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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Wild Stream Exploration Inc. | TSXV:WSX | 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 | - |
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Wild Stream Exploration Inc. ("Wild Stream" or the "Company) (TSX VENTURE:WSX)
is pleased to announce that it filed on SEDAR its unaudited financial statements
and related Management's Discussion and Analysis ("MD&A") for the three and six
months ended June 30, 2010 and updated its 2010 guidance. Certain selected
financial and operational information is set out below and should be read in
conjunction with Wild Stream's unaudited financial statements and related MD&A.
These filings will be available at www.wildsr.com and www.sedar.com.
Financial Highlights
Three months ended
June 30, Percent
2010 2009 Change
---------------------------------------------
Financial (thousands of dollars
except share data)
Petroleum and natural gas
revenue 9,541 2,681 256
Funds from operations (1) 5,571 917 508
Per share - basic 0.15 0.50 (70)
- diluted 0.13 0.47 (72)
Net earnings (loss) 405 (646) 163
Per share - basic 0.01 (0.36) 97
- diluted 0.01 (0.36) 97
Capital expenditures, net 17,974 166 n/a
Corporate acquisitions 1,518 - 100
Working capital deficiency
Weighted average shares
Basic 36,938 1,818 1,932
Diluted 42,347 1,818 2,229
Shares outstanding, end of
period
Basic
Diluted
Operating (6:1 boe conversion)
Average daily production
Liquids (bbls/d) 1,515 457 232
Natural gas (mcf/d) 1,372 424 224
Barrels of oil equivalent
(2)(boe/d) 1,744 528 230
Average sales price
Liquids ($/bbl) 65.64 61.36 7
Natural gas ($/mcf) 3.92 3.32 18
Barrel of oil equivalent
($/boe) 60.12 55.82 8
Netbacks
Operating
Petroleum and natural gas
revenue(3) 60.80 55.82 9
Royalties (7.92) (5.56) 42
Operating expenses (13.20) (16.77) (21)
Transportation expenses (1.91) (1.84) 4
------------------------------
Operating netback ($/boe) 37.77 31.65 19
------------------------------
------------------------------
Corporate netback (4) ($/boe) 35.10 19.07 84
Six months ended
June 30, Percent
2010 2009 Change
---------------------------------------------
Financial (thousands of dollars
except share data)
Petroleum and natural gas
revenue 16,521 4,956 233
Funds from operations (1) 9,491 3,621 162
Per share - basic 0.27 1.99 (86)
- diluted 0.23 1.82 (87)
Net earnings (loss) 1,240 (1,562) 179
Per share - basic 0.04 (0.86) 105
- diluted 0.03 (0.86) 103
Capital expenditures, net 50,064 1,542 n/a
Corporate acquisitions 9,102 - 100
Working capital deficiency 9,741 20,254 (52)
Weighted average shares
Basic 35,125 1,818 1,832
Diluted 40,458 1,818 2,125
Shares outstanding, end of
period
Basic 37,003 1,818 n/a
Diluted 46,687 1,978 n/a
Operating (6:1 boe conversion)
Average daily production
Liquids (bbls/d) 1,261 488 158
Natural gas (mcf/d) 1,102 434 154
Barrels of oil equivalent
(2)(boe/d) 1,445 560 158
Average sales price
Liquids ($/bbl) 68.65 52.50 31
Natural gas ($/mcf) 4.27 4.04 6
Barrel of oil equivalent
($/boe) 63.18 48.85 29
Netbacks
Operating
Petroleum and natural gas
revenue(3) 63.72 50.22 27
Royalties (8.42) (3.66) 130
Operating expenses (14.08) (18.55) (24)
Transportation expenses (1.80) (1.91) (6)
------------------------------
Operating netback ($/boe) 39.42 26.10 51
------------------------------
------------------------------
Corporate netback (4) ($/boe) 36.30 15.10 140
(1) Management uses funds generated by operations to analyze operating
performance and leverage. Funds generated by operations as presented
do not have any standardized meaning prescribed by Canadian GAAP and
therefore it may not be comparable with the calculation of similar
measures for other entities.
(2) Boe conversion ratio for natural gas of 1 Boe: 6 Mcf has been used,
which is based on an energy equivalency conversion method primarily
applicable at the burner tip and does not necessarily represent a value
equivalency at the wellhead.
(3) Including realized gains on commodity hedges.
(4) Corporate netbacks are calculated as the operating netback less general
and administrative expenses and financial charges. Excluded from the
2009 results is the impact of the realized gain on the monetization of
the commodity hedge.
Second Quarter Accomplishments
-- Increased P+P reserves (see June 29, 2010 press release) by 122% to 10.7
million boe at June 30, 2010 from 4.8 million boe reported at December
31, 2009.
-- Increased 2010 quarterly average production by 53 per cent to 1,744
boe/d (87 per cent crude oil) from 1,142 boe/d in the first quarter of
2010.
-- Increased funds from operations to $5.6 million an increase of 43% from
$3.9 million reported in the first quarter of 2010.
-- Achieved strong second quarter 2010 operating netbacks of $37.77 per
boe.
-- Reduced second quarter operating costs by 15% to $13.20/boe from the
$15.46 reported in the first quarter of 2010.
-- Substantially added to the Company's undeveloped land base in our core
areas with the addition of approximately 21 net sections.
-- Reduced G&A by 38% in the second quarter of 2010 to $2.42/boe compared
to the first quarter of 2010.
Increased 2010 Guidance
Based on drilling results that have exceeded management's expectations, we are
expanding the Company's exploration and development budget to $80 million from
$60-65 million. The increase in capital expenditures will be focused in the
Shaunavon area and the revised budget will see 45 gross (42.2 net) net wells
drilled. The expansion of the capital program will be funded through our $50
million credit facility and cash flow.
With current production at approximately 2,400 boe/d, we now expect production
to average 1,950 boe/d in 2010, a 10% increase to our previous 2010 average
guidance of 1,750 boe/d. Wild Stream is also increasing 2010 exit rate guidance
from 2,250 boe/d to more than 2,900 boe/d.
Operational Update
In the second quarter, the Company drilled 5 gross (4.7 net) wells in Shaunavon,
1 gross (1.0 net) well in Dodsland and 2 gross (2.0 net) wells in Coutts
resulting in 6 (5.8 net) crude oil wells for a success rate of 86 per cent. The
Company spent $11.8 million on drilling, completions and facilities and $8.6
million on land and two minor property acquisitions within our core areas.
Shaunavon area
Year to date, Wild Stream has drilled 13 gross (11.6 net) wells in the area and
we anticipate drilling an additional 10 gross (9.4 net) wells for the remainder
of the year. Production has grown from 380 bbls/d to the current rate of 1,450
bbls/d.
We continue to see positive performance from the first phase of the Upper
Shaunavon waterflood. The first horizontal well drilled in the waterflood area
continues to produce in excess of 200 bbls/d of crude oil after 150 days of
production. The second and third phases of the Upper Shaunavon waterflood have
received government approval and will be operational shortly.
An additional four Upper Shaunavon wells are producing at rates of 170-200
bbls/d and there is one well currently being brought on-stream.
The three Lower Shaunavon horizontal wells drilled in the first quarter continue
to meet expectations for the area and we will be bringing on-stream two recently
drilled Lower Shaunavon wells over the next several weeks.
Dodsland area
Year to date, Wild Stream has drilled 10 gross (10.0 net) crude oil wells in the
area and we anticipate drilling an additional 4 gross (4.0 net) wells prior to
year end. Production has grown to 200 boe/d from 60 boe/d and will continue to
rise as the six wells waiting tie-in are brought on production throughout
September.
Horizontal well performance to date has met our expectations for this area. We
have been successful in reducing capital expenditures per well to $900 thousand
from $1.4 million resulting in greatly improved economics for the area.
Garrington and Other areas
Year to date, Wild Stream has drilled 5 gross (3.9 net) wells in other areas and
we anticipate drilling an additional 3 gross (3.0 net) wells prior to year end.
Combined production is currently 750 boe/d.
Outlook
Our production growth has continued into the third quarter and we have closed
two additional property acquisitions and acquired crown lands resulting in an
increase of 11 net sections of land in our core areas.
Wild Stream anticipates drilling a total of 27 gross (26 net) wells in the
second half of 2010. This includes 13 net wells in the Shaunavon area, 10 net
wells in and Dodsland area as well as 3 net wells in other Wild Stream areas
including Garrington and Red Coulee. Exploitation activities will also continue
with expansion of the waterflood in the Upper Shaunavon formation. The continued
success of our drilling and exploitation programs will contribute to our
increased exit guidance of 2,900 boe/d.
Wild Stream continues to be a pure play resource oil company. We have in excess
of 400 net horizontal drilling locations in inventory representing in excess of
$500 million of potential capital expenditures. This multi-year inventory sets
the stage for continuing growth for 2011 and beyond.
We remain committed to increasing shareholder value through a combination of
exploration, strategic acquisitions and subsequent exploitation while
maintaining a conservative approach to balance sheet management.
FORWARD LOOKING STATEMENTS: This press release contains forward-looking
statements. More particularly, this press release contains forward-looking
statements concerning the expansion of the Shaunavon capital expenditure
program, Wild Stream's average production and exit rate for 2010, the Company's
growth strategy and it's exploration and development capital program. The
forward-looking statements are based on certain key expectations and assumptions
made by the Company, including expectations and assumptions concerning the
success of optimization and efficiency improvement projects, the availability of
capital, the success of future drilling and development activities, the
performance of existing wells, the performance of new wells and prevailing
commodity prices. Although the Company believes that the expectations and
assumptions on which the forward-looking statements are based are reasonable,
undue reliance should not be placed on the forward-looking statements because
the Company can give no assurance that they will prove to be correct. Since
forward-looking statements address future events and conditions, by their very
nature they involve inherent risks and uncertainties. Actual results could
differ materially from those currently anticipated due to a number of factors
and risks. These include, but are not limited to, risks associated with the oil
and gas industry in general (e.g., operational risks in development, exploration
and production; delays or changes in plans with respect to exploration or
development projects or capital expenditures; the uncertainty of reserve
estimates; the uncertainty of estimates and projections relating to production,
costs and expenses, and health, safety and environmental risks), commodity price
and exchange rate fluctuations and uncertainties resulting from potential delays
or changes in plans with respect to exploration or development projects or
capital expenditures. Certain of these risks are set out in more detail in the
Company's Annual Information Form which has been filed on SEDAR and can be
accessed at www.sedar.com or Wild Stream's website www.wildsr.com.
The forward-looking statements contained in this press release are made as of
the date hereof and the Company undertakes no obligation to update publicly or
revise any forward-looking statements or information, whether as a result of new
information, future events or otherwise, unless so required by applicable
securities laws.
Meaning of Boe: When used in this press release, Boe means a barrel of oil
equivalent on the basis of 1 Boe to 6 thousand cubic feet of natural gas. Boe
per day means a barrel of oil equivalent per day. Boe's may be misleading,
particularly if used in isolation. A Boe conversion ratio of 1 Boe for 6
thousand cubic feet of natural gas is based on an energy equivalency conversion
method primarily applicable at the burner tip and does not represent a value
equivalency at the wellhead.
This press release shall not constitute an offer to sell, nor the solicitation
of an offer to buy, any securities in the United States, nor shall there be any
sale of securities mentioned in this press release in any state in the United
States in which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such state.
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