We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Mart Resources | TSXV:MMT | 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 | - |
CALGARY, ALBERTA--(Marketwired - May 14, 2014) - Mart Resources, Inc. (TSX:MMT) ("Mart" or the "Company") is pleased to announce its financial and operating results (all amounts in United States dollars unless noted) for the three months ended March 31, 2014 ("Q1 2014"):
THREE MONTHS ENDED MARCH 31, 2014
FINANCIAL AND OPERATING RESULTS
The following table provides a summary of Mart's selected financial and operating results for the three month periods ended March 31, 2014 and 2013 and the twelve months ended December 31, 2013:
USD $ 000's (except oil produced and sold, oil sales prices, per share amounts, and shares outstanding) | 3 months ended March 31, 2014 | 3 months ended March 31, 2013 | 12 months ended December 31, 2013 | ||||
Mart's share of the Umusadege Field: | |||||||
Barrels of oil produced and sold | 620,224 | 231,384 | 1,459,823 | ||||
Average sales price per barrel | $110.60 | $110.01 | $110.62 | ||||
Mart's percentage share of total Umusadege oil produced and sold during the period | 77.3% | 54.0% | 66.3% | ||||
Funds flow from continuing production operations (1) | $48,405 | $14,178 | $101,276 | ||||
Per share - basic (continuing operations) | $0.136 | $0.040 | $0.284 | ||||
Net income from continuing operations | $17,135 | $4,763 | $47,068 | ||||
Loss from discontinued operations | ($2,675 | ) | ($2,854 | ) | ($11,607 | ) | |
Net income for the period | $14,460 | $1,909 | $35,461 | ||||
Earnings per share from continuing operations | |||||||
Per share - basic | $0.049 | $0.013 | $0.132 | ||||
Per share - diluted | $0.048 | $0.013 | $0.131 | ||||
Loss per share from discontinued operations | |||||||
Per share - basic | ($0.008 | ) | ($0.008 | ) | ($0.033 | ) | |
Per share - diluted | ($0.008 | ) | ($0.008 | ) | ($0.032 | ) | |
Earnings per share from all activities | |||||||
Per share - basic | $0.041 | $0.005 | $0.099 | ||||
Per share - diluted | $0.040 | $0.005 | $0.099 | ||||
Petroleum property interests capital expenditure (2) | $16,299 | $7,578 | $65,483 | ||||
Total assets | $338,079 | $241,453 | $280,378 | ||||
Dividends paid | $16,700 | $17,966 | $69,600 | ||||
Cash provided by operating activities | $12,036 | $13,108 | $66,743 | ||||
Total borrowings (3) | $128,725 | Nil | $56,694 | ||||
Weighted average shares outstanding for periods ended: | |||||||
Basic | 356,574,869 | 356,296,165 | 356,506,147 | ||||
Diluted | 359,164,844 | 359,825,372 | 358,647,416 |
Notes:
USD $ 000's Reconciliation of funds flow from continuing production operations to income from continuing operations before finance income and expenses | 3 months ended March 31, 2014 | 3 months ended March 31, 2013 | 12 months ended December 31, 2013 | ||
Petroleum sales | 68,597 | 25,455 | 161,487 | ||
Less: Royalties, content development levy and community development costs | 11,022 | 5,633 | 25,447 | ||
Net petroleum sales | 57,575 | 19,822 | 136,040 | ||
Less: Production costs | 9,170 | 5,644 | 34,764 | ||
Funds flow from continuing production operations | 48,405 | 14,178 | 101,276 | ||
Foreign exchange loss/(gain) | 106 | 242 | (132 | ) | |
General and administrative | 4,375 | 3,104 | 13,687 | ||
Tax benefit contributions | - | 598 | 3,389 | ||
Taxes on venture production | 6,228 | - | - | ||
Impairment of available-for-sale investment | - | 11 | 66 | ||
Share-based compensation | 938 | 283 | 1,891 | ||
Depreciation | 69 | 86 | 311 | ||
Depletion | 14,757 | 3,691 | 26,064 | ||
Income from continuing operations before finance income and expenses | 21,932 | 6,163 | 56,000 |
USD $ 000's Reconciliation of cash provided by operating activities to cash provided by operating activities excluding non-cash working capital | 3 months ended March 31, 2014 | 3 months ended March 31, 2013 | 12 months ended December 31, 2013 | ||
Cash provided by operating activities | 12,036 | 13,108 | 66,743 | ||
Add/(deduct) changes in non-cash working capital | 19,231 | (5,597 | ) | 6,386 | |
Cash provided by operating activities excluding non-cash working capital | 31,267 | 7,511 | 73,129 | ||
OUTLOOK AND OPERATIONS UPDATE:
Dividend
On March 24, 2014, Mart announced the declaration of a quarterly cash dividend of CAD $0.05 per common share that was paid to shareholders on April 8, 2014 for an aggregate amount of $16.1 million (CAD $17.8 million).
Drilling program
A second drilling rig has been contracted to drill a water disposal well. This well is expected to be completed in May 2014.
It is planned to drill a re-entry horizontal development well in May 2014 followed by deepening of the UMU-8 well in June 2014.
The Company expects to spend approximately $56 million during 2014 for the planned drilling program including the amounts expected to be spent on the above-mentioned wells and miscellaneous Umusadege field capital expenditures.
Umugini pipeline capital expenditure
The Company will continue funding its 15% share of the Umugini pipeline project costs in 2014. Mart's share of the total Umugini pipeline construction budget was $11 million of which $7.2 million had been incurred by March 31, 2014, and the Company has budgeted to spend $6 million during 2014 towards the construction of the pipeline. Additional costs are expected to be incurred in connection with the tie-in and commissioning of the Umugini pipeline.
Cash flows from operating activities
The Company expects the Umugini pipeline to be completed in Q2 2014, which is expected to facilitate an increase in production and revenues from the Umusadege field and therefore lead to an increase in the Company's cash flows from operating activities.
Umugini Pipeline Update
Surveying and clearing of the right of way for the Umugini pipeline has been completed and pipeline construction is ongoing. The first 35 kilometres ("km") of the pipeline have been completed and backfilled. Stringing of approximately another 16 km of pipe has been completed, and welding, coating, radiograph testing has been completed on 14 km of this 16 km section. Trenching and lowering is currently being finished on approximately 8 km of this length, and the installation of fiber optic cable that is part of the leak detection system has been completed on the first 3 km. Procurement of materials and equipment required to complete the pipeline pumping, monitoring and control facilities is ongoing. The group managing construction of the Umugini pipeline continues to estimate that pipeline construction will be completed by the end of the first half of 2014. Pipeline commissioning will occur following completion of pipeline construction and installation of pipeline pumping, monitoring and control facilities.
Production Update
Umusadege field production during April 2014 averaged 8,593 bopd. Aggregate Umusadege field downtime during April 2014 was approximately 9.5 days due to repairs and maintenance to the export pipeline, with two full down days during the month. The average field production based on producing days was 12,539 bopd in April 2014.
Total net crude oil deliveries into the Nigerian Agip Oil Company Limited ("NAOC") export pipeline from the Umusadege field for April 2014 were approximately 249,056 bbls before pipeline losses. Based upon the 12-month rolling average rate of pipeline and export facility losses of 22.14%, Mart estimates pipeline and export facility losses for April 2014 to be approximately 55,153 bbls. Using this estimated pipeline and export facility loss volume, the total net crude deliveries into the NAOC export pipeline from the Umusadege field for April 2014 less estimated pipeline losses is 193,903 bbls.
Pipeline and export facility losses reported by NAOC and allocated to Mart and its co-venturers for March 2014 were 45,959 bbls, or 13.1% of total crude oil deliveries into the export pipeline for that month. As previously announced, total net crude oil deliveries into the export pipeline from the Umusadege field for March 2014 were approximately 350,750 bbls, so after deducting the actual pipeline and export facility losses allocated for March 2014, the total net crude oil deliveries less losses for March 2014 were 304,791 bbls. April 2014 pipeline and export facility losses have not yet been reported by NAOC.
CHAIRMAN'S COMMENT:
Wade Cherwayko, Chairman & CEO of Mart said, "Mart's Q1 2014 financial results significantly improved in comparison with Q1 2013 primarily due to lower pipeline and export facility losses and fewer days of export pipeline and export facility shutdowns. Mart's share of pipeline losses for Q1 2014 was approximately 11.0% in comparison with 17.6% in Q1 2013. Mart continued to pay quarterly dividends amounting to CAD $0.05 per common share on a quarterly basis, amounting to USD $16.1 million in Q1 2014. The Umugini pipeline construction project progressed during Q1 2014 and construction of the pipeline is expected to be completed in the second quarter of 2014, with commissioning of the pipeline and related facilities to follow. The Umugini pipeline will provide sufficient pipeline capacity to fully realize the current production potential of Umusadege field. Mart and its co-venturers have plans to drill additional wells in the Umusadege field in 2014 to continue to develop the field and enhance the efficiency and productivity of the field. Mart is also pursuing a number of potential opportunities that could diversify and expand the Company's holdings and operations."
Mart will hold a conference call to discuss the operational and financial results for the quarter ended March 31, 2014. The conference call is scheduled for May 16, 2014 at 9:00 AM Mountain Daylight Time (11:00 Eastern Daylight Time). Wade Cherwayko, Chairman & CEO of Mart, and Dmitri Tsvetkov, Chief Financial Officer of Mart, will host the call and be available during the question-and-answer session. To access the conference call, please dial 1-866-223-7781 or 416-340-2216. An instant replay of the call will be available until May 23, 2014 by dialing 1-800-408-3053 or 905-694-9451 and entering pass code 1261364.
Additional information regarding Mart is available on the Company's website at www.martresources.com and under the Company's profile on SEDAR at www.sedar.com.
Notes: Except where expressly stated otherwise, all production figures set out in this press release, including bopd, reflect gross Umusadege field production rather than production attributable to Mart. Mart's share of total gross production before taxes and royalties from the Umusadege field fluctuates between 82.5% (before capital cost recovery) and 50% (after capital cost recovery).
Forward Looking Statements
Certain statements contained in this press release constitute "forward-looking statements" as such term is used in applicable Canadian and US securities laws. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or are not statements of historical fact and should be viewed as "forward-looking statements". These statements relate to analyses and other information that are based upon forecasts of future results, estimates of amounts not yet determinable and assumptions of management. Such forward looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.
In particular, statements (express or implied) contained herein or in Mart's Management's Discussion and Analysis ("MD&A") regarding the following should be considered forward-looking statements: the Company's goals and growth strategy, estimates of reserves and future net revenues, exploration and development activities in respect of the Umusadege field, the Company's ability to finance its drilling and development plans with cash flows from operations, the ability of the Company to successfully drill and complete future wells, the ability of the Company to commercially produce, transport and sell oil from the Umusadege field, future anticipated production rates, export pipeline capacity available to the Company, the expectation of the Company that production and export pipeline disruptions will not have a lasting impact on the Company's future production, timing of completion of the Company's upgrading of the central production facility, the construction and completion of an alternative export pipeline, the acceptance of the Company's tax filings by the Nigerian taxing authorities, treatment under government regulatory regimes including royalty and tax laws, projections of market prices and costs, supply and demand for oil, timing for receipt of government approvals, and the ability of the Company to satisfy its current and future financial obligations to its banks and other creditors.
There can be no assurance that such forward-looking statements will prove to be accurate as actual results and future events could vary or differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements contained in this news release. This cautionary statement expressly qualifies the forward-looking statements contained herein.
Forward-looking statements are made based on management's beliefs, estimates and opinions on the date the statements are made and the Company undertakes no obligation to update forward-looking statements and if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable law.
NEITHER THE TSX NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE RELEASE.
Mart Resources, Inc. - London, England officeWade Cherwayko+44 207 351 7937Wade@martresources.comMart Resources, Inc. - London, England officeDmitri Tsvetkov+44 207 351 7937dmitri.tsvetkov@martresources.comMart Resources, Inc. - CanadaSam Grier403-270-1841sam.grier@martresources.comwww.martresources.com
1 Year Mart Resources Chart |
1 Month Mart Resources Chart |
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