TORC Oil & Gas Ltd. T.TOG

Primary Symbol: VREYD

Energy Oil & Gas E&P

TORC Oil & Gas Ltd engages in the exploration, development, and production of oil and natural gas reserves in the southeast Saskatchewan area. Crude oil constitutes an overwhelming majority of the production mix the company gathers from its assets. TORC gains access to its assets through government issued royalties and uses various techniques to identify hydrocarbon reservoirs. The company focuses heavily on light oil resource plays and relies on a three-phased strategy of resource capture, delineation, and production growth.

OTCPK:VREYD - Post by User

TORC Oil & Gas Ltd.

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Post by karlsonon Mar 06, 2014 8:05am

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Post# 22287398

Fourth Quarter and Year-End

CALGARY, March 6, 2014 /CNW/ - TORC Oil & Gas Ltd. ("TORC" or the "Company") (TSX: TOG) is pleased to announce its financial and operating results for the three month periods and years ending December 31, 2013 and 2012, and to provide its 2013 year-end reserves information as evaluated by Sproule Associates Limited ("Sproule").

The associated Management's Discussion and Analysis ("MD&A") dated March 5, 2014and audited financial statements as at and for the year ended December 31, 2013 can be found at www.sedar.com and www.torcoil.com.


Highlights				Three Months Ended Dec. 31, 2013		Three Months Ended Dec. 31, 2012		Year Ended Dec. 31, 2013		Year Ended Dec. 31, 2012
(in thousands, except per share data)				Three Months Ended Dec. 31, 2013		Three Months Ended Dec. 31, 2012		Year Ended Dec. 31, 2013		Year Ended Dec. 31, 2012

Financial
	Funds flow from operations, including
			transaction related costs/recovery ⁽¹⁾	$	41,458	$	4,241	$	89,536	$	13,395
		Per share basic ⁽²⁾		$	0.45	$	0.15	$	1.63	$	0.58
		Per share diluted⁽²⁾		$	0.45	$	0.14	$	1.60	$	0.54

	Funds flow from operations, excluding
			transaction related costs/recovery ⁽¹⁾	$	40,769	$	8,039	$	96,512	$	17,193
		Per share basic ⁽²⁾		$	0.45	$	0.28	$	1.76	$	0.74
		Per share diluted⁽²⁾		$	0.44	$	0.26	$	1.72	$	0.69

	Net Loss			$	(17,841)	$	(13,677)	$	(10,084)	$	(18,767)
		Per share basic ⁽²⁾		$	(0.20)	$	(0.47)	$	(0.18)	$	(0.81)
		Per share diluted^{(2), (3)}		$	(0.20)	$	(0.47)	$	(0.18)	$	(0.81)

	Exploration and development expenditures			$	60,075	$	36,235	$	153,791	$	123,856
	Property acquisitions, net of dispositions			$	(4,859)	$	2,417	$	489,954	$	6,646

	Net debt (working capital) ⁽⁴⁾			$	145,183	$	(35,077)	$	145,183	$	(35,077)

	Common shares ⁽²⁾
		Shares outstanding, end of period			91,423		38,585		91,423		38,585
		Weighted average shares (basic)			91,258		29,127		54,900		23,161
		Weighted average shares (diluted)			92,929		29,127		56,121		23,161

Operations
	Production
		Crude oil and NGL (Bbls per day)			8,841		2,047		5,004		1,114
		Natural gas (Mcf per day)			7,951		2,824		6,702		1,027
		Barrels of oil equivalent (Boepd, 6:1)			10,166		2,518		6,121		1,285

	Average realized price
		Crude oil and NGL ($ per Bbl)		$	80.61	$	72.89	$	85.39	$	77.56
		Natural gas ($ per Mcf)		$	3.61	$	3.15	$	3.31	$	2.78
		Barrels of oil equivalent ($ per Boe, 6:1)		$	72.93	$	62.89	$	73.43	$	69.53

	Netback per Boe (6:1) ($)
		Operating netback ⁽¹⁾		$	47.00	$	39.02	$	46.98	$	43.50
		Operating netback (prior to hedging) ⁽¹⁾		$	45.92	$	37.78	$	47.05	$	42.89
		Funds flow netback (including transaction related costs)⁽¹⁾		$	44.33	$	18.32	$	40.07	$	28.47
		Funds flow netback (excluding transaction related costs) ⁽¹⁾		$	43.59	$	34.71	$	43.20	$	36.55

	Wells drilled:
		Gross			21		9		42		28
		Net			12.8		6.8		26.5		21.6
		Success (%)			100		89		100		89