Razor Energy Corp V.RZE.H

Superb Q1 Financials…Geothermal Project on Schedule

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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.

 

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