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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 |
Third Quarter 2010 Highlights
-- Average total Company production of 11,795 boe/d; including average offshore production of 10,065 bbl/d -- EBITDAX of $44.5 million, or $0.39 per fully diluted share; up 49% sequentially and over 550% YoY -- Net income of $9.2 million, or $0.08 per fully diluted share -- First production from the Bua Ban field in the Gulf of Thailand -- The closing of a $80MM senior secured revolving credit facility
Operational Highlights
During the third quarter Coastal Energy completed the first development phase of the Bua Ban field in the Gulf of Thailand. The field is online and is producing approximately 4,000 bopd. Exploration results were positive as two of the wells encountered productive sands in the Miocene, a first in the Songkhla basin. Two other wells encountered a significant oil column in the Eocene reservoir, albeit with tight porosity and permeability. The Company is planning a fracture test of these wells in December to attempt to make the Eocene reservoir commercially productive.
Following development drilling at Bua Ban, the Company began appraisal drilling into the Lower Oligocene Wedge and Eocene reservoirs at Songkhla. The first well reached TD in mid-November and encountered thicker than expected pay zones in both the Lower Oligocene and Eocene. Two more appraisal wells are planned in the coming weeks. The Company then plans to begin testing its high impact exploration targets at Bua Ban North.
Randy Bartley, President and CEO of Coastal Energy, commented:
"The third quarter of 2010 was a successful one for Coastal. We delivered record levels of EBITDAX and net income due to higher production volumes from our offshore fields. The completion of the first phase of development was another milestone for the Company. The fourth quarter is off to a successful start with the drilling of a successful appraisal well at Songkhla. We expect further success as we continue to appraise the Oligocene Wedge and Eocene reservoirs over the next month.
"The Company is entering an exciting time with several high impact exploration prospects scheduled for testing over the next several months. As we move forward through the remainder of 2010, we will continue to strive for further success in the exploration and appraisal of our offshore assets."
The Company plans to host a conference call to discuss its Q3 2010 results on Friday, November 19, 2010 at 11:30 AM Eastern time. The dial-in number is 800.281.7970 in the USA or +1.913.312.1414 internationally. The conference ID is 2241640.
The following financial statements for the Company are abbreviated versions. The Company's complete financial statements for the three months and nine months ended September 30, 2010 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.
CONSOLIDATED STATEMENTS OF OPERATIONS, COMPREHENSIVE LOSS AND DEFICIT
Three months ended Nine months ended September 30, September 30, -------------------- -------------------- 2010 2009 2010 2009 --------- --------- --------- --------- Revenues Oil and natural gas 68,688 21,205 160,362 57,422 Royalties (6,828) (1,430) (13,632) (3,851) (Loss) gain on derivative risk management contracts (Note 5) - 128 (66) (1,795) Interest income 1 6 4 22 --------- --------- --------- --------- 61,861 19,909 146,668 51,798 --------- --------- --------- --------- Expenses Production 16,329 10,936 34,965 23,788 General and administrative 4,336 5,029 12,228 11,432 Foreign exchange loss 2,198 240 2,651 1,637 Interest (Notes 4 and 5) 367 796 1,064 3,162 Debt financing fees 23 323 266 1,249 Depletion, depreciation and accretion 21,410 5,382 46,316 16,238 Settlement (Note 3) - - - 2,366 --------- --------- --------- --------- 44,663 22,706 97,490 59,872 --------- --------- --------- --------- Net income (loss) before taxes, earnings from significantly influenced investee and non-controlling interest 17,198 (2,797) 49,178 (8,074) Income tax 10,708 - 29,575 - --------- --------- --------- --------- Net income (loss) before earnings from significantly influenced investee and non-controlling interest 6,490 (2,797) 19,603 (8,074) Earnings from significantly influenced investee (Note 2) 2,491 2,621 8,223 5,886 --------- --------- --------- --------- Net income (loss) before non-controlling interest 8,981 (176) 27,826 (2,188) Non-controlling interest (Note 9) 247 65 197 65 --------- --------- --------- --------- Loss from continuing operations Net loss from discontinued operations (Note 18) --------- --------- Net income (loss) and comprehensive income (loss) attributable to shareholders 9,228 (111) 28,023 (2,123) Retained earnings (deficit), beginning of period 2,093 (18,599) (16,702) (16,587) --------- --------- --------- --------- Retained earnings (deficit), end of period 11,321 (18,710) 11,321 (18,710) --------- --------- --------- --------- Foreign exchange loss Basic earnings (loss) per share (Note 8) 0.08 (0.00) 0.26 (0.02) Diluted earnings (loss) per share (Note 8) 0.08 (0.00) 0.25 (0.02) ========= ========= ========= =========
CONSOLIDATED BALANCE SHEETS
September 30, December 31, 2010 2009 -------------- ------------- Assets Current assets Cash and cash equivalents 19,865 21,229 Restricted cash 7,379 3,829 Accounts receivable 21,392 6,111 Derivative asset - 66 Inventory 6,771 5,310 Prepaids and other current assets 173 526 -------------- ------------- 55,580 37,071 Investment in and advances to Apico LLC 53,152 55,225 Property, plant and equipment 311,521 233,014 Deposits and other assets 296 299 -------------- ------------- Total assets 420,549 325,609 ============== ============= Liabilities Current liabilities Accounts payable and accrued liabilities 59,757 31,325 Deferred income - 23,060 Income taxes payable 31 38 Amounts due to shareholder - 5,164 Current portion of long-term debt 134 10,266 -------------- ------------- 59,922 69,853 Long-term debt 56,113 24,284 Asset retirement obligations 10,827 2,809 Future income tax liability 59,869 27,695 -------------- ------------- Total Liabilities 186,731 124,641 -------------- ------------- Commitments and contingencies (Note 12) Non-controlling interests 6,170 5,617 -------------- ------------- Shareholders' equity Share capital 200,816 198,121 Contributed surplus 15,432 13,779 Warrants 79 153 Retained earnings (deficit) 11,321 (16,702) -------------- ------------- Shareholders' equity 227,648 195,351 -------------- ------------- Total liabilities, non-controlling interests, and shareholders' equity 420,549 325,609 ============== =============
CONSOLIDATED STATEMENTS OF CASH FLOWS
Three months ended Nine months ended September 30, September 30, ------------------ ------------------ 2010 2009 2010 2009 -------- -------- -------- -------- Operating activities Net income (loss) for the period 9,228 (111) 28,023 (2,123) Distributions from significantly influenced investee 6,142 2,710 10,296 4,516 Items not involving cash Depletion, depreciation and accretion 21,410 5,382 46,316 16,238 Impairment - - - 1,765 Future income taxes 10,726 - 29,575 - Income applicable to non-controlling interest (247) (65) (197) (65) Unrealized foreign exchange (gain) loss 1,666 165 2,508 867 Stock based compensation 720 2,809 3,871 4,955 Issuance of warrants with notes payable - - - 294 Earnings from significantly influenced investee, net of taxes (2,491) (2,621) (8,223) (5,886) Unrealized loss (gain) on derivative instrument - (128) 66 1,668 (Gain) loss on sale of assets Change in non-cash working capital (41,238) 21,600 (28,496) 25,633 -------- -------- -------- -------- 5,916 29,741 83,739 47,862 -------- -------- -------- -------- Investing activities Investment in and advances to Apico LLC Investment in and advances to Apico LLC - - - (4,516) (Increase) decrease in restricted cash (4,342) (349) (3,550) 321 Purchase of property, plant and equipment (10,970) (12,631) (100,834) (45,979) Proceeds from sale of property and equipment Contributions from non-controlling interest partner - 2,635 750 2,635 Other - - (6) (86) -------- -------- -------- -------- (15,312) (10,345) (103,640) (47,625) -------- -------- -------- -------- Financing activities Issuance of shares for cash 166 (49) 2,052 15,369 Borrowings under long-term debt 58,727 - 58,727 1,620 Transaction costs of obtaining credit facility (2,521) - (2,521) - Repayments of long-term debt (28,571) (2,371) (34,550) (10,207) Borrowings under amounts due to shareholder - - - 1,000 Repayment of amounts due to shareholder (3,161) (1,157) (5,164) (2,278) Proceeds from issuance of notes payable - - - 15,000 Repayments of notes payable - (2,949) - (7,021) -------- -------- -------- -------- 24,640 (6,526) 18,544 13,483 -------- -------- -------- -------- Net effect of foreign exchange on cash held in foreign currencies (26) 27 (7) 42 -------- -------- -------- -------- Change in cash and cash equivalents 15,218 12,897 (1,364) 13,762 Cash and cash equivalents, beginning of period 4,647 7,299 21,229 6,434 -------- -------- -------- -------- Cash and cash equivalents, end of period 19,865 20,196 19,865 20,196 ======== ======== ======== ======== Cash and cash equivalents consists of: Cash 19,865 20,196 19,865 20,196 ======== ======== ======== ========
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 Randy L. Bartley Chief Executive Officer +1 713 877 6705 William C. Phelps Chief Financial Officer +1 713 877 6727 Email: Email Contact Strand Hanson Limited (Nominated Adviser) +44 (0) 20 7409 3494 Rory Murphy Paul Cocker Stifel Nicolaus Weisel (Broker) +44 (0) 20 3205 3615 Paul Colucci Macquarie Capital (Europe) Limited (Broker) +44 (0) 20 3037 2000 Ben Colegrave Paul Connolly Buchanan Communications +44 (0) 20 7466 5000 Tim Thompson Catherine Breen Katharine Sutton
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