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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Orca Energy Group Inc | TSXV:ORC | 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% | 61.00 | 2.96 | 61.00 | 0 | 14:30:43 |
TSX-V: ORC.A, ORC.B
TORTOLA, British Virgin Islands, May 25, 2017 /CNW/ - Orca Exploration Group Inc. ("Orca" or "the Company") announces that it has filed its condensed consolidated interim financial statements and management's discussion and analysis for the three month period ended March 31, 2017 with the Canadian securities regulatory authorities.
Operating and Financial Highlights
Financial and Operating Highlights
THREE MONTHS ENDED MARCH 31 | |||
(Expressed in US$ unless indicated otherwise) |
|||
2017 |
2016 | ||
OPERATING |
|||
Daily average gas delivered and sold (MMcfd) |
|||
Additional Gas |
43.5 |
46.3 | |
Industrial |
11.6 |
10.7 | |
Power |
31.9 |
35.6 | |
Average price (US$/mcf) |
|||
Industrial |
7.75 |
8.15 | |
Power |
3.57 |
3.55 | |
Weighted average |
4.68 |
4.61 | |
Operating netback (US$/mcf) (1) |
3.34 |
3.08 | |
FINANCIAL |
|||
Revenue |
15,542 |
15,810 | |
Net cash flows from (used in) operating activities |
8,787 |
(1,154) | |
per share - basic and diluted (US$) |
0.25 |
(0.03) | |
Net income (loss) |
2,840 |
(5,638) | |
per share - basic and diluted (US$) |
0.08 |
(0.16) | |
Cash flows from operations (1) |
5,926 |
8,848 | |
per share - basic and diluted (US$) |
0.17 |
0.25 | |
Capital Expenditures |
7,742 |
13,977 | |
AS AT MARCH 31, 2017 |
AS AT DECEMBER 31, 2016 | ||
Working capital (including cash) |
68,112 |
71,989 | |
Cash |
87,821 |
80,895 | |
Long-term loan |
58,399 |
58,399 | |
Outstanding Shares ('000) |
|||
Class A |
1,751 |
1,751 | |
Class B |
33,106 |
33,106 | |
Total shares outstanding |
34,857 |
34,857 | |
Weighted average diluted Class A and Class B shares |
34,857 |
34,857 |
(1) |
The cash flow from operations and operating netback are non-GAAP measures which may not be comparable to other companies. Please refer to the Management Discussion and Analysis ("MD&A") for Information on non-GAAP measures. |
The complete condensed consolidated unaudited interim financial statements and management's discussion & analysis for the three month period ending March 31, 2017 and the Annual Information Form for 2016 may be found on the Company's website www.orcaexploration.com or on the Company's profile on SEDAR at www.sedar.com.
Orca Exploration Group Inc.
Orca Exploration Group Inc. is an international public company engaged in natural gas exploration, development and supply in Tanzania through the wholly-owned subsidiary PanAfrican Energy Tanzania Limited, as well as oil and gas appraisal in Italy. Orca trades on the TSX Venture Exchange under the trading symbols ORC.B and ORC.A.
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 this release.
Abbreviations
Mcf |
thousand cubic feet |
MMcfd |
million cubic feet per day |
Reader Advisory
The Company discloses several financial measures herein that do not have any standardized meaning prescribed under International Financial Reporting Standards ("IFRS"). These financial measures include funds flow from operating activities and funds flow per share. Funds flow from operating activities represents cash flow from operations before working capital changes and demonstrates the Company's ability to generate cash necessary to achieve growth through capital investments. Funds flow from operating activities per share is calculated on the basis of funds flow from operating activities divided by the weighted average number of shares outstanding. Management believes that these financial measures are useful supplemental information to analyze operating performance and provide an indication of the results generated by the Company's principal business activities. Investors should be cautioned that these measures should not be construed as an alternative to net income or other measures of financial performance as determined in accordance with IFRS. The Company's method of calculating these measures may differ from other companies, and accordingly, they may not be comparable to similar measures used by other companies. Please see the Company's management's discussion and analysis, which is available at www.sedar.com for additional information about these financial measures.
SOURCE Orca Exploration Group Inc.
Copyright 2017 Canada NewsWire
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