Calgary, Alberta--(Newsfile Corp. - August 24, 2023) - COELACANTH ENERGY INC. (TSXV: CEI) ("Coelacanth" or the "Company") is pleased to announce its financial and operating results for the three and six months ended June 30, 2023. All dollar figures are Canadian dollars unless otherwise noted.
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HIGHLIGHTS
- Received regulatory approval to drill and complete up to 14 wells on its 5-19 pad at Two Rivers East. Drilling of the first 5-well pad is expected to commence in Q3 2023.
- Drilled second Upper Montney well on its 10-08 pad at Two Rivers West. Wells expected to be completed in Q3 2023.
- Entered into an arrangement with NorthRiver Midstream Inc. ("NRM") to secure up to 60 mmcf/d of firm processing service at NRM's McMahon gas processing facility for a period of 10 years. The processing service will commence after the construction of the Two Rivers East facility. As part of the arrangement, NRM has agreed to finance certain related gathering infrastructure to interconnect the Two Rivers East facility to NRM's current gathering system.
Financial and operational results below present the carved-out historic financial position, results of operations and cash flows of Leucrotta's Two Rivers Assets for all prior periods up to and including May 31, 2022, and the results of operations from May 31, 2022 forward include the results of Coelacanth after assuming the Two Rivers Assets upon close of the Arrangement.
| FINANCIAL RESULTS | Three Months Ended | Six Months Ended | ||||
| June 30 | June 30 | |||||
| ($000s, except per share amounts) | 2023 | 2022 | % Change | 2023 | 2022 | % Change |
| Oil and natural gas sales | 826 | 2,334 | (65) | 1,780 | 4,022 | (56) |
| Cash flow from (used in) operating activities | 765 | (1,713) | (145) | (1,277) | (2,373) | (46) |
| Per share - basic and diluted (1) | - | (0.01) | (100) | (-) | (0.01) | (100) |
| Adjusted funds flow (used) (1) | (756) | 22 | (3,536) | (1,310) | (451) | 190 |
| Per share - basic and diluted | (-) | - | - | (-) | (-) | - |
| Net loss | 2,165 | 8,062 | (73) | 3,954 | 9,608 | (59) |
| Per share - basic and diluted | 0.01 | 0.03 | (67) | 0.01 | 0.03 | (67) |
| Capital expenditures (1) | 3,642 | 870 | 319 | 8,781 | 1,167 | 652 |
| Adjusted working capital (1) | 56,500 | 74,792 | (24) | |||
| Common shares outstanding (000s) | ||||||
| Weighted average - basic and diluted | 425,447 | 319,428 | 33 | 425,282 | 304,692 | 40 |
| End of period - basic | 426,389 | 399,738 | 7 | |||
| End of period - fully diluted | 469,143 | 462,478 | 1 | |||
(1) See "Non-GAAP and Other Financial Measures" section.
| Three Months Ended | Six Months Ended | |||||
| OPERATING RESULTS (1) | June 30 | June 30 | ||||
| 2023 | 2022 | % Change | 2023 | 2022 | % Change | |
| Daily production (2) | ||||||
| Oil and condensate (bbls/d) | 53 | 70 | (24) | 49 | 70 | (30) |
| Other NGLs (bbls/d) | 14 | 16 | (13) | 14 | 19 | (26) |
| Oil and NGLs (bbls/d) | 67 | 86 | (22) | 63 | 89 | (29) |
| Natural gas (mcf/d) | 1,321 | 1,676 | (21) | 1,350 | 1,713 | (21) |
| Oil equivalent (boe/d) | 287 | 365 | (21) | 288 | 375 | (23) |
| Oil and natural gas sales | ||||||
| Oil and condensate ($/bbl) | 88.89 | 134.69 | (34) | 91.61 | 124.20 | (26) |
| Other NGLs ($/bbl) | 28.03 | 58.76 | (52) | 35.43 | 51.37 | (31) |
| Oil and NGLs ($/bbl) | 76.11 | 120.53 | (37) | 79.21 | 108.79 | (27) |
| Natural gas ($/mcf) | 3.03 | 9.13 | (67) | 3.58 | 7.36 | (51) |
| Oil equivalent ($/boe) | 31.63 | 70.21 | (55) | 34.11 | 59.44 | (43) |
| Royalties | ||||||
| Oil and NGLs ($/bbl) | 20.84 | 37.52 | (44) | 23.41 | 34.12 | (31) |
| Natural gas ($/mcf) | 0.64 | 2.54 | (75) | 0.83 | 1.89 | (56) |
| Oil equivalent ($/boe) | 7.77 | 20.48 | (62) | 9.02 | 16.71 | (46) |
| Operating expenses | ||||||
| Oil and NGLs ($/bbl) | 17.49 | 13.84 | 26 | 17.23 | 13.37 | 29 |
| Natural gas ($/mcf) | 2.92 | 2.36 | 24 | 2.87 | 2.24 | 28 |
| Oil equivalent ($/boe) | 17.53 | 14.09 | 24 | 17.23 | 13.43 | 28 |
| Net transportation expenses (3) | ||||||
| Oil and NGLs ($/bbl) | 1.85 | 3.38 | (45) | 1.65 | 3.45 | (52) |
| Natural gas ($/mcf) | 1.39 | 1.04 | 34 | 1.34 | 0.85 | 58 |
| Oil equivalent ($/boe) | 6.82 | 5.55 | 23 | 6.66 | 4.69 | 42 |
| Operating netback (loss) (3) | ||||||
| Oil and NGLs ($/bbl) | 35.93 | 65.79 | (45) | 36.92 | 57.85 | (36) |
| Natural gas ($/mcf) | (1.92) | 3.19 | (160) | (1.46) | 2.38 | (161) |
| Oil equivalent ($/boe) | (0.49) | 30.09 | (102) | 1.20 | 24.61 | (95) |
| Depletion and depreciation ($/boe) | (18.34) | (14.50) | 26 | (17.14) | (14.75) | 16 |
| General and administrative expenses ($/boe) | (46.77) | (31.45) | 49 | (46.56) | (32.29) | 44 |
| Share based compensation ($/boe) | (33.31) | (246.37) | (86) | (31.21) | (129.09) | (76) |
| Gain on insurance proceeds ($/boe) | - | 19.76 | (100) | - | 9.71 | (100) |
| Finance expense ($/boe) | (4.29) | (2.78) | 54 | (3.73) | ||
