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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Claren Energy Corp | TSXV:CEN | 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% | 0.395 | 0.005 | 1.00 | 0 | 01:00:00 |
First Quarter 2011 Highlights
-- Total Company production averaged 10,125 boepd in the first quarter, up from 7,578 boepd in the fourth quarter of 2010, a 34% increase. Offshore production was impacted by downtime for workover operations on several wells. -- EBITDAX for Q111 was $40.1 million, 13% above the same period in 2010. -- The Company began its exploration program with a discovery at Bua Ban North A. The Bua Ban North A-01 well encountered pay zones in the Miocene and Upper Oligocene intervals. -- Subsequent to quarter-end, two further successful exploration wells were drilled at Bua Ban North A and six successful exploration wells were drilled at Bua Ban North B. The Company plans to begin testing these discoveries in July.
Randy Bartley, President and CEO of Coastal Energy, commented:
"I'm pleased to report that the first quarter of 2011 brought further success for the Company. Production and cash flow both increased from the previous quarter. We expect to see material production gains offshore as Bua Ban North B & A are tied in beginning in July.
"Exploration results for the year to date have been outstanding. Ten exploration wells have been drilled to date and nine of them have been successful. The Miocene trend, which was first discovered at Bua Ban, has proved to be a successful play at Bua Ban North A & B. We are excited about the continued success with the Miocene given the large number of Miocene prospects on our concessions and the fact that the Miocene interval has the best reservoir characteristics that have been seen in the basin.
"We look forward to the remainder of 2011. We expect to begin testing Bua Ban North B in July following the completion of the appraisal drilling. We will then move the rig to the Songkhla H prospect, which is a potential high impact Miocene target. Songkhla H is located outside of the Company's current production areas and is a commitment well. Later in the year, we will return to Songkhla A to further develop that field and restore production rates."
The following financial statements for the Company are abbreviated versions. The Company's complete financial statements for the three months ended March 31, 2011 with the notes thereto and the related Management Discussion and Analysis can be found either on Coastal's website at www.CoastalEnergy.com or on SEDAR at www.sedar.com. All amounts are in US$ thousands, except share and per share amounts.
Three Months ended March 31, 2011 2010 -------- --------- $ $ Revenues and Other Income Oil sales, net of royalties 66,711 45,860 Other income (21,084) 148 -------- --------- 45,627 46,008 -------- --------- Expenses Production 22,218 10,995 Depreciation and depletion 13,286 5,973 General and administrative 5,263 3,797 Exploration 5,553 9,267 Debt financing fees 234 124 Finance expense 1,162 732 -------- --------- 47,716 30,888 -------- --------- Net (loss) income before income taxes, share of net income from Apico LLC and non-controlling interest (2,089) 15,120 Share of net income from Apico LLC 3,256 2,984 -------- --------- Net income before income taxes and non-controlling interest 1,167 18,104 -------- --------- Income taxes Current - 964 Deferred 3,183 5,577 -------- --------- 3,183 6,541 -------- --------- Net (loss) income and comprehensive (loss) income (2,016) 11,563 Net income attributable to non-controlling interest (346) 5 -------- --------- Net (loss) income and comprehensive (loss) income attributable to the shareholders of Coastal Energy Company (2,362) 11,568 ======== ========= Net income (loss) per share: Basic $ (0.02) $ 0.11 Diluted $ (0.02) $ 0.10 March 31, December 31, January 1, As at 2011 2010 2010 ------------ ------------ ------------ $ $ $ Assets Current Assets Cash 15,912 3,884 21,229 Restricted cash 9,836 16,369 3,829 Accounts receivable 25,220 10,299 6,111 Derivative asset 144 135 66 Inventory 11,953 12,783 5,310 Prepaids and other current assets 171 606 526 ------------ ------------ ------------ Total current assets 63,236 44,076 37,071 Non-Current Assets Exploration and evaluation assets 42,114 31,068 44,907 Property, plant and equipment 244,182 246,248 189,534 Investment in and advances to Apico LLC 49,614 47,261 55,225 Deposits and other assets 332 289 300 ------------ ------------ ------------ Total non-current assets 336,242 324,866 289,966 ------------ ------------ ------------ Total Assets 399,478 368,942 327,037 ============ ============ ============ Liabilities Current Liabilities Accounts payable and accrued liabilities 51,592 53,550 31,363 Deferred income - - 23,060 Current portion of long-term debt 38,172 36,262 10,266 Amounts due to shareholder - - 5,164 Obligations under finance leases 755 885 35 Current portion of derivative liabilities 23,985 10,141 - ------------ ------------ ------------ Total current liabilities 114,504 100,838 69,888 Non-Current Liabilities Long-term debt 40,412 35,081 24,284 Obligations under finance leases 709 579 1,439 Non-current portion of derivative liabilities 11,031 6,609 - Deferred tax liabilities 15,068 11,885 23,653 Decommissioning liabilities 18,250 17,655 4,071 ------------ ------------ ------------ Total Non-Current Liabilities 85,470 71,809 53,447 Shareholders' Equity Common shares 207,388 201,303 198,121 Contributed surplus 15,238 15,892 13,779 Warrants 29 79 153 Accumulated deficit (29,900) (27,538) (13,968) ------------ ------------ ------------ Total Coastal Energy Company Shareholders' Equity 192,755 189,736 198,085 Non-Controlling Interest 6,749 6,559 5,617 ------------ ------------ ------------ Total equity 199,504 196,295 203,702 ------------ ------------ ------------ Total liabilities and equity 399,478 368,942 327,037 ============ ============ ============ Three Months ended March 31, 2011 2010 -------- -------- $ $ Operating Activities Net (loss) income attributable to the shareholders of Coastal Energy Company (2,362) 11,568 Adjustments: Share of net income from Apico LLC (3,256) (2,984) Non-controlling interest 346 (5) Unrealized loss on derivative instruments 18,257 65 Depletion and depreciation 13,286 5,973 Finance expense 946 384 Amortization of debt financing fees 234 - Stock-based compensation 2,122 1,259 Deferred income taxes 3,183 5,577 Unrealized foreign exchange (gain) loss (149) - Exploration expense 5,553 9,267 Income Taxes Paid - (6) Interest income 1 2 Interest Paid (312) (510) Earnings distributions from Apico LLC 903 541 Changes in Non-Cash Working Capital (Note 21) (7,315) (5,666) -------- -------- 31,437 25,465 Financing Activities Issuance of common shares, net of issuance costs 4,693 1,840 Borrowings under long-term debt 6,275 - Repayment of long-term debt - (4,979) Repayment of amounts due to shareholder - (1,750) -------- -------- 10,968 (4,889) Investing Activities Increase in restricted cash 6,533 377 Purchase of property, plant and equipment (36,470) (36,332) Deposits and other assets (43) (6) (Payments to) contributions from non-controlling interest (156) 750 -------- -------- (30,136) (35,211) Effect of exchange rate changes on cash (241) 135 Increase (decrease) in cash 12,028 (14,500) Cash - Beginning of period 3,884 21,229 -------- -------- Cash - End of period 15,912 6,729 ======== ========
Randy Bartley, President and Chief Executive Officer of the Company and a member of the Society of Petroleum Engineering and Jerry Moon, Vice President, Technical & Business Development, a member of the American Association of Petroleum Geologists, a Licensed Professional Geoscientist and a Certified Petroleum Geologist in the state of Texas, have reviewed the contents of this announcement.
Additional information, including the Company's complete competent person's report may be found on the Company's website at www.CoastalEnergy.com or may be found in documents filed on SEDAR at www.sedar.com.
This statement contains 'forward-looking statements' as defined by the applicable securities legislation. Statements relating to current and future drilling results, existence and recoverability of potential hydrocarbon reserves, production amounts or revenues, forward capital expenditures, operation costs, oil and gas price forecasts and similar matters are based on current data and information and should be viewed as forward-looking statements. Such statements are not guarantees of future results and are subject to risks and uncertainties beyond Coastal Energy's control. Actual results may differ substantially from the forward-looking statements.
These securities have not been registered under United States Securities Act of 1933 (the "US Securities Act") or the securities laws of any state and may not be offered or sold in the United States or to US persons (as defined in Regulation S under the US Securities Act) unless an exemption from registration is available.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
This news release is not for dissemination in the United States or through United States newswire services
Enquiries: Coastal Energy Company +1 (713) 877-6793 Email: Email Contact Strand Hanson Limited (Nominated Adviser) +44 (0) 20 7409 3494 Rory Murphy Paul Cocker Macquarie Capital (Europe) Limited (Broker) +44 (0) 20 3037 2000 Ben Colegrave Paul Connolly FirstEnergy Capital LLP (Broker) +44 (0) 20 7448 0200 Hugh Sanderson Travis Inlow Buchanan Communications +44 (0) 20 7466 5000 Tim Thompson Ben Romney Jonathan Rivlin
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