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Leucrotta Announces Q2 2018 Financial and Operating Results

Leucrotta Announces Q2 2018 Financial And Operating Results

Calgary, Alberta--(Newsfile Corp. - August 29, 2018) - LEUCROTTA EXPLORATION INC. (TSXV: LXE) ("Leucrotta" or the "Company") is pleased to announce its financial and operating results for the three and six months ended June 30, 2018. All dollar figures are Canadian dollars unless otherwise noted.

HIGHLIGHTS

  • Increased production 33% to 3,487 boe/d in Q2 2018 from 2,629 boe/d in Q2 2017.

  • Increased adjusted funds flow 60% to $3.3 million in Q2 2018 from $2.1 million in Q2 2017.

  • Maintained working capital of $14.5 million.

FINANCIAL RESULTS






Three Months Ended June 30Six Months Ended June 30
($000s, except per share amounts)20182017% Change20182017% Change







Oil and natural gas sales7,3276,3171617,75311,10060







Adjusted funds flow (1)3348.02,097609,7353,393187
   Per share - basic and diluted0.020.011000.050.02150







Net (loss) earnings(2,280)(723)215266(1,601)(117)
   Per share - basic and diluted(0.01)0.01000.0(0.01)(100)







Net capital expenditures and acquisitions2400.042,810(94)13,86061,328(77)







Working capital


14,46743,817(67)







Common shares outstanding (000s)





   Weighted average - basic 200,517190,7955200,517178,08713
   Weighted average - diluted 200,517190,7955203,733178,08714







   End of period - basic


200,517200,470-
   End of period - fully diluted


227,093224,4821

(1)        See "Non-GAAP Measures" section.


OPERATING RESULTS (1)Three Months Ended June 30Six Months Ended June 30

20182017% Change20182017% Change







Daily production





   Oil and NGLs (bbls/d)938609541,04056285
   Natural gas (mcf/d)15,29712,1222616,74810,17065
   Oil equivalent (boe/d)3,4872,629333,8322,25770







Revenue





   Oil and NGLs ($/bbl)65.0953.912163.4455.68(14)
   Natural gas ($/mcf)1.273.02(58)1.922.95(35)
Oil equivalent ($/boe)23.0926.40(13)25.6027.17(6)







Royalties





   Oil and NGLs ($/bbl)0.758.53(91)0.346.22(95)
   Natural gas ($/mcf)0.00.08(100)0.00.11-100.0
   Oil equivalent ($/boe)0.202.33(91)0.092.02(96)







Net operating expenses (2)





   Oil and NGLs ($/bbl)8.277.10167.219.21(22)
   Natural gas ($/mcf)0.941.01(7)0.861.04(17)
   Oil equivalent ($/boe)6.376.3015.706.98(18)







Net transportation expenses (2)





   Oil and NGLs ($/bbl)1.133.72(70)1.913.72(49)
   Natural gas ($/mcf)0.380.74(49)0.410.83(51)
   Oil equivalent ($/boe)1.974.29(54)2.314.67(51)







Operating netback (2)





   Oil and NGLs ($/bbl)54.9434.565953.9836.5348
   Natural gas ($/mcf)(0.05)
1.19(104)0.650.97(33)
   Oil equivalent ($/boe)14.5513.488
17.513.530







Depletion and depreciation ($/boe)(9.25)(9.95)(7)(9.31)(10.13)(8)
General and administrative expenses ($/boe)(4.15)(5.02)(17)(3.65)(5.59)(35)
Share based compensation ($/boe)(8.32)(1.68)395
(4.20)(1.91)120
Finance expense ($/boe)(0.26)(0.32)(19)(0.20)(0.28)(29)
Finance income ($/boe)0.250.47(47)0.250.50-50.0
Net (loss) earnings ($/boe)(7.18)
(3.02)1380.39(3.91)(110)

(1)         See "Frequently Recurring Terms" section.

(2)         See "Non-GAAP Measures" section.

Selected financial and operational information outlined in this news release should be read in conjunction with Leucrotta's unaudited condensed interim financial statements and related Management's Discussion and Analysis ("MD&A") for the three and six months ended June 30, 2018, which are available for review at



This post first appeared on Newsfile Corp News Releases, please read the originial post: here

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