RE:RE:bns summary - excerptOld News.
During the second quarter of 2015, Northern Blizzard realized $17.5 million in gains on financial derivative contracts. The gains realized on Canadian dollar WTI contracts were due to lower than hedged oil prices and were partially offset by losses on WCS differential contracts due to narrower than hedged heavy oil differentials.
DIVIDEND
Northern Blizzard's Board of Directors (the "Board") considers a number of factors in determining the dividend, including free cash flow, payout ratios, liquidity of the Company and overall returns to shareholders. In order to better align the dividend with the current commodity price environment, the Board has approved a revised monthly dividend of $0.04 per common share, down from $0.08 per common share currently. This reduction allows Northern Blizzard to reduce the dilution from the Stock Dividend Program and to maintain strong financial flexibility.
The annualized dividend of $0.48 per common share represents an annual yield of approximately 10% based on Northern Blizzard's closing share price onAugust 10, 2015 of $4.71 per share.
The revised monthly dividend of $0.04 per common share will be effective for the August 2015 dividend, payable on September 15, 2015.
Northern Blizzard has an SDP and shareholders holding approximately 72% of the Company's outstanding shares currently participate in the SDP. The SDP allows shareholders to elect to receive their dividends in the form of common shares in lieu of receiving a cash dividend on the dividend payment date. Participation in the SDP is optional; additional information can be found on Northern Blizzard's website at www.northernblizzard.com or by contacting your financial institution or investment advisor. The availability of the SDP and its terms and conditions are subject to the discretion of Northern Blizzard's Board of Directors.