Houston, Aug. 7, 2014 (GLOBE NEWSWIRE) -- BPZ Energy, (NYSE: BPZ)
(BVL: BPZ), an independent oil and gas exploration and production
company, today reported second quarter and first half 2014
financial results.
Highlights:
Results for the second quarter
ended June 30, 2014, compared with the second quarter ended June
30, 2013 were as follows:
- Operating income of $4.4 million, vs. an operating loss of
$12.7 million.
- Net loss of $2.5 million, or $0.02 per share, vs. a net loss of
$19.6 million, or $0.17 per share.
- The company's 51% share of production from Block Z-1 was 2,618
bopd vs. 1,424 bopd.
- Earnings before interest, income taxes, depletion,
depreciation, amortization, and exploration expense (EBITDAX) were
a positive $11.1 million vs. a negative $3.9 million.
(EBITDAX is a non-GAAP measure. Please also see the
reconciliation to net loss included at end of the press
release.)
Results for the six months
ended June 30, 2014, compared with the six months ended June 30,
2013 were as follows:
- Operating income of $6.5 million, vs. an operating loss of
$19.9 million.
- Net loss of $6.1 million, or $0.05 per share, vs. a net loss of
$32.4 million or $0.28 per share.
- The company's 51% share of production from Block Z-1 was 2,593
bopd vs. 1,457 bopd.
- EBITDAX for the six months ended June 2014 was a positive $20.7
million vs. a negative $3.9 million.
Improved results for the three and six months
periods, compared with the same periods last year, were due to
higher revenues from increased production and lower overall
expenses.
President and CEO Manolo Zuniga
commented, "We are pleased with the improved
financial results for the first half due to the ongoing development
drilling program at Block Z-1 where so far we have completed five
of the ten wells budgeted for this year. Given the high level
of activity planned in the second half of the year, our expectation
is that we will continue to grow both production and cash flow.
As we recently mentioned in our Operations Update, we are
currently drilling the new Corvina CX15-7D well and sidetracking
the Albacora A-18D well one thousand feet deeper than the
original wellbore due to the new deeper oil found in the
A-26D. In addition, we are working on bringing back the two
oil wells that were shut-in during July. The CX15-3D well is
now producing again in response to artificial gas lift, which we
also plan to initiate at the Albacora A-21D. Given the
positive results so far at the CX15-3D, we are evaluating expanding
the gas lift program to other naturally producing oil wells at both
fields to optimize their productivity."
Production
BPZ Energy maintains a 51% working interest in
offshore Block Z-1, and the Company's respective share of
production is referenced as net production.
The Company's net oil production from the
Corvina and Albacora fields for the three months ended June 30,
2014 was 238,000 barrels, or 2,618 barrels of oil per day (bopd),
compared with 130,000 barrels, or 1,424 bopd for the same period in
2013. For the six months ended June 30, 2014, net oil
production was 469,000 barrels, or 2,593 bopd, compared with
264,000 barrels or 1,457 bopd, for the same period in
2013.
The increased net oil production in the first
half of the year is a result of the reinitiated drilling campaign
at Block Z-1 which began in the second half of 2013 and is
currently ongoing, partly offset by declines from previous wells
drilled at the Corvina CX-11 and Albacora platforms.
Net Revenue
For the three months ended June 30, 2014, oil
revenue after royalty payments increased by $11.4 million to $24.2
million from $12.8 million for the same period in 2013. The
increase in net oil revenue is due to an increase in the amount of
oil sold of 104,000 barrels and an increase of $6.69, or 7.1%, in
the average net realized price received from $93.94 to $100.63 per
barrel. Total oil sales for the three months ended June 30,
2014 were 240,000 barrels compared with 136,000 barrels for the
same period in 2013.
For the six months ended June 30, 2014, oil
revenue after royalty payments increased by $19.0 million to $45.1
million from $26.1 million for the same period in 2013. The
increase in net oil revenue is due to an increase in the amount of
oil sold of 187,000 barrels and an increase of $1.29, or 1.3%, in
the average net realized price received per barrel. Total oil
sales for the six months ended June 30, 2014 were 452,000 barrels
compared with 265,000 barrels for the same period in
2013.
The increase in the amount of oil sold for the
six months ended June 30, 2014 compared with the same period in
2013 is due to increased production in the Albacora field from the
new A-18D, A-19D and A-21D wells and increased production from the
Corvina CX-15 platform from the new CX15-1D, CX15-2D and CX15-3D
wells, more than offsetting declines from the previously drilled
wells at the Corvina CX-11 and Albacora platforms.
Expenses
Lease Operating Expense (LOE)
For the three months ended June 30, 2014, LOE
decreased by $1.3 million to $6.8 million ($28.06 per Bbl) from
$8.1 million ($59.57 per Bbl) compared with the same period last
year. The reasons for the lower LOE are decreased workover
expenses of $2.8 million due to no major workovers performed in
2014 compared to one major workover in 2013, and a $0.3 million
decrease in LOE, partially offset by higher crude oil handling and
transportation expense of $1.8 million due to higher crude oil
sales.
For the six months ended June 30, 2014, LOE
decreased by $2.8 million to $12.0 million ($26.48 per Bbl) from
$14.8 million ($55.83 per Bbl) for the same period in 2013.
The reasons for the lower LOE are decreased workover expenses of
$4.7 million due to no major workovers performed in 2014 compared
to one major workover in 2013, and lower other LOE of $0.3 million,
partially offset by higher crude oil handling and transportation
expense of $2.2 million due to higher crude oil sales.
General and Administrative Expense
(G&A)
For both three month periods ended June 30, 2014
and June 30, 2013, G&A expense was $6.4 million.
Stock-based compensation expense, a subset of G&A
expense, was $0.8 million for the three months ended June 30, 2014
and $0.9 million for the same period in 2013. Other G&A
expenses increased $0.1 million to $5.6 million from $5.5 million
for the same period in 2013. The $0.1 million increase is due
to a higher marine support vessel management fee of $0.5 million
and higher indirect charges from our Block Z-1 partner of $0.3
million, partially offset by lower salary and related costs of $0.5
million due to fewer employees and lower other G&A expenses of
$0.2 million.
For the six months ended June 30, 2014, G&A
expense increased by $0.7 million to $12.6 million from $11.9
million for the same period in 2013. Stock-based compensation
expense, a subset of G&A expense, was $1.6 million for the six
months ended June 30, 2014 and $1.6 million for the same period in
2013. Other G&A expenses increased $0.7 million to $11.0
million from $10.3 million for the same period in 2013. The
$0.7 million increase is due to higher indirect charges from the
Company's Block Z-1 joint venture partner of $1.1 million and a
higher marine support vessel management fee of $0.8 million,
partially offset by lower salary and related costs of $1.2 million
due to fewer employees.
Geological, Geophysical and Engineering
Expense (GG&E)
For the three months ended June 30, 2014,
GG&E expense increased $0.6 million to $1.3 million compared
with $0.7 million for the same period in 2013. For the six
months ended June 30, 2014, GG&E expense increased $1.0 million
to $2.1 million compared with $1.1 million for the same period in
2013. The increase in the first half 2014 GG&E expense is
due to higher environmental impact assessment work to prepare for
seismic programs.
Depreciation, Depletion and Amortization Expense
(DD&A)
For the three months ended June 30, 2014,
DD&A expense decreased $2.5 million to $5.5 million from $8.0
million for the same period in 2013. For the six months ended
June 30, 2014, DD&A expense decreased $2.8 million to $12.1
million from $14.9 million for the same period in 2013.
For the three month and six-month periods ended
June 30, 2014, compared with the same periods last year,
depletion decreased due to reserves added to the
depletion base in 2014.
Standby Costs
For the three months ended June 30, 2014, no
standby costs were incurred. During the three months ended
June 30, 2013, the Petrex-28 rig was on standby and $2.3 million in
standby costs were incurred.
For the six months ended June 30, 2014, there
were no standby costs incurred. During the six months ended
June 30, 2013, the Company incurred $3.4 million in standby costs
as the Petrex-10 rig was either partially or fully on standby for
two months and the Petrex-28 rig was either partially or fully on
standby for approximately five months.
Other Expense
For the three months ended June 30, 2014, total
other expense decreased $2.6 million to $4.8 million compared with
$7.4 million for the same period in 2013. During the three
months ended June 30, 2014, other expense includes approximately
$3.6 million of net interest expense, while for the same period in
2013, net interest expense was $4.3 million. The decrease of
$0.7 million in net interest expense is due to higher interest
capitalized of $0.6 million from a higher average construction in
progress and lower interest expense of $0.1 million.
For the six months ended June 30, 2014, total
other expense decreased $4.1 million to $8.5 million compared with
$12.6 million for the same period in 2013. For the six months
ended June 30, 2014, net interest expense was $7.4 million while
for the same period in 2013, net interest expense was $8.6
million. The decrease of $1.2 million in net interest expense
is due to higher interest capitalized of $0.9 million from a higher
average construction in progress, and lower interest expense of
$0.3 million resulting from a lower average interest cost of debt
outstanding between the periods.
In April 2014, $26.0 million of the aggregate
principal amount of the 2015 Convertible Notes were exchanged for
an additional $25.0 million aggregate principal amount of 2017
Convertible Notes in a private transaction. As a result of
the exchange during the second quarter of 2014, a $1.2 million loss
on extinguishment of debt was recorded in the financial results for
the three and six-month periods ended June 30, 2014.
In May 2013, the remaining $30.5 million of the
$75.0 million secured debt facility was retired and in September
2013 the remaining $36.0 million of the $40.0 million secured debt
facility was retired. As a result of the $30.5 million
prepayment during the second quarter of 2013, $2.4 million of fees
and a prepayment premium were incurred as well as $1.4 million of
unamortized debt issue costs. These items were reported as a
$3.8 million loss on extinguishment of debt in the financial
results for the three and six-month periods ended June 30,
2013.
Income Taxes
For the three months ended June 30, 2014, the Company recognized
an income tax expense of $2.1 million on a loss before income taxes
of $0.4 million. For the comparable 2013 period, the Company
recognized an income tax benefit of $0.4 million on a loss before
income taxes of $20.0 million.
For the six months ended June 30, 2014, the Company recognized
an income tax expense of $4.1 million on a loss before income taxes
of $2.0 million. For the comparable 2013 period, the Company
recognized an income tax benefit of $47,000 on a loss before income
taxes of $32.5 million.
The $4.1 million of income tax expense for the six months ended
June 30, 2014 relates to the Company's foreign operations which had
income before tax of $7.9 million. The difference on the
income tax of $4.1 million from the 22% statutory rate provided for
under the Block Z-1 License Contract is due to foreign withholding
on USA tax entities, deferred tax adjustments related to oil
inventory, deferred tax adjustments on certain marine transactions
and tax return to tax accrual adjustments.
Liquidity, Capital Resources and Capital
Expenditures
Liquidity
At June 30, 2014, the Company had cash and cash
equivalents of $67.2 million, restricted cash of $5.1 million, and
a working capital deficit of $6.7 million.
Capital Resources
At June 30, 2014, outstanding long-term debt and
short-term debt consisted of the 2015 and 2017 Convertible Notes
with an aggregate principal amount outstanding of $228.6
million. At June 30, 2014, the current and long-term portions
of aggregate principal amounts were approximately $59.9 million and
$168.7 million, respectively.
Capital and Exploratory
Expenditures
The Company's non-Block Z-1 total capital and
exploratory expenditures for the second quarter ended June 30, 2014
were $8.4 million, excluding capitalized interest of $3.0 million.
For the six-month period, capital and exploratory
expenditures were $15.5 million, excluding capitalized interest of
$5.9 million. The majority of these capital and exploratory
expenditures related to the three-well exploratory drilling program
ongoing at Block XXIII.
For Block Z-1, Pacific Rubiales provided 100% of
the funding for the Company's capital and exploratory expenditures
of $69.9 million for the six months ended June 30, 2014.
These capital expenditures include approximately $32.1
million related to the CX-15 development drilling program, $31.0
million related to the development drilling program in Albacora and
other expenditures of $0.9 million. At June 30, 2014, the
Company's remaining carry amount from Pacific Rubiales was $45.6
million.
Conference Call for Second quarter 2014
Results
The Company will host a conference call and live
webcast to discuss results for the second quarter ended June 30,
2014 on Friday, August 8, 2014, at 10:00 a.m. CDT (11:00 a.m.
EDT). The event may be accessed via the Investor Relations,
Events & Presentations section of the Company's website at
www.bpzenergy.com, or by
accessing the following dial-in numbers:
US and Canada Dial-In: (877) 293-5457
International Dial-In: (707)
287-9344
A replay of the call will also be available at the Investor
Relations section of the Company's website.
About BPZ Energy
BPZ Energy is an independent oil and gas
exploration and production company with license contracts covering
1.9 million net acres in four blocks located in northwest
Peru. Current operations in these blocks range from
early-stage exploration to production. The Company holds a
51% working interest in offshore Block Z-1, where development
drilling is currently underway at the Corvina and Albacora
fields. Onshore the Company holds three 100%-owned blocks
with exploration drilling currently underway at Block XXIII.
In southwest Ecuador, the Company owns a non-operating net profits
interest in a producing property. BPZ Energy trades as BPZ
Resources, Inc. on both the New York Stock Exchange and the Bolsa
de Valores in Lima under ticker symbol "BPZ". Please visit
www.bpzenergy.com for more
information.
Forward Looking Statement
This Press Release contains forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995, Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. These forward
looking statements are based on our current expectations about our
company, our properties, our estimates of required capital
expenditures and our industry. You can identify these
forward-looking statements when you see us using words such as
"will," "expected," "estimated," and "prospective," and other
similar expressions. These forward-looking statements involve
risks and uncertainties.
Our actual results could differ materially from
those anticipated in these forward looking statements. Such
uncertainties include successful operation of our new platform in
Corvina, the success of our project financing efforts, accuracy of
well test results, results of seismic testing, well refurbishment
efforts, successful production of indicated reserves, satisfaction
of well test period requirements, successful installation of
required permanent processing facilities, receipt of all required
permits, the successful management of our capital expenditures, and
other normal business risks. We undertake no obligation to
publicly update any forward-looking statements for any reason, even
if new information becomes available or other events occur in the
future.
Cautionary Statement Regarding Certain
Information Releases
The U.S. Securities and Exchange Commission
(SEC) permits oil and gas companies, in their filings with the SEC,
to disclose only "reserves" that a company anticipates to be
economically producible by application of development projects to
known accumulations, and there exists or is a reasonable
expectation there will exist, the legal right to produce, or a
revenue interest in the production, installed means of delivering
oil and gas or related substances to market, and all permits and
financing required to implement the project. We are prohibited from
disclosing estimates of oil and gas resources that do not
constitute "reserves" in our SEC filings, including any estimates
of contingent and prospective resources included in this press
release. With respect to "probable" and "possible" reserves,
we are required to disclose the relative uncertainty of such
classifications of reserves when they are included in our SEC
filings. Further, the reserves estimates contained in this press
release are not designed to be, nor are they intended to represent,
an estimate of the fair market value of the reserves.
The Company is aware that certain information
concerning its operations and production is available from time to
time from Perupetro, an instrumentality of the Peruvian government,
and the Ministry of Energy and Mines ("MEM"), a ministry of the
government of Peru. This information is available from the
websites of Perupetro and MEM and may be available from other
official sources of which the Company is unaware. This
information is published by Perupetro and MEM outside the control
of the Company and may be published in a format different from the
format used by the Company to disclose such information, in
compliance with SEC and other U.S. regulatory requirements.
Additionally, the Company's joint venture
partner in Block Z-1, Pacific Rubiales Energy Corp. ("PRE"), is a
Canadian public company that is not listed on a U.S. stock
exchange, but is listed on the Toronto (TSX), Bolsa de Valores de
Colombia (BVC) and BOVESPA stock exchanges. As such PRE may
be subject to different information disclosure requirements than
the Company. Information concerning the Company, such as
information concerning energy reserves, may be published by PRE
outside of our control and may be published in a format different
from the format the Company uses to disclose such information, in
compliance with SEC and other U.S. regulatory requirements.
The Company provides such information in the
format required, and at the times required, by the SEC and as
determined to be both material and relevant by management of the
Company. The Company urges interested investors and third
parties to consider closely the disclosure in our SEC filings,
available from us at 580 Westlake Park Blvd., Suite 525, Houston,
Texas 77079; Telephone: (281) 556-6200. These filings can
also be obtained from the SEC via the internet at www.sec.gov.
###
BPZ Resources, Inc. and
Subsidiaries
Consolidated Statements of Operations
(Unaudited)
(In thousands, except per share
data)
|
|
Three
Months |
|
Six
Months |
|
|
2Q 2014 |
|
1Q 2014 |
|
2Q 2013 |
|
2014
YTD |
|
2013
YTD |
Net revenue: |
|
|
|
|
|
|
|
|
|
|
Oil revenue, net |
|
$ 24,190 |
|
$ 20,904 |
|
$ 12,776 |
|
$ 45,094 |
|
$ 26,057 |
Other revenue |
|
65 |
|
72 |
|
39 |
|
137 |
|
70 |
|
|
|
|
|
|
|
|
|
|
|
Total net revenue |
|
24,255 |
|
20,976 |
|
12,815 |
|
45,231 |
|
26,127 |
|
|
|
|
|
|
|
|
|
|
|
Operating and administrative expenses: |
|
|
|
|
|
|
|
|
|
|
Lease operating expense |
|
6,744 |
|
5,223 |
|
8,102 |
|
11,967 |
|
14,775 |
General and administrative expense |
|
6,375 |
|
6,197 |
|
6,451 |
|
12,572 |
|
11,926 |
Geological, geophysical and engineering
expense |
|
1,270 |
|
821 |
|
746 |
|
2,091 |
|
1,104 |
Depreciation, depletion and amortization
expense |
|
5,503 |
|
6,612 |
|
7,955 |
|
12,115 |
|
14,859 |
Standby costs |
|
- |
|
- |
|
2,225 |
|
- |
|
3,368 |
|
|
|
|
|
|
|
|
|
|
|
Total operating and administrative
expenses |
|
19,892 |
|
18,853 |
|
25,479 |
|
38,745 |
|
46,032 |
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss) |
|
4,363 |
|
2,123 |
|
(12,664) |
|
6,486 |
|
(19,905) |
|
|
|
|
|
|
|
|
|
|
|
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
Income (loss) from investment in
Ecuador
property, net |
|
(9) |
|
(8) |
|
216 |
|
(17) |
|
169 |
Interest expense, net |
|
(3,513) |
|
(3,837) |
|
(4,280) |
|
(7,350) |
|
(8,578) |
Loss on extinguishment of debt |
|
(1,245) |
|
- |
|
(3,786) |
|
(1,245) |
|
(3,786) |
Gain (loss) on derivatives |
|
(269) |
|
30 |
|
1,277 |
|
(239) |
|
729 |
Interest income |
|
345 |
|
5 |
|
38 |
|
350 |
|
47 |
Other income (expense) |
|
(96) |
|
67 |
|
(818) |
|
(29) |
|
(1,147) |
|
|
|
|
|
|
|
|
|
|
|
Total other expense, net |
|
(4,787) |
|
(3,743) |
|
(7,353) |
|
(8,530) |
|
(12,566) |
|
|
|
|
|
|
|
|
|
|
|
Loss before income taxes |
|
(424) |
|
(1,620) |
|
(20,017) |
|
(2,044) |
|
(32,471) |
|
|
|
|
|
|
|
|
|
|
|
Income tax expense (benefit) |
|
2,125 |
|
1,950 |
|
(377) |
|
4,075 |
|
(47) |
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
$
(2,549) |
|
$
(3,570) |
|
$
(19,640) |
|
$
(6,119) |
|
$
(32,424) |
|
|
|
|
|
|
|
|
|
|
|
Basic net loss per share |
|
$
(0.02) |
|
$
(0.03) |
|
$
(0.17) |
|
$
(0.05) |
|
$
(0.28) |
Diluted net loss per share |
|
$
(0.02) |
|
$
(0.03) |
|
$
(0.17) |
|
$
(0.05) |
|
$
(0.28) |
|
|
|
|
|
|
|
|
|
|
|
Basic weighted average common shares
outstanding |
|
116,342 |
|
116,042 |
|
115,935 |
|
116,193 |
|
115,862 |
Diluted weighted average common shares
outstanding |
|
116,342 |
|
116,042 |
|
115,935 |
|
116,193 |
|
115,862 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BPZ Resources, Inc. and
Subsidiaries
Consolidated Balance Sheets
(In thousands)
|
|
June 30, |
|
December 31, |
|
|
2014 |
|
2013 |
|
|
(Unaudited) |
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
Cash and cash equivalents |
|
$
67,201 |
|
$
57,395 |
Accounts receivable |
|
20,743 |
|
21,630 |
Income taxes receivable |
|
1,973 |
|
2,134 |
Value-added tax receivable |
|
1,494 |
|
10,490 |
Inventory |
|
13,908 |
|
17,368 |
Restricted cash |
|
1,000 |
|
1,250 |
Prepaid and other current assets |
|
6,365 |
|
5,419 |
|
|
|
|
|
Total current assets |
|
112,684 |
|
115,686 |
|
|
|
|
|
Property, equipment and construction in
progress, net |
|
224,806 |
|
217,753 |
Restricted cash |
|
4,109 |
|
4,109 |
Other non-current assets |
|
4,634 |
|
5,065 |
Investment in Ecuador property,
net |
|
517 |
|
534 |
Deferred tax asset |
|
60,593 |
|
63,602 |
|
|
|
|
|
Total assets |
|
$
407,343 |
|
$ 406,749 |
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS'
EQUITY |
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
Accounts payable |
|
$
2,643 |
|
$
3,127 |
Accrued liabilities |
|
12,454 |
|
11,246 |
Other liabilities |
|
40,955 |
|
24,494 |
Accrued interest payable |
|
4,883 |
|
5,119 |
Derivative financial instruments |
|
269 |
|
30 |
Current maturity of long-term debt |
|
58,169 |
|
- |
|
|
|
|
|
Total current liabilities |
|
119,373 |
|
44,016 |
|
|
|
|
|
Asset retirement obligation |
|
1,730 |
|
1,564 |
Other non-current liabilities |
|
- |
|
16,755 |
Long-term debt, net |
|
152,787 |
|
206,939 |
|
|
|
|
|
Total long-term
liabilities |
|
154,517 |
|
225,258 |
|
|
|
|
|
Commitments and contingencies |
|
|
|
|
|
|
|
|
|
Stockholders' equity: |
|
|
|
|
Preferred stock, no par value, 25,000
authorized; none issued and outstanding |
|
- |
|
- |
Common stock, no par value, 250,000
authorized; 118,553 and 117,526 shares
issued and outstanding at June 30, 2014 and
December 31, 2013,
respectively |
|
571,158 |
|
569,061 |
Accumulated deficit |
|
(437,705) |
|
(431,586) |
|
|
|
|
|
Total stockholders'
equity |
|
133,453 |
|
137,475 |
|
|
|
|
|
Total liabilities
and stockholders' equity |
|
$
407,343 |
|
$ 406,749 |
|
|
|
|
|
Reconciliation of non-GAAP
measure
The table below represents a reconciliation of
EBITDAX to the Company's net income (loss), which is the most
directly comparable financial measure calculated in accordance with
generally accepted accounting principles in the United States of
America.
|
|
Three
Months
Ended June 30, |
|
Six Months
Ended June 30, |
|
|
2014 |
|
2013 |
|
2014 |
|
2013 |
|
|
(in thousands) |
Net loss |
|
$ (2,549) |
|
$ (19,640) |
|
$
(6,119) |
|
$ (32,424) |
Interest expense |
|
3,513 |
|
4,280 |
|
7,350 |
|
8,578 |
Loss on extinguishment of debt |
|
1,245 |
|
3,786 |
|
1,245 |
|
3,786 |
Income tax expense (benefit) |
|
2,125 |
|
(377) |
|
4,075 |
|
(47) |
Depreciation, depletion and amortization
expense |
|
5,503 |
|
7,955 |
|
12,115 |
|
14,859 |
Geological, geophysical and engineering
expense |
|
1,270 |
|
746 |
|
2,091 |
|
1,104 |
Other (income) expense |
|
(240) |
|
564 |
|
(304) |
|
931 |
(Gain) loss on derivatives |
|
269 |
|
(1,277) |
|
239 |
|
(729) |
EBITDAX (a) |
|
$
11,136 |
|
$
(3,963) |
|
$
20,692 |
|
$
(3,942) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Earnings before interest, income taxes,
depletion, depreciation and amortization, exploration expense and
certain non-cash charges ("EBITDAX") is a non-GAAP financial
measure, as it excludes amounts or is subject to adjustments that
effectively exclude amounts, included in the most directly
comparable measure calculated and presented in accordance with GAAP
in financial statements. "GAAP" refers to generally accepted
accounting principles in the United States of America.
Non-GAAP financial measures disclosed by management are provided as
additional information to investors in order to provide them with
an alternative method for assessing the Company's financial
condition and operating results. These measures are not in
accordance with, or a substitute for, GAAP, and may be different
from or inconsistent with non-GAAP financial measures used by other
companies. Pursuant to the requirements of Regulation G, whenever
the Company refers to a non-GAAP financial measure, it also
presents the most directly comparable financial measure presented
in accordance with GAAP, along with a reconciliation of the
differences between the non-GAAP financial measure and such
comparable GAAP financial measure. Management believes that
EBITDAX may provide additional helpful information with respect to
the Company's performance or ability to meet its debt service and
working capital requirements.
CONTACT: INVESTOR AND MEDIA CONTACT:
A. Pierre Dubois
Investor Relations & Corporate Communications
BPZ Energy
1-281-752-1240
pierre_dubois@bpzenergy.com