We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register for streaming realtime charts, analysis tools, and prices.
| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Alexander Energy Ltd | TSXV:ALX | TSX Venture | Common Stock |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0 | - |
Hot Features
Premium
Alexander Energy Ltd. ("Alexander" or the "Company") (TSX VENTURE:ALX) has filed
its Unaudited Condensed Interim Financial Statements and related Management's
Discussion and Analysis for the three and nine months ended September 30, 2013
all of which are available on the Company's profile at www.SEDAR.com ("SEDAR").
Operations
In Q3 2013 the Company produced an average of 805 boe/d, comprised of 495 bbl/d
of oil and 1,857 mcf/d of natural gas. This represents a 4% reduction in overall
corporate production but a 7% increase in average oil volumes compared to Q2
2013. The overall oil weighting increased from 55% in Q2 to 61% in Q3 2013.
The new Management's corporate initiatives have resulted in dropping overall
unit operating costs by 18% (from $14.90/boe to $12.16/boe inclusive of
transportation) compared to the previous quarter. Also, overall general and
administrative unit costs were reduced by 46% (from $5.83/boe to $3.12/boe)
compared to the previous quarter. These measures, along with strong oil pricing,
helped to increase the Q3 2013 cash flow net back by 33% to $32.34/boe giving an
operating margin of 52% based on realized pricing of $62.27/boe.
Financial
In Q3 the Company focused on reducing general and administrative expenses and
field operating expenses while optimizing existing production volumes. Cash flow
from operations in Q3 2013 increased to $2.4 million on revenues of $4.6 million
as compared to cash flow of $1.8 million on revenues of $4.1 million in Q2 2013.
Basic cash flow per share for the period was $0.035/share or $0.14/share
annualized.
On September 13, 2013 the Company completed a private placement of 8,666,667
common shares at a price of $0.15/share for net proceeds of $1,272,000.
In the three months ended September 30, 2013 net debt decreased by 28% to $8.4
million, down from $11.6 million at June 30, 2013. The net debt to annualized
cash flow ratio decreased to 0.86:1 at September 30, 2013 down from 1.58:1 at
June 30, 2013.
Corporate Update
Alexander plans to strengthen its financial and operating position by continuing
the following near term corporate directives:
1. Continue to reduce administrative and field operating costs to direct
more operating cash flow to strengthening the Company's balance sheet.
2. Continue to build an inventory of drilling opportunities that fit with a
company of this size.
3. Seek mergers and acquisitions where the resulting entity benefits the
current shareholders of Alexander.
4. Evaluate the drilling of several infill oil wells.
Financial Summary
----------------------------------------------------------------------------
Three months ended September 30
----------------------------------------------------------------------------
Thousands - CDN$ 2013 2012 % Change
----------------------------------------------------------------------------
Oil and gas revenue $ 4,610 $ 3,305 39
Cash flow from operations (1) 2,394 1,563 53
Per share - basic and diluted (1) 0.04 0.03 49
Comprehensive income 802 123 552
Per share - basic and diluted 0.01 0.00 -
Net debt (1) 8,385 11,644 (28)
Capital expenditures $ 418 $ 511 (18)
----------------------------------------------------------------------------
Shares outstanding - end of period 70,906,144 62,239,477 14
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Nine months ended September 30
----------------------------------------------------------------------------
Thousands - CDN$ 2013 2012 % Change
----------------------------------------------------------------------------
Oil and gas revenue $ 12,510 $ 8,683 44
Cash flow from operations (1) 6,041 3,302 83
Per share - basic and diluted (1) 0.10 0.05 81
Comprehensive income (loss) (49) 938 (105)
Per share - basic and diluted (0.00) 0.02 -
Net debt (1) 8,385 11,644 (28)
Capital expenditures $ 3,097 $ 2,113 47
----------------------------------------------------------------------------
Shares outstanding - end of period 70,906,144 62,239,477 14
----------------------------------------------------------------------------
(1) Non IFRS measure.
Daily Production and Commodity Prices
----------------------------------------------------------------------------
Three months ended September 30 2013 2012 % Change
----------------------------------------------------------------------------
Daily production
Oil and NGLs (bbl/d) 495 437 13
Natural gas (mcf/d) 1,857 1,646 13
----------------------------------------------------------------------------
Oil equivalent (boe/d @ 6:1) 805 712 13
----------------------------------------------------------------------------
Realized commodity prices ($CDN)
Oil and NGLs (bbl) $ 90.99 $ 72.77 25
Natural gas (mcf) $ 2.72 $ 2.48 10
----------------------------------------------------------------------------
Oil equivalent (boe @ 6:1) $ 62.27 $ 50.46 23
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Nine months ended September 30 2013 2012 % Change
----------------------------------------------------------------------------
Daily production
Oil and NGLs (bbl/d) 470 363 29
Natural gas (mcf/d) 2,267 2,082 9
----------------------------------------------------------------------------
Oil equivalent (boe/d @ 6:1) 848 710 19
----------------------------------------------------------------------------
Realized commodity prices ($CDN)
Oil and NGLs (bbl) $ 80.87 $ 74.20 9
Natural gas (mcf) $ 3.45 $ 2.33 48
----------------------------------------------------------------------------
Oil equivalent (boe @ 6:1) $ 54.05 $ 44.79 21
----------------------------------------------------------------------------
Oil and Natural Gas Revenue by Product
Three months ended September 30 2013 2012 % Change
----------------------------------------------------------------------------
Thousands - CDN$
Oil and NGL revenue 4,145 2,929 42
Natural gas revenue 465 376 24
----------------------------------------------------------------------------
Total revenue 4,610 3,305 39
----------------------------------------------------------------------------
% Oil and NGLs 90% 89%
% Natural gas 10% 11%
----------------------------------------------------------------------------
Nine months ended September 30 2013 2012 % Change
----------------------------------------------------------------------------
Thousands - CDN$
Oil and NGL revenue 10,374 7,358 41
Natural gas revenue 2,136 1,325 61
----------------------------------------------------------------------------
Total revenue 12,510 8,683 44
----------------------------------------------------------------------------
% Oil and NGLs 83% 85%
% Natural gas 17% 15%
----------------------------------------------------------------------------
Netbacks
----------------------------------------------------------------------------
Three months ended September 30 2013 2012 % Change
(CDN$ / boe) (CDN$ / boe)
----------------------------------------------------------------------------
Operating netback
Revenue 62.27 50.46 23
Royalties (11.40) (6.29) 81
Operating expenses (12.16) (11.89) 2
----------------------------------------------------------------------------
Operating netback 38.71 32.28 20
Realized gain (loss) on financial
derivative instruments (1.49) 0.64 (332)
General and administrative expenses (3.12) (7.10) (56)
Interest expense (1.77) (2.00) (12)
----------------------------------------------------------------------------
Cash flow from operations 32.34 23.87 35
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Nine months ended September 30 2013 2012 % Change
(CDN$ / boe) (CDN$ / boe)
----------------------------------------------------------------------------
Operating netback
Revenue 54.05 44.79 21
Royalties (8.99) (5.33) 69
Operating expenses (13.62) (12.50) 9
----------------------------------------------------------------------------
Operating netback 31.44 26.96 17
Realized gain (loss) on financial
derivative instruments 0.60 (0.39) 253
General and administrative expenses (4.20) (7.35) (43)
Interest expense (1.74) (2.18) (20)
----------------------------------------------------------------------------
Cash flow from operations 26.10 17.04 53
----------------------------------------------------------------------------
Forward-Looking Statements: All statements, other than statements of historical
fact, set forth in this news release, including without limitation, assumptions
and statements regarding the financial results, and future plans, operations and
objectives of the Company are forward-looking statements that involve
substantial known and unknown risks and uncertainties. Some of these risks and
uncertainties are beyond management's control, including but not limited to, the
impact of general economic conditions, industry conditions, fluctuation of
commodity prices, fluctuation of foreign exchange rates, environmental risks,
industry competition, availability of qualified personnel and management,
availability of materials, equipment and third party services, stock market
volatility, timely and cost effective access to sufficient capital from internal
and external sources. The reader is cautioned that assumptions used in the
preparation of such information, although considered reasonable by the Company
at the time of preparation, may prove to be incorrect. There can be no assurance
that such statements will prove to be accurate and actual results and future
events could differ materially from those anticipated in such statements.
These assumptions and statements necessarily involve known and unknown risks and
uncertainties inherent in the oil and gas industry such as geological,
technical, drilling and processing problems and other risks and uncertainties,
as well as the business risks discussed in Management's Discussion and Analysis
of the Company under the heading "Business Risks". The Company does not
undertake any obligation, except as required by applicable securities
legislation, to update publicly or to revise any of the included forward-looking
statements, whether as a result of new information, future events or otherwise.
Barrels of oil equivalent (boe) is calculated using the conversion factor of 6
mcf (thousand cubic feet) of natural gas being equivalent to one barrel of oil.
Boes may be misleading, particularly if used in isolation. A boe conversion
ratio of 6 mcf:1 bbl (barrel) is based on an energy equivalency conversion
method primarily applicable at the burner tip and does not represent a value
equivalency at the wellhead. Given that the value ratio based on the current
price of crude oil as compared to natural gas is significantly different from
the energy equivalency of 6:1, utilizing a conversion on a 6:1 basis may be
misleading as an indication of value.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term
is defined in policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
To receive Press Releases and Corporate Updates directly via email send your
email address to info@alexanderenergy.ca.
FOR FURTHER INFORMATION PLEASE CONTACT:
Alexander Energy Ltd.
Daniel T. Wilson
Chief Executive Officer
(403) 523-2504
(403) 264-1348 (FAX)
dwilson@alexanderenergy.ca
www.alexanderenergy.ca
1 Year Alexander Energy Ltd Chart |
1 Month Alexander Energy Ltd Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
