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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Edge Res | LSE:EDG | London | Ordinary Share | CA27986R1010 | COM SHS NPV (DI) |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.175 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMEDG
RNS Number : 4614G
Edge Resources Inc.
04 March 2015
FOR IMMEDIATE RELEASE
TSX Venture Exchange Symbol: EDE
AIM Exchange Symbol: EDG March 4, 2015
EDGE RESOURCES INC. Calgary, Alberta
Edge Resources Inc. Announces Strong Quarterly Performance
Edge Resources Inc. ("Edge" or the "Company") is pleased to announce its unaudited third quarter results for the three month ("Q3 2015") and nine month periods ended December 31, 2014.
Detailed operating and financial results are presented in Edge's unaudited quarterly financial statements and related Management Discussion & Analysis ("MD&A"), which can be accessed on the Company's website (www.edgeres.com) and on SEDAR (www.sedar.com) and are briefly summarised below.
Financial Highlights for the three and nine month periods ending December 31, 2014:
Ø Average production in the quarter increased 20% over the previous quarter to 569 boepd (474 boepd in Q3 2014), despite temporarily shutting-in some heavy oil wells during the construction of the water disposal facility in Eye Hill.
Ø Oil and Natural Gas Sales of $2,608,000 during the quarter (versus $1,932,000 million one-year earlier, with WTI near US$100/bbl) and $8,439,000 for the nine month period, compared to $6,820,000 for the nine month period one-year earlier. Quarter-over-quarter sales increased 11% from $2,357,000 for the period ended September 30, 2014.
Ø Cash generated from operating activities increased 470% to $564,000 versus $99,000 the previous quarter. For the nine month period ending December 31, 2014, cash from operating activities increased 45% to $1,805,000, compared to $1,241,000 for the nine months ended September 30, 2014 and $901,000 for the nine months ended December 31, 2013.
Ø Operating Costs for oil decreased again this quarter to $16.82/bbl, a 21% decrease compared to the previous quarter. This lower operating cost does not yet include the positive impact from the water disposal facility, which became operational after the quarter end.
Ø During the quarter, oil prices dropped materially from WTI US$90/bbl on October 1, 2014 to close at WTI US$53/bbl December 31, 2014, a 41% price slide in a 91 day period.
Brad Nichol, President and CEO of Edge commented, "Despite the headwinds the industry is facing at the moment, our quarterly results were excellent. We generated significant cash from our operations and kept a very tight rein on costs and operational efficiencies. These downturns in our industry allow our team to demonstrate our specialty, which is running a tight, efficient business no matter how hard the wind is blowing in our faces. This quarter, the Company actually achieved production increases, without additional capital expenditure on drilling wells. Additionally, we are looking forward to reaping the savings from our new water disposal facility, which became fully operational in January." Nichol added, "With WTI prices hovering around US$50/bbl, we are unlikely to consume our existing inventory of drilling locations; however, we are keen to acquire production, reserves, land and additional drilling locations when the cost of those acquisitions are expected to be at their lowest in a generation. We expect the competition for assets to be less intense in the heavy and medium oil regimes, where operational expertise is a significant barrier to entry; thus, we intend to remain focused on our heavy and medium oil sandbox where we have already established a clear competitive operational advantage over other potential consolidators."
For more information, visit the company website: www.edgeres.com or contact:
Brad Nichol, President and CEO Phone: +1 403 767 9905
Sanlam Securities UK Limited (Joint Broker and NOMAD) Phone: +44 20 7628 2200
Simon Clements / James Thomas / Max Bascombe
SP Angel Corporate Finance LLP (Joint Broker) Phone: +44 20 3463 2260
John MacKay / Richard Hail
About Edge Resources Inc.
Edge Resources is focused on developing a balanced portfolio of oil and natural gas assets from properties in Alberta and Saskatchewan, Canada. Management has consistently focused on:
1. Shallow, vertical, conventional programs with reduced capital, operational and geological risks
2. Very high or 100% working interests and fully operated assets 3. Pools and horizons with exceptionally high reserves in place
The management team's very high drilling success rate is based on the safe, efficient deployment of capital and a proven ability to efficiently execute in shallow formations, which gives Edge Resources a sustainable, low-cost, competitive advantage.
Condensed Interim Balance Sheets
(amounts in Canadian dollars)
(unaudited)
December 31, March 31, Note 2014 2014 Assets Current assets $ $ Cash and cash equivalents 34,401 39,446 Accounts receivable 749,329 1,401,293 Deposits and prepaid expenses 110,778 86,836 Fair value of derivative instruments 247,390 - Total current assets 1,141,898 1,527,575 ------------------------------------ ----- ------------- ------------ Non-current assets Exploration and evaluation assets 74,061 74,061 Property, plant and equipment 3 36,068,261 37,768,037 ------------------------------------ ----- ------------- ------------ Total non-current assets 36,142,322 37,842,098 ------------------------------------ ----- ------------- ------------ Total assets 37,284,220 39,369,673 ------------------------------------ ----- ------------- ------------ Liabilities Current liabilities Bank overdraft - 858,756 Accounts payable and accrued liabilities 2,469,394 1,832,726 Bank debt 4 5,800,000 5,700,000 Fair value of derivative instruments - 667,316 Total current liabilities 8,269,394 9,058,798 Loans payable 5 10,446,356 9,843,616 Decommissioning provisions 7,853,000 6,044,000 ------------------------------------ ----- ------------- ------------ Total liabilities 26,568,750 24,946,414 ------------------------------------ ----- ------------- ------------ Shareholders' Equity Share capital 36,111,048 36,094,048 Contributed surplus 2,645,237 2,425,249 Deficit (28,040,815) (24,096,038) ------------------------------------ ----- ------------- ------------ Total shareholders' equity 10,715,470 14,423,259 ------------------------------------ ----- ------------- ------------ Total liabilities and shareholders' equity 37,284,220 39,369,673 ------------------------------------ ----- ------------- ------------
Condensed Interim Statements of Net Loss and Comprehensive Loss
(amounts in Canadian dollars)
(unaudited)
Three months ended Nine months ended December December December December 31, 31, 2013 31, 31, 2013 Note 2014 2014 Revenue Oil and natural gas sales $ 2,608,050 $ 1,932,460 $ 8,439,181 $ 6,819,801 Royalties (520,231) (314,986) (1,579,546) (1,132,406) --------------------------------- ----- ------------- ------------ ------------- ------------- Revenue, net of royalties 2,087,819 1,617,474 6,859,635 5,687,395 --------------------------------- ----- ------------- ------------ ------------- ------------- Other income (losses) Realized gain (loss) on financial derivatives 65,303 (43,219) (245,084) (139,548) Unrealized gain (loss) on financial derivatives 451,500 (190,536) 914,706 (23,564) Gain on disposition of oil and natural gas interests 3 - - - 185,000 Loss on settlement of decommissioning provision (28,379) - (28,379) - Other income 5,388 12,567 27,580 39,050 --------------------------------- ----- ------------- ------------ ------------- ------------- Total income, before expenses 2,581,631 1,396,286 7,528,458 5,748,333 --------------------------------- ----- ------------- ------------ ------------- ------------- Expenses Operating 870,643 841,265 2,706,339 2,525,505 Transportation 124,560 88,806 318,773 254,916
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