Report of Foreign Issuer (6-k)
06 November 2015 - 10:02PM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16
OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of NOVEMBER, 2015
Commission File Number: 001-33491
DXI ENERGY INC.
(Translation of registrant's name into English)
598-999 Canada Place Vancouver, British Columbia V6C 3E1 Canada
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
[ x ] Form 20-F [ ] Form 40-F
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): [ ]
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): [ ]
SUBMITTED HEREWITH
Exhibits
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act
of 1934, the registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.
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DXI Energy Inc. |
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(Registrant) |
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Date: November 5, 2015 |
By: |
/s/ David Matheson |
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David Matheson |
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Title: |
Chief Financial Officer |
DXI Energy Reports Q3 2015 Results
Records Positive
Cash Flow from Operations with 68% Increase in Production
VANCOUVER, BRITISH COLUMBIA, November 5, 2015 - DXI
Energy Inc. (NYSE MKT: DXI) (TSX:DXI.TO) ("DXI" or the "Company"), an
upstream oil and gas exploration and production company operating in Colorados
Piceance Basin and the Peace River Arch region in British Columbia, today
announced its financial results for the three and nine month periods ended
September 30, 2015. All share and per share amounts reflect the one-for-five
share consolidation that occurred on October 30, 2015.
Q3 2015 Key Financial and Operating Highlights:
1. |
Extended the $6.5 million bridge financing from a
Director and Officer ($4.5 million) and a company associated with the
Director and Officer ($2.0 million) in their current form until December
31, 2015; |
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2. |
Increased oil and natural gas production by 68% to 643
BOE/d from 382 BOE/d for the comparative period ended September 30,
2014; |
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3. |
Reduced G&A expenses per BOE by 66% to $7.25 per BOE
from $21.57 per BOE for the comparative period ended September 30, 2014;
and |
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4. |
Commenced production testing of seven drilled and cased
Williams Fork wells and a single deep vertical Mancos/ Niobrara well at
the Kokopelli Project in the Piceance Basin, Colorado. The tests extended
into Q4 2015 and resulted in the deep 13600 Mancos/ Niobrara discovery
selectively flowing at over 8 mmcf/d (~1300 BOE/d) and the seven Williams
Fork wells collectively flowing over 6 mmcf/d plus liquids with at least
60% of completion fluids yet to be recovered. Testing is ongoing and daily
flow rates vary in accordance to line pressures and injected water
recovery. IP rates to be applied for YE evaluations are expected to be
reported during late Q4 2015. DXI Energy maintains a 25% WI in the
Project. |
CORPORATE SUMMARY THREE AND NINE MONTHS ENDED SEPTEMBER 30,
2015
OPERATIONS |
Three
months ended September 30, |
Nine months
ended September 30, |
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2015 |
2014 |
Change |
2015 |
2014 |
Change |
Production |
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Oil and natural gas liquids
(bbls/d) |
385 |
210 |
83% |
320 |
189 |
69% |
Natural gas (mcf/d) |
1,546 |
1,036 |
49% |
1,425 |
1,841 |
-23% |
Combined (BOE/d) |
643 |
382 |
68% |
558 |
496 |
12% |
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Realized sales prices (1) |
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Oil and natural gas liquids
($/bbl) |
52.63 |
96.07 |
-45% |
55.91 |
92.52 |
-40% |
Natural gas ($/mcf) |
2.28 |
4.28 |
-47% |
2.38 |
5.71 |
-58% |
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Operating expenses (2) |
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Oil operations ($/bbl) |
11.74 |
27.93 |
-58% |
14.89 |
26.48 |
-44% |
Natural gas operations ($/mcf)
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2.47 |
3.55 |
-30% |
3.15 |
3.77 |
-16% |
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Operating netback (3) |
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Oil operations ($/bbl) |
30.14 |
51.94 |
-42% |
30.24 |
50.27 |
-40% |
Natural gas operations ($/BOE)
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-1.57 |
2.71 |
-158% |
-5.00 |
5.94 |
-184% |
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General and administrative expenses ($/BOE)
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7.25 |
21.57 |
-66% |
10.71 |
17.54 |
-39% |
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Notes: |
(1) |
Decrease reflected lower benchmark oil and natural gas
prices in Canada and the rest of the world. |
(2) |
Decrease resulted from the allocation of fixed operating
costs over a higher oil production volume. This was offset by the costs
associated with the reactivation of one of the gas wells at Drake/Woodrush
and higher contractual pipeline transportation costs associated with a new
contract signed on November 1, 2014. |
(3) |
Decline due to the reduction in oil and natural gas
prices. |
FINANCIAL (CA$ thousands,
except per share) |
Three months
ended September 30, |
Nine months
ended September 30, |
|
2015 |
2014 |
Change |
2015 |
2014 |
Change |
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Revenue |
2,189 |
2,257 |
-3% |
5,811 |
7,639 |
-24% |
Royalties |
389 |
339 |
15% |
966 |
1,292 |
-25% |
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Cash flow (1) |
628 |
250 |
151% |
696 |
605 |
15% |
Cash flow per share (basic) |
0.02 |
0.01 |
0% |
0.02 |
0.02 |
0% |
Cash flow per share (diluted) |
0.01 |
0.01 |
0% |
0.02 |
0.01 |
0% |
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Net income (loss) |
-1,608 |
-1,620 |
-1% |
-3,281 |
-3,872 |
-15% |
Basic ($/common share) |
-0.04 |
-0.05 |
0% |
-0.09 |
-0.12 |
0% |
Diluted ($/common share) |
-0.04 |
-0.05 |
0% |
-0.09 |
-0.12 |
0% |
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Capital expenditures, net of |
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dispositions |
2,641 |
124 |
2,030% |
4,502 |
1,463 |
208% |
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Weighted average common shares outstanding
(thousands) |
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Basic |
36,493 |
35,648 |
2% |
36,490 |
32,151 |
13% |
Diluted |
36,493 |
35,648 |
2% |
36,490 |
32,151 |
13% |
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Debt, net of working capital |
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11,249 |
2,556 |
340% |
Note: |
(1) |
Cash flow is a non-GAAP measure calculated by adding
back settlement of decommissioning liabilities and change in operating
working capital to cash flows from (used in) operating activities. See
Non-GAAP Measure below for details. |
SUPPLEMENTAL FINANCIAL INFORMATION NON-GAAP MEASURE
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Three months ended |
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Nine months ended |
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September 30,
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September 30,
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(CA$ thousands) |
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2015 |
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2014 |
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2015 |
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2014 |
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Cash flows from (used in)
operating activities |
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598 |
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(509 |
) |
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693 |
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(454 |
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Change in operating working capital |
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30 |
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759 |
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3 |
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1,059 |
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Cash flow |
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628 |
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250 |
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696 |
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605 |
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Share Consolidation Amendment
DXI announces that it has amended the number of issued
post-consolidation shares from 36,494,609, as reported on October 27, 2015, to
36,494,351. The amendment is due to a correction in a fractional rounding
calculation.
![](http://www.sec.gov/Archives/edgar/data/1323838/000106299315005814/exhibit99-1x4x1.jpg)
About DXI ENERGY INC.
DXI Energy Inc. is an upstream oil and natural gas exploration
and production company operating projects in Colorados Piceance Basin (39,998
net acres) and the Peace River Arch region in British Columbia (14,444 net
acres). DXI Energy Inc. maintains offices in Calgary and Vancouver, Canada. The
company is publicly traded on the New York Stock Exchange (NYSE MKT: DXI) and
Toronto Stock Exchange (DXI.TO).
Statements Regarding Forward-Looking Information: This
news release contains statements about oil and gas production and operating
activities that may constitute "forward-looking statements" or "forward-looking
information" within the meaning of applicable securities legislation as they
involve the implied assessment that the resources described can be profitably
produced in the future, based on certain estimates and assumptions.
Forward-looking statements are based on current expectations, estimates and
projections that involve a number of risks, uncertainties and other factors that
could cause actual results to differ materially from those anticipated by DXI
Energy and described in the forward-looking statements. These risks,
uncertainties and other factors include, but are not limited to, adverse general
economic conditions, operating hazards, drilling risks, inherent uncertainties
in interpreting engineering and geologic data, competition, reduced availability
of drilling and other well services, fluctuations in oil and gas prices and
prices for drilling and other well services, government regulation and foreign
political risks, fluctuations in the exchange rate between Canadian and US
dollars and other currencies, as well as other risks commonly associated with
the exploration and development of oil and gas properties. Additional
information on these and other factors, which could affect DXI Energy Inc.s
operations or financial results, are included in DXI Energy Inc.'s reports on
file with Canadian and United States securities regulatory authorities. Other
risks include the Company's ongoing review by NYSE MKT ("the Exchange") to
ensure the Company continues to regain compliance with Section 1003(a)(iv) of
the Company Guide which addresses a Company's ability to operate as a going
concern. We assume no obligation to update forward-looking statements should
circumstances or management's estimates or opinions change unless otherwise
required under securities law.
The TSX does not accept responsibility for the adequacy or
accuracy of this news release.
Follow DXI Energy's latest developments on: Facebook
http://facebook.com/dxienergy and Twitter @dxienergy.
Contact:
DXI Energy Inc.
Robert L. Hodgkinson
Chairman & CEO
604-638-5055
investor@dxienergy.com
Craig Allison
914-882-0960
Investor Relations - New
York
callison@dxienergy.com
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