![](/cdn/assets/images/search/clock.png)
We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
TSXV:BOE | 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 30, 2014) - Americas Petrogas Inc. ("Americas Petrogas" or the "Company") (TSX-VENTURE:BOE) announces its first quarter 2014 results.
Summary Financial and Operational Highlights
Selected financial and operational information is outlined below and should be read in conjunction with the Company's interim consolidated financial statements and the related Management's Discussion and Analysis ("MD&A") for the quarter, which have been filed on SEDAR under the Company's profile at www.sedar.com and are also available on the Company's website at www.americaspetrogas.com. All amounts are in Canadian dollars unless otherwise stated.
($ in thousands, except share, per share, and per barrel amounts) | Three months ended March 31 | |||||
2014 | 2013 | |||||
Gross oil sales revenue | $ | 9,108 | $ | 16,450 | ||
Net revenue(1) | $ | 7,763 | $ | 14,347 | ||
Operating netback (including Oil Plus benefits)(2) | $ | 4,094 | $ | 13,167 | ||
Operating netback (including Oil Plus benefits) per barrel(2) | $ | 36.73 | $ | 60.88 | ||
Operating netback (excluding Oil Plus benefits) per barrel(2) | $ | 36.73 | $ | 47.70 | ||
Net income (loss) attributable to owners of the Company(3) | $ | (24,557 | ) | $ | 4,338 | |
Earnings (loss) per share- basic and diluted | $ | (0.12 | ) | $ | 0.02 | |
Funds flow from operations(4) | $ | 2,047 | $ | 9,874 | ||
Per share - basic | $ | 0.01 | $ | 0.05 | ||
Per share - diluted | $ | 0.01 | $ | 0.05 | ||
Weighted average number of common shares outstanding(5) | ||||||
Basic | 212,572,440 | 212,760,484 | ||||
Diluted | 214,139,198 | 216,952,633 | ||||
Cash flow from operating activities | $ | 8,860 | $ | 5,465 | ||
Capital expenditures | $ | 10,948 | $ | 27,296 | ||
Average barrels sold per day | 1,238 | 2,403 | ||||
Average selling price per barrel | $ | 81.72 | $ | 76.06 | ||
($ in thousands) | March 31, 2014 | December 31, 2013 | |||
Cash and cash equivalents | $ | 15,217 | $ | 18,334 | |
Working capital(6) | $ | 14,746 | $ | 21,687 | |
Equity outstanding | |||||
Common shares | 212,572,440 | 212,572,440 | |||
Stock options | 17,946,093 | 17,946,093 |
Notes:
Highlights and Recent Activities
For further information regarding the Company's financial results, financial position and related changes, please see the interim consolidated financial statements and the related MD&A.
About Americas Petrogas Inc.
Americas Petrogas Inc. is a Canadian company whose shares trade on the TSX Venture Exchange under the symbol "BOE". Americas Petrogas has conventional and unconventional shale oil and gas and tight sands oil and gas interests in numerous blocks in the Neuquén Basin of Argentina. Americas Petrogas has joint venture partners, including ExxonMobil and YPF, on various blocks in the shale oil and gas corridor in the Neuquén Basin, Argentina. Americas Petrogas also owns an 80% interest in GrowMax Agri Corp., a private company involved in the exploration for near-surface potash, phosphates and other minerals, and potential development of a fertilizer project in Peru. Indian Farmers Fertiliser Co-operative Limited (IFFCO) owns a 20% interest in GrowMax Agri Corp. For more information about Americas Petrogas Inc., please visit www.americaspetrogas.com.
Forward Looking Information
This Press Release contains forward-looking information including, but not limited to, the Company's goals and growth, estimates of reserves and resources, production and cash flows, reviewing various strategic alternatives, exploration, appraisal and development activities related to conventional and unconventional oil and gas, other exploration, development and production activities in respect of the projects in Argentina and Peru, and closing of the Offering. The recovery and resources estimates for the Company's properties described in this Press Release are estimates only and there is no guarantee that the estimated resources will be recovered. The actual resources for the Company's properties may be greater or less than those calculated. Additional forward-looking information is contained in the Company's Annual MD&A and Annual Information Form for the year ended December 31, 2013, and reference should be made to the additional disclosures of the assumptions, risks and uncertainties relating to such forward-looking information in those documents.
Forward‐looking information is based on management's expectations regarding the Company's future growth, results of operations, production, future capital and other expenditures (including the amount, nature and sources of funding thereof), competitive advantages, plans for and results of drilling activity (including the timing, location, depth and the number of wells), environmental matters, business prospects and opportunities and expectations with respect to general economic conditions. Such forward‐looking information reflects management's current beliefs and assumptions and is based on information, including reserves and resources information, currently available to management. Forward‐looking information involves significant known and unknown risks and uncertainties. A number of factors could cause actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by the forward‐looking information, including but not limited to, risks associated with the oil and gas industry (e.g. operational risks in development, exploration and production, delays or changes to plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of geological interpretations; the uncertainty of estimates and projections in relation to production, costs and expenses and health, safety and environment risks, extensions of concessions and commitments), the risk of commodity price and foreign exchange rate fluctuations, the uncertainty associated with negotiating with foreign governments and third parties located in foreign jurisdictions and the risk associated with international activity and the risk of being unable to raise significant funds on terms acceptable to the Company to meet its capital and operating expenditure requirements in respect of its properties.
Although the forward-looking information contained herein is based upon assumptions which management believes to be reasonable, the Company cannot assure investors that actual results will be consistent with this forward-looking information. This forward-looking information is made as of the date hereof and the Company assumes no obligation to update or revise this information to reflect new events or circumstances, except as required by law. Because of the risks, uncertainties and assumptions inherent in forward-looking information, prospective investors in the Company's securities should not place undue reliance on this forward-looking information.
The term BOE (barrels of oil equivalent) is used in this press release. All calculations converting natural gas to BOE have been made using a conversion ratio of six thousand cubic feet (six "Mcf") of natural gas to one barrel of oil, unless otherwise stated. The use of BOE may be misleading, particularly if used in isolation, as the conversion ratio of six Mcf of natural gas to one barrel of oil 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.
Prospective Resources are those quantities of petroleum estimated, as of a given date, to be potentially recoverable from undiscovered accumulations by application of future development projects. Prospective resources have both an associated chance of discovery and a chance of development. Uncertainty Ranges are described by the COGEH as low, best, and high estimates for reserves and resources. The Best Estimate is considered to be the best estimate of the quantity that will actually be recovered. It is equally likely that the actual remaining quantities recovered will be greater or less than the best estimate. If probabilistic methods are used, there should be at least a 50 percent probability (P50) that the quantities actually recovered will equal or exceed the best estimate.
In the case of undiscovered resources or a subcategory of undiscovered resources, there is no certainty that any portion of the resources will be discovered. If discovered, there is no certainty that it will be commercially viable to produce any portion of the resources. For undiscovered hydrocarbons, the term 'unrisked' means that no geologic or chance of discovery ("play risk") has been incorporated into the hydrocarbon volume estimates.
The estimates of resources for individual properties may not reflect the same confidence level as estimates of resources for all properties, due to the effects of aggregation.
NEITHER THE 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 THE RELEASE.
Americas Petrogas Inc.Barclay Hambrook, P. Eng., MBAPresident and CEO(403) 685-1888inquiries@americaspetrogas.comwww.americaspetrogas.com
1 Year Americas Petrogas Inc. Chart |
1 Month Americas Petrogas Inc. 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