/NOT FOR DISTRIBUTION IN THE UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
CALGARY, Aug. 26, 2014 /CNW/ - Palliser Oil & Gas Corporation ("Palliser" or the "Company") (TSX VENTURE:PXL) wishes to report financial and operating results for the three and six months ended June 30, 2014. Certain selected financial and operational information is set out below and should be read in conjunction with Palliser's financial statements complete with the notes to the financial statements and related MD&A which is expected to be available at www.sedar.com and the Company's website at www.palliserogc.com on Tuesday, August 26, 2014.
Operating & Financial Highlights - Three and six months ended June 30, 2014 and 2013 (unaudited)
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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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%
Change
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2014
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2013
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%
Change
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Operating
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Wells drilled, re-entered or reactivated (net)
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Oil
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1.0
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2.0
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-50%
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3.6
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12.0
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-70%
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Salt water disposal
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0.0
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0.0
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0%
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0.0
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1.0
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-100%
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Total
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1.0
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2.0
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-50%
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3.6
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13.0
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-72%
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Success (%)
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100%
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100%
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0%
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100%
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100%
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0%
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Undeveloped land Greater Lloydminster (net acres)
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34,116
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34,922
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-2%
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34,116
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34,922
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-2%
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Undeveloped land Medicine Hat (net acres)
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10,363
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24,410
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-58%
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10,363
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24,410
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-58%
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Total undeveloped land (net acres)
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44,479
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59,332
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-25%
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44,479
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59,332
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-25%
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Average daily production
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Crude oil (bbl per day)
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1,705
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2,730
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-38%
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1,777
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2,449
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-27%
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Natural gas (Mcf per day)
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207
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257
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-19%
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176
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276
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-36%
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Barrels of oil equivalent (boe per day, 6:1)
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1,739
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2,773
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-37%
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1,806
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2,495
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-28%
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Crude oil production (%)
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98%
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98%
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0%
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98%
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98%
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0%
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Average sales prices
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Crude oil ($ per bbl)
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$
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84.00
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$
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69.30
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21%
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$
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80.11
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$
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61.59
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30%
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Natural gas ($ per Mcf)
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$
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4.44
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$
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3.43
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29%
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$
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4.51
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$
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3.16
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43%
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Barrels of oil equivalent ($ per boe, 6:1)
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$
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82.86
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$
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68.54
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21%
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$
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79.24
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$
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60.82
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30%
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Operating netback ($ per boe)
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Petroleum and natural gas sales
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$
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82.86
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$
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68.54
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21%
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$
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79.24
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$
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60.82
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30%
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Realized gain (loss) on financial derivatives
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$
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(15.45)
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$
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2.20
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-802%
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$
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(13.71)
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$
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3.93
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-449%
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Royalties
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$
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20.15
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$
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16.88
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19%
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$
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18.78
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$
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14.50
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30%
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Production, operating & transportation expenses
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$
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31.38
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$
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22.95
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37%
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$
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36.78
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$
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26.02
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41%
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Operating netback (1)
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$
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15.88
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$
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30.91
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-49%
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$
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9.97
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$
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24.23
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-59%
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Financial ($000's except per share amounts)
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Three months ended
June 30
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Six months ended
June 30
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2014
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2013
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% Change
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2014
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2013
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% Change
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Oil and natural gas sales
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$
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13,112
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$
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17,294
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-24%
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$
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25,905
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$
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27,470
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-6%
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Funds flow from
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operating activities (2)
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$
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1,084
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$
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6,103
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-82%
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$
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382
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$
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7,785
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-95%
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Per share - basic and diluted
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$
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0.02
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$
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0.10
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-82%
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$
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0.01
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$
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0.12
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-94%
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Loss and
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comprehensive loss
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$
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(19,346)
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$
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(610)
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3071%
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$
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(24,913)
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$
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(5,097)
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389%
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Per share - basic and diluted
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$
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(0.30)
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$
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(0.01)
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2900%
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$
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(0.39)
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$
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(0.08)
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388%
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Weighted average
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shares outstanding
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63,915,979
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63,915,979
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0%
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63,915,979
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63,059,625
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1%
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Shares outstanding
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63,915,979
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63,915,979
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0%
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63,915,979
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63,915,979
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0%
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Capital expenditures(3)
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$
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912
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$
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3,987
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-77%
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$
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2,397
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$
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12,711
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-81%
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Working capital (net debt)(4)
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$
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(49,293)
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$
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(39,539)
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25%
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$
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(49,293)
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$
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(39,539)
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25%
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Shareholders' equity
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$
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10,645
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$
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43,602
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-76%
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$
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10,645
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$
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43,602
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-76%
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(1) Operating netback is a non-IFRS measure and is the net of petroleum and natural gas sales, realized gain or loss on financial derivatives, royalties and production, operating and transportation expenses.
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(2) Funds flow from operating activities is a non-IFRS measure that represents cash flow from operations less decommissioning expenditures and changes in non-cash working capital related to operating activities. Funds flow per share amounts are calculated using weighted average shares outstanding consistent with the calculation of net income per share. Funds flow from operating activities is a key measure as it demonstrates the Company's ability to generate the funds necessary to achieve future growth through capital investment.
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