![](/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 |
---|---|---|---|
Traverse Energy Ltd | TSXV:TVL | 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% | 0.005 | 0.005 | 0.01 | 0 | 01:00:00 |
Traverse Energy Ltd. ("Traverse" or "the Company") (TSX VENTURE:TVL) presents financial and operating results for the year ended December 31, 2010. Unless otherwise stated, the volume conversion of natural gas to barrel of oil equivalent (BOE) is presented on the basis of 6 thousand cubic feet of natural gas being equal to 1 barrel of oil. ---------------------------------------------------------------------------- Three Months Ended HIGHLIGHTS December 31 (unaudited) Year Ended December 31 2010 2009 2010 2009 2008 ---------------------------------------------------------------------------- Financial ($ thousands, except per share amounts) Petroleum & natural gas revenue $ 1,136 $ 156 $ 2,118 $ 547 $ 1,372 Funds flow from operations 636 (29) 795 128 847 Per share - basic and diluted 0.02 0.00 0.03 0.01 0.07 Cash flow from operations 244 17 487 (250) 974 Per share - basic and diluted 0.01 0.00 0.02 (0.01) 0.08 Net income (loss) (1,191) (177) (2,106) (722) 408 Per share - basic and diluted (0.04) (0.01) (0.08) (0.04) 0.03 Capital expenditures 3,569 1,290 7,970 1,790 457 Total assets 14,177 10,241 14,177 10,241 6,193 Working capital 2,358 4,546 2,358 4,546 2,501 Common shares Outstanding (millions) 31.9 24.9 31.9 24.9 12.9 Weighted average (millions) 30.1 24.1 27.4 18.2 12.9 Operations (Units as noted) Production (BOE/d) 214 48 121 48 65 Natural gas (Mcf per day) 423 233 370 237 346 Oil and NGL (bbls per day) 143 9 59 9 7 Average sale price Natural gas ($/Mcf) 3.73 4.29 3.91 4.11 9.04 Oil and NGL ($/bbl) 75.10 73.85 73.46 60.44 89.93 Netback per BOE ($/BOE) Petroleum & natural gas revenue 57.73 35.84 47.98 31.26 57.83 Royalties 2.71 0.15 2.18 0.19 0.35 Operating 12.59 6.69 12.72 6.64 6.31 Transportation 1.76 1.22 1.63 0.69 1.04 ---------------------------------------------------------------------------- Operating netback 40.67 27.78 31.45 23.74 50.13 ---------------------------------------------------------------------------- Non-GAAP measures Management uses funds flow from operations and operating netback to analyze operating performance. These measures are commonly utilized in the oil and gas industry and are considered informative for management and stakeholders. The reconciliation between cash flow from operations and funds flow from operations can be found in the statement of cash flows in the financial statements with funds flow from operations calculated before non-cash working capital and asset retirement expenditures. Management believes that in addition to net loss, funds flow from operations is a useful supplemental measure as it provides an indication of Traverse's operating performance. Operating netback reflects petroleum and natural gas revenues less royalties, operating and transportation costs and is calculated on a per unit basis. Investors should be cautioned, however, that these measures may not be comparable to measures reported by other companies nor should they be construed as an alternative to cash flow from operations or other measures of financial performance calculated in accordance with GAAP. Financial and Operating Review The change in management and business direction of Traverse that occurred in June 2009 has significantly impacted the financial and operating results for 2010. Prior year revenue consisted mainly of natural gas royalty income and minor working interest production. As a result comparison of certain items between 2010 and prior years may not be meaningful. In 2010 Traverse participated in the drilling of 10 gross (9.25 net) wells all within the province of Alberta. This drilling resulted in 4.25 net oil wells, 1 net natural gas well, 2 net suspended potential natural gas wells and 2 net abandonments. Production in the Turin area increased with the addition of 3 oil wells (2.25 net), the installation of a natural gas sweetening unit and the expansion of the oil battery. Oil production further increased with the success in the fall of a single oil well at Long Coulee (100% working interest). Gas production increased early in the year with the addition of a 100% interest well in the Warwick area. Additional drilling operations in the Warwick area resulted in two potential natural gas wells (100% working interest); however, additional completion activities in the wells have been delayed due to depressed natural gas prices. One horizontal well and one re-entry in the Manyberries area have been abandoned. Late in the year, a successful oil well was drilled in the Carbon area. Drilling activities carried out during the fourth quarter included three 100% working interest wells resulting in 1 oil well at Long Coulee, 1 oil well at Carbon and 1 dry and abandoned well at Manyberries. Field activities also included the construction of oil and natural gas production facilities at Long Coulee. The Long Coulee well was drilled in October and placed on production in early November. The addition of new oil production with associated natural gas from Long Coulee is reflected in the daily production average of 214 BOE per day in the fourth quarter versus 103 BOE per day in the third quarter. Undeveloped lands holdings at December 31, 2010 totaled 155,500 gross, 147,400 net acres at an average working interest of 94%. Traverse plans an active 2011. The Company will focus on its' existing light oil properties in central and southern Alberta. During the first quarter the oil well at Carbon was flow tested. The well requires a pipeline tie-in to nearby gas facilities in order to conserve natural gas. The tie-in is anticipated to be completed after spring break-up. 3D Seismic shooting activities are planned at Turin and Long Coulee. Drilling is planned at Carbon, Turin, Long Coulee, and Alliance. All of these areas are targeting light to medium gravity oil with associated natural gas. Further drilling is also planned in other areas depending on the availability of working capital. The Company has set an initial budget of $8-9 million to be funded from working capital, cash flow and the issue of additional equity. Forward-looking information This press release contains forward-looking information. Forward-looking information is based upon the opinions, expectations and estimates of management as at the date the information is provided and, in some cases, information received from or disseminated by third parties. In particular, the Company's statements with respect to the tie-in at Carbon, seismic field activities at Turin and Long Coulee, and planned drilling for the remainder of 2011 contain forward-looking information. This forward-looking information is subject to a variety of substantial known and unknown risks and uncertainties and other factors that could cause actual events or outcomes to differ materially from those anticipated or implied by such forward-looking information. The Company's Annual Information Form filed with securities regulatory authorities (accessible through the SEDAR website www.sedar.com) describes the risks, material assumptions and other factors that could influence actual results and which are incorporated herein by reference. The forward-looking information contained in this press release is made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws. Further details on the Company including the 2010 year end audited financial statements, the related management's discussion and analysis and Annual Information Form are available on the Company's website and SEDAR.
1 Year Traverse Energy Chart |
1 Month Traverse Energy 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