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Share Name | Share Symbol | Market | Type |
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TSXV:SKO | TSX Venture | Common Stock |
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Achieves Increases in Production, Revenues and Net Operating Income
CALGARY, March 28, 2013 /CNW/ - Stream Oil & Gas Ltd. (TSXV: SKO) (the "Company") is pleased to report its financial and operating results for the year ended November 30, 2012.
2012 Summary of Results
Three Months Ended November 30, |
Year Ended November 30, |
|||||||
(US$000s, except as noted) | 2012 | 2011 | 2012 | 2011 | ||||
Financial | ||||||||
Revenue | 7,781 | 4,741 | 28,677 | 14,738 | ||||
Net operating income (loss) | 2,586 | 3,214 | 18,250 | 8,697 | ||||
Funds from operations | 4,566 | 8,955 | 13,339 | 8,796 | ||||
Net income (loss) | (8,668) | 1,765 | 1,975 | 2,757 | ||||
Per share - basic & diluted | (0.13) | 0.03 | 0.03 | 0.04 | ||||
Additions to property & equipment and exploration & evaluation assets | 3,329 | 9,467 | 29,953 | 18,610 | ||||
Operating | ||||||||
Average production (boed) | 1,259 | 800 | 1,159 | 814 | ||||
Average price ($/boed) | 68.76 | 67.50 | 67.33 | 62.11 | ||||
Netback ($/boed) | 36.10 | 44.46 | 46.01 | 41.10 | ||||
As at | Nov. 30, 2012 | Nov. 30, 2011 | ||||||
Cash and cash equivalents | 1,147 | 500 | ||||||
Shareholders' equity | 26,946 | 24,572 | ||||||
Weighted average shares outstanding - basic (#) | 66,503,921 | 64,147,454 |
2012 Highlights:
Consistent with International Financial Reporting Standards, the Company booked a deferred income tax expense of $8,896,000 related its Albanian operations during the fourth quarter of 2012. The expense is a result of the Company's utilization of its cost recovery pools due to increased production and an increase in net income before tax in Albania. The amount does not represent actual income taxes owed, but is derived by the resulting difference between the carrying values of property and equipment in comparison to available tax cost pools.
Fourth Quarter Highlights:
Activities Subsequent to Year-End:
Outlook
Stream's growth strategy is focused on increasing production, reserves, sales and cash flow through the effective development of its Albanian assets. At the same time, the Company is concentrating on developing incremental reserve value opportunities from tertiary development through EOR in the oilfields and exploration of the sister structures adjacent to its producing Delvina field.
Stream's 2013 work plan incorporates two key elements: a) continued production growth; and b) developing local operating capability. Management is committed to execute its 2013 growth program, subject to the availability of resources and services, which includes activities as follows:
Taking into consideration factors impacting production in 2012, Management resolved to focus on improving systems reliability, resolving operational resources constraints and improving exploitation of existing infrastructure during the first half of 2013. As a result, the Company plans the aggressive execution of its 2013 oilfield work programs to commence mid-year. Stream anticipates that this work program will be completed within 2013 as services and equipment are staged to allow efficient execution. The execution of the Company's growth program, continued development of long-term export contracts and strengthening of financial resources is expected to result in additional value to Stream and its shareholders.
Additional Information
Stream has filed its audited Consolidated Financial Statements for the year ended November 30, 2012, and related Management's Discussion and Analysis with Canadian securities regulatory authorities. Copies of these documents may be obtained via www.sedar.com or the Company's website, www.streamoilandgas.com.
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Forward-Looking Statements
Information in this news release respecting matters such as plans of development or exploration, reserves estimates, production estimates and targets, development costs, work programs and budgets constitute forward-looking information (collectively, "forward-looking statements") under the meaning of applicable securities laws, including Canadian Securities Administrators' National Instrument 51-102 Continuous Disclosure Obligations. Such forward-looking information is based on certain assumptions, including the availability of funds for capital expenditures necessary to construct the infrastructure required for future development, a favorable political and economic operating environment, a consistent rate of well re-completions and costs, success rates, production performance and build-up periods for well re-completions that are consistent with or an improvement over historical levels.
The forward-looking statements contained herein are made as of the date of this release solely for the purpose of generally disclosing Stream's 2012 annual results and outlook for 2013. Investors are cautioned that these forward-looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected. Such forward-looking information reflect management's current beliefs and are based on assumptions made by and information currently available to the Company, and involves known and unknown risks, uncertainties and other factors which may cause the actual costs and results of the Company and its operations to be materially different from estimated costs or results expressed or implied by such forward-looking statements. Such factors include, among others political and economic risks associated with foreign operations, general risks inherent in petroleum operations, risks associated with equipment procurement and equipment failure, availability of qualified personnel, risks associated with transportation, currency and exchange rate fluctuations and other general risks inherent in oil and gas operations.
Although the Company has attempted to take into account important factors that could cause actual costs or results to differ materially, there may be other factors that cause costs and timing of the Company's program or results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances except as required under applicable securities legislation.
Use of Boe Equivalents
The oil and gas industry commonly expresses production and reserve volumes on a barrel of oil equivalent (Boe) basis whereby natural gas volumes are converted at the ratio of six thousand cubic feet of natural gas to one barrel of oil. Boe may be misleading particularly if used in isolation. A Boe conversion ratio of 6 Mcf: 1 Bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.
About Stream Oil & Gas Ltd.
Stream Oil & Gas Ltd. is a Canadian-based emerging oil and gas production, development and exploration company focused on the re-activation and re-development of three oilfields and a gas/condensate field in Albania. The Company's strategy is to use proven technology, incremental and enhanced oil recovery techniques to significantly increase production and reserves.
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.
SOURCE Stream Oil & Gas Ltd.
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