitation, specific risks associated with the completion of the proposed transaction with Legacy and general risks associated with oil and gas exploration, development, exploitation, production, marketing, processing and transportation, loss of markets, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition from other producers, inability to retain drilling rigs and other services, delays resulting from or inability to obtain required regulatory approvals and ability to access sufficient capital from internal and external sources, the impact of general economic conditions in Canada, the United States and overseas, industry conditions, changes in laws and regulations (including the adoption of new environmental laws and regulations) and changes in how they are interpreted and enforced, increased competition, the lack of availability of qualified personnel or management, fluctuations in foreign exchange or interest rates, stock market volatility and market valuations of companies with respect to announced transactions and the final valuations thereof, and obtaining required approvals of regulatory authorities. The Company's actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits that the Company will derive there from. Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on these and other factors that could affect the Company's operations and financial results are included in reports, including the Company's annual information form for the financial year ended December 31, 2011, on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com). All subsequent forward-looking statements, whether written or oral, attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.
BOE may be misleading, particularly if used in isolation. A BOE conversion of 6 Mcf: 1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.
For more information on Bowood Energy Inc. (TSX VENTURE:BWD) and to see the updated corporate presentation please visit our website at: https://www.bowoodenergy.ca.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.