11:06:49 EDT Sat 20 Apr 2024
Enter Symbol
or Name
USA
CA



3MV Energy Corp
Symbol TMV
Shares Issued 54,984,495
Close 2014-11-28 C$ 0.175
Market Cap C$ 9,622,287
Recent Sedar Documents

3MV loses $351,000 in Q3

2014-11-28 18:52 ET - News Release

Mr. Dallas Duce reports

3MV ENERGY ANNOUNCES THIRD QUARTER 2014 RESULTS

3MV Energy Corp. has released its financial and operating results for the three- and nine-month periods ended Sept. 30, 2014. 3MV's unaudited financial statements and related management's discussion and analysis for the three- and nine-month periods ended Sept. 30, 2014, have been filed and are available on the SEDAR website and on the company's website. 3MV's financial and operating highlights are found in the attached table.

                                        OPERATING AND FINANCIAL HIGHLIGHTS

                                                  Three months     Three months      Nine months      Nine months
                                                         ended            ended            ended            ended
                                                Sept. 30, 2014   Sept. 30, 2013   Sept. 30, 2014   Sept. 30, 2013
Average daily production
Crude oil and NGL (bbl/d)                                 76.2            103.6             69.6             89.5
Natural gas (Mcf/d)                                       47.9            140.2             57.6            119.6
Total (boe/d)                                             84.2            127.0             79.2            109.5
Average sales prices
Crude oil and NGL ($/bbl)                               $92.88           $98.37           $95.74           $89.55
Natural gas ($/Mcf)                                       3.94             2.38             4.72             2.84
Operating netbacks ($/boe)
Average realized sales price                             86.31            82.90            87.56            76.35
Royalty expense                                           3.23             4.75             4.36             4.95
Operating and transportation expense                     36.80            24.66            40.50            29.33
Operating netback                                        46.27            53.49            42.69            42.06

($000s, except per-share numbers)
Petroleum and natural gas revenues,
before royalties                                          $669             $968           $1,893           $2,282
Funds generated by operations                               18              283              (59)              64
Per share -- basic and diluted                            0.00             0.00            (0.00)            0.00
Net earnings (loss)                                       (351)            (324)          (4,791)          (1,898)
Per share -- basic and diluted                           (0.01)           (0.01)           (0.09)           (0.04)

Outlook

During the period, the corporation completed an asset disposition in the Kerrobert, Dodsland and Forgan areas in the amount of $4.35-million before customary closing adjustments. Following the divesture, the corporation announced that it entered into a joint venture with an arm's-length party to develop 3MV Energy's Fiske properties. According to the terms of the joint venture agreement, the JV partner agreed to invest $5-million on the property to earn a 50-per-cent working interest in the Fiske lands and related assets held by 3MV Energy. Subsequent to the end of third quarter 2014, the JV partner completed its earning requirements and continued capital spending at Fiske. 3MV Energy used a portion of the funds from the previously mentioned divesture to reduce its outstanding trade payables and to participate in joint venture drilling at Fiske.

The corporation also closed a secured $10-million debt facility in November, 2014, and drew upon the first tranche ($6-million) of the facility. The funds from the first draw have been allocated to participate in the second phase of the joint venture drilling. By the end of fiscal 2014, the corporation targets to have 16 gross (eight net) wells drilled at Fiske under the joint venture partnership.

We seek Safe Harbor.

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