Quattro Reports Net Earnings of $0.39 Per Share for Year End 2013
CALGARY, ALBERTA--(Marketwired - Apr 30, 2014) - Quattro
Exploration and Production Ltd. ("Quattro" or the "Company")
(TSX-VENTURE:QXP) is pleased to announce for its full year ending
December 31st, 2013, CDN $0.39 per share earnings.
Highlights for the
year ending 2013 are based on our continuing approach to adding
anti-dilutive shareholder value. In addition, Quattro continues to
develop a strong and improving financial position as the foundation
for growth through a continuous combination of acquisitions,
remediation, development drilling and exploration.
- |
Revenues (pro forma 2013) |
$ |
14,687,000 |
- |
Net
earnings (including Gain on Acquisition) |
$ |
12,696,000 |
- |
Revenues (net) only the remaining 56 days post-closing
included |
$ |
2,932,000 |
- |
Cash
and equivalents |
$ |
4,447,000 |
- |
Working capital |
$ |
1,519,020 |
- |
Net
debt (excluding decommissioning liabilities & deferred
taxes) |
$ |
5,052,000 |
At year end 2013 the
Company's exit production was 1040 boe per day with an additional
200 boe per day going through remediation and work overs. The
Company continues to build on the financial foundation as
summarized above and reported in its audited year-end financial
statements and corresponding MD&A, utilizing stable low decline
production and substantial infrastructure as the building blocks
for growth in Canada.
Quattro, upon
completion of its evaluation in accordance with IFRS, chose to
continue to maintain a conservative course of action whereby to
date only the IFRS compliant reserves evaluation has been reported
on the balance sheet as of the acquisition closed November 5th,
2013. Minimal value was applied to the acquired facilities and
infrastructure, resulting in the Company's total asset value at
year end being $48,641,000, with $6,754,000 being current assets,
$39,714,000 being PN&G assets and the balance being $2,173,000
in exploration and evaluation assets.
At year-end 2013
Quattro is the owner and operator of the numerous facilities and
infrastructure. Its 8 operated facilities have the capacity to
process 16 mmcf per day of gas and 60,000 bbls per day of oil and
fluids. It also has acquired more than 300 kilometers of pipelines
and gathering systems, with an estimated replacement cost of
greater than $80,000,000. Since January 1st of 2013, the facilities
were monitored by Quattro, but only recently been directly under
the supervision of Quattro employees as at November 5th, 2013.
During the past 6 months the facilities continue to provide strong
results and will be evaluated as deemed necessary to be recognized
in terms of their market value in accordance with IFRS.
"The combination of
our financial position, our significant infrastructure and our
current efforts over the past year continues to provide Quattro
ample running room for organic growth." said Leonard Van Betuw,
President and CEO. "Our team, both in the office and field are
energized and focused on growth, with the Company continuing
towards the production goal of 2,500 boe per day, utilizing a
measured and coordinated approach."
The Company as of
year-end 2013, included 10 (net) drilling locations in Canada, of
which one is classified as exploratory in its budget. Quattro
anticipates that upon the completion of its geophysical and
geological studies by year end 2014, within Quattro's material land
base of more than 218,000 (net) acres in Canada, it anticipates
adding a further 95 development locations and 4 exploratory
locations to its inventory, by the end of the second quarter.
"Quattro looks
forward to exploiting the efforts of the past 3 years, for many
years to come and anticipates that its expanded foundation will be
the basis for further growth and diversification." added team
leaders, Daniel Lucero and Brent McGillivray.
The Company
anticipates that during the following weeks it will be updating its
plans to include a drilling program with a minimum of 8 (net)
development wells and 1 (net) exploratory well to be drilled in the
following 6-8 months in addition to its ongoing remediation and
consolidation efforts.
It is through these
efforts that the Company anticipates it will have expanded its
foundation to the material degree planned, prior to the ramp up of
its operations in Central and South America, continuing to focus on
adding diversified and sustainable value for its shareholders.
About Quattro
Exploration and Production Ltd.
Quattro Exploration
and Production Ltd. ("QXP") continues to focus on the conventional
exploration and development of oil and natural gas reserves in
Western Canada, with an expanding presence in Alberta and British
Columbia. It's core low risk production base will provide the
Company the capacity to aggressively pursue a ser ies of high
impact exploration and development efforts in Central and South
America. Quattro intends to balance this portfolio of activities to
assure its shareholders that it achieves material growth in both
reserves and production.
This release
includes certain statements that may be deemed "forward-looking
statements". All statements in this release, other than statements
of historical facts, that address future production, reserve
potential, exploration drilling, exploitation activities and events
or developments that the Company expects are forward-looking
statements. Although the Company believes the expectations
expressed in such forward looking statements are based on
reasonable assumptions, such statements are not guarantees of
future performance and actual results or developments may differ
materially from those in the forward-looking statements. Factors
that could cause actual results to differ materially from those in
forward looking statements include market prices, exploitation and
exploration successes, continued availability of capital and
financing, and general economic, market or business conditions.
Investors are cautioned that any such statements are not guarantees
of future performance and those actual results or developments may
differ materially from those projected in the forward-looking
statements. For more information on the Company, Investors should
review the Company's registered filings which are available at
www.sedar.com.
This news
release shall not constitute an offer to sell or the solicitation
of any offer to buy, nor shall there be any sale of these
securities in any jurisdiction in which such offer, solicitation or
sale would be unlawful. The securities offered have not been and
will not be registered under the U.S. Securities Act of 1933, as
amended, and may not be offered or sold in the United States absent
registration or applicable exemption from the registration
requirements of the U.S. Securities Act and applicable state
securities laws.
BOE
presentation:
Barrel ("bbl")
of oil equivalent ("boe") amounts may be misleading particularly if
used in isolation. All boe conversions in this report are
calculated using a conversion of six thousand cubic feet of natural
gas to one equivalent barrel of oil (6 mcf=1 bbl) and is based on
an energy conversion method primarily applicable at the burner tip
and does not represent a value equivalency at the well
head.
Trading in the
securities of Quattro Exploration and Production Ltd. should be
considered highly speculative. 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.
Quattro Exploration and Production Ltd.Leonard Van
BetuwPresident and Chief Executive OfficerOffice (403) 984-3917 or
Direct Line (587)
228-7070leonard@qxp-petro.comwww.qxp-petro.com
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