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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| TSXV:Q.B | 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 | - |
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NOT FOR DISSEMINATION IN THE UNITED STATES OR TO U.S. PERSONS.
Questfire Energy Corp. (the "Corporation" or "Questfire") (TSX VENTURE:Q.A)(TSX
VENTURE:Q.B) is pleased to announce that it has filed on SEDAR its unaudited
financial statements and related management's discussion and analysis ("MD&A")
for the three month and six month periods ended June 30, 2013.
Financial and Operating Highlights
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Three months ended Six months ended
June 30, 2013 June 30, 2012 June 30, 2013 June 30, 2012
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Financial
Oil and natural gas
sales $ 10,532,541 $ 100,018 $ 10,596,662 $ 158,044
Funds flow from
operations 2,876,531 (294,011) 1,925,284 (632,520)
Per share, basic 0.22 (0.02) 0.15 (0.05)
Per share, diluted 0.08 (0.02) 0.09 (0.05)
Net income (loss) 1,514,377 (384,985) 411,434 (1,566,731)
Per share, basic 0.12 (0.03) 0.03 (0.12)
Per share, diluted 0.05 (0.03) 0.03 (0.12)
Capital expenditures 81,470,348 600,202 81,680,863 1,715,961
Working capital
(deficit) (end of
period) (43,135,885) 1,038,652
Non-current
debentures (end of
period) (30,416,934) (1,300,415)
Shareholders' equity
(deficiency) (end
of period) (1,546,735) (170,756)
Shares outstanding
(end of period)
Class A 12,963,001 12,813,001
Class B 2,055,840 555,840
Options outstanding
(end of period) 1,466,000 1,281,000
Weighted-average
basic shares
outstanding 12,902,012 12,813,001 12,857,752 12,813,001
Weighted-average
diluted shares
outstanding 47,825,181 12,813,001 14,451,568 12,813,001
Class A share
trading price
High 1.47 0.90 1.47 1.20
Low 0.50 0.40 0.50 0.40
Close 1.25 0.47 1.25 0.47
Operations
Production
Natural gas (Mcf/d) 17,479 385 8,827 329
NGL (bbls/d) 415 2 209 1
Crude oil (bbls/d) 342 3 174 1
Total (boe/d) 3,670 69 1,854 58
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Three months ended Six months ended
June 30, 2013 June 30, 2012 June 30, 2013 June 30, 2012
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Benchmark prices
Natural gas
AECO (Cdn$/GJ) 3.35 1.80 3.19 1.92
Crude oil
WTI (US$/bbl) 94.29 93.49 94.32 98.21
Edmonton par
(Cdn$/bbl) 92.94 84.20 90.77 88.34
Average realized
prices
Natural gas (per
Mcf) 3.60 1.97 3.60 2.00
Natural gas
liquids (per
bbl) 55.64 67.78 55.66 70.66
Crude oil (per
bbl) 87.16 75.92 87.12 75.92
Operating netback
(per boe) 14.77 4.83 14.77 5.10
Funds flow netback
(per boe) 8.61 (46.82) 5.74 (59.92)
Second Quarter 2013 Corporate Highlights
-- On April 30, 2013 Questfire closed the previously announced Advantage
asset acquisition of approximately 5,600 barrels of oil equivalent (boe)
per day of conventional producing assets, comprised of 81 percent
natural gas and 19 percent light oil and NGLs.
-- Averaged production of 3,670 boe per day (80 percent natural gas) for
the quarter. Exited the quarter with a production rate of approximately
5,500 boe per day (80 percent natural gas).
-- Achieved record quarterly sales of $10.5 million.
-- Achieved record funds flow from operations of $2.9 million ($0.22 per
basic share).
President's Message
During the second quarter of 2013 the Questfire team closed the previously
announced acquisition of approximately 5,600 boe per day of conventional
producing assets located in Alberta comprised of approximately 81 percent
natural gas and 19 percent light oil and natural gas liquids (NGLs). The
acquired assets have a relatively low base decline rate of approximately 12
percent annually and have transformed Questfire from a micro-cap junior oil and
natural gas start-up to a midsized junior producer with stable production and
solid cash flow.
During the second quarter our main focus was to manage the transition to a
larger asset and production base. Questfire's head office was relocated within
downtown Calgary to a significantly larger space. The Calgary management and
technical team was greatly expanded with the addition of 14 experienced staff
and consultants. Field operations now include 35 experienced staff and
contractors. Questfire's Board of Directors was expanded from four directors to
five and now includes three independent directors. Numerous programs have been
implemented and initiated, including corporate and site-specific emergency
response plans (ERPs), an expanded corporate safety program, a pipeline
integrity program, maintenance and production reporting systems and a seismic
data base system, to name a few. The Questfire team has worked very hard on all
levels to ensure a smooth transition to a larger asset and production base. As a
result, the second quarter saw Questfire achieve all-time highs on all fronts
including production, revenue and cash flow.
Current production is in the range of 5,500 boe per day with approximately 21
percent light oil and NGLs. Questfire's strategy for the remainder of 2013 is to
employ a modest capital budget of approximately $12 million, to be financed
primarily from cash flow. It will be focused mainly on increasing light oil
production via drilling and recompletion opportunities on our asset base and
also on the maintenance and optimization of our producing natural gas assets.
With success, Questfire has sufficient bank line room (approximately $17
million) to accelerate oil development.
Reflecting the critical importance of safeguarding the Corporation's cash flow,
Questfire has hedges in place for the remainder of 2013 that cover approximately
70 percent of current production in order to maximize cash flow protection in
what continues to be a volatile natural gas price environment.
In the longer term, the fundamentals for the continued strengthening of natural
gas prices are in place. Overall North American natural gas production appears
to have plateaued, while drilling rig counts appear to have bottomed out, with
many basins experiencing declining production. On the demand side recent
developments including approvals for liquefied natural gas (LNG) exports from
the United States and progress on Canadian LNG export projects bodes well for
increasing demand and prices over the next several years. Our asset base
includes numerous natural gas drilling and recompletion opportunities that
represent significant latent upside value and which we plan to exploit as
natural gas prices improve.
In the meantime the Questfire team will continue to carefully manage the asset
base with the goals of increasing our oil production and overall cash flow
without significantly increasing overall debt.
Questfire has issued 75,000 options to a director pursuant to its stock option
plan. The options have an exercise price of $0.65 per share and will expire on
August 22, 2023. The Corporation has determined that exemptions from the various
requirements of TSX Venture Exchange Policy 5.9 are available for the grant of
stock options to the director. The Corporation has further determined that an
exemption from the various requirements of Multilateral Instrument 61-101 is
available as the fair market value of the grant of options is less than 25% of
the market capitalization of the Corporation.
Questfire Energy Corp. is an Alberta-based company formed to participate in oil
and gas exploration, development and acquisitions focusing in the W4 and W5
regions of Alberta. The Corporation's shares trade on the TSX Venture exchange
under the symbols Q.A and Q.B. The Corporation currently has 12,963,001 Class A
shares and 2,055,840 Class B shares outstanding.
To view a full copy of the Corporation's unaudited financial results for the
three months and six months ended June 30, 2013, including the Corporation's
accompanying MD&A, please refer to the SEDAR website at www.sedar.com or contact
the Corporation at Questfire Energy Corp., 500, 400 - 3rd Ave S.W., Calgary,
Alberta, T2P 4H2.
Reader Advisory
This news release contains certain forward-looking statements, including
management's assessment of future plans and operations, and capital expenditures
and the timing thereof, that involve substantial known and unknown risks,
uncertainties, and assumptions certain of which are beyond Questfire's control.
Such risks, uncertainties, and assumptions include, without limitation, risks
associated with oil and gas exploration, development, exploitation, production,
marketing and transportation, loss of markets, volatility of commodity prices,
currency fluctuations, imprecision of reserve estimates, environmental risks,
competition from other producers, inability to retain drilling rigs and other
services, delays resulting from or inability to obtain required regulatory
approvals and ability to access sufficient capital from internal and external
sources, the impact of general economic conditions in Canada, the United States
and overseas, industry conditions, changes in laws and regulations (including
the adoption of new environmental laws and regulations) and changes in how they
are interpreted and enforced, increased competition, the lack of availability of
qualified personnel or management, fluctuations in foreign exchange or interest
rates, stock market volatility and market valuations of companies with respect
to announced transactions and the final valuations thereof, and obtaining
required approvals of regulatory authorities. Questfire's actual results,
performance or achievements could differ materially from those expressed in, or
implied by, these forward-looking statements and, accordingly, no assurances can
be given that any of the events anticipated by the forward-looking statements
will transpire or occur, or if any of them do so, what benefits, including the
amount of proceeds, that Questfire will derive therefrom. Readers are cautioned
that the foregoing list of factors is not exhaustive. All subsequent
forward-looking statements, whether written or oral, attributable to Questfire
or persons acting on its behalf are expressly qualified in their entirety by
these cautionary statements. Furthermore, the forward-looking statements
contained in this news release are made as at the date of this news release and
Questfire does not undertake any obligation to update publicly or to revise any
of the included forward-looking statements, whether as a result of new
information, future events or otherwise, except as may be required by applicable
securities laws.
Petroleum and natural gas volumes are converted to an equivalent measurement
basis referred to as a "barrel of oil equivalent" (boe) on the basis of 6
thousand cubic feet of natural gas equalling 1 barrel of oil. This is based on
an energy equivalency conversion method applicable at the burner tip and does
not necessarily represent a value equivalency at the wellhead which is
approximately 30 Mcf to 1 bbl. Readers are cautioned that boe figures may be
misleading, particularly if used in isolation.
To request a free copy of Questfire's financial report or if you would like to
be put on Questfire's mailing list please contact Ronald Williams, Vice
President, Finance and CFO at rwilliams@questfire.ca.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term
is defined in the policies of the TSX Venture Exchange) accepts responsibility
for the adequacy or accuracy of this release.
FOR FURTHER INFORMATION PLEASE CONTACT:
Questfire Energy Corp.
Mr. Richard Dahl
President and CEO
(403) 263-6691
(403) 263-6683 (FAX)
Questfire Energy Corp.
Mr. Ronald Williams
Vice President, Finance and CFO
(403) 263-6658
(403) 263-6683 (FAX)
rwilliams@questfire.ca
www.questfire.ca
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