Mr. Dallas Duce reports
3MV ENERGY ANNOUNCES THIRD QUARTER 2015 RESULTS
3MV Energy Corp. has released its financial and operating results for the three- and nine-month periods ended Sept. 30, 2015. 3MV's unaudited financial statements and related management's discussion and analysis for the three- and nine-month period ended Sept. 30, 2015, have been filed and are available on the SEDAR website and on the company's website.
FINANCIAL AND OPERATING HIGHLIGHTS
Three months Three months Nine months Nine months
ended ended ended ended
Sept. 30, 2015 Sept. 30, 2014 Sept. 30, 2015 Sept. 30, 2014
Average daily production
Crude oil and NGL (bbl/d) 62.4 76.2 92.8 69.6
Natural gas (Mcf/d) 27.7 47.9 26.8 57.6
Total (boe/d) 67.0 84.2 97.3 79.2
Average sales prices
Crude oil and NGL (bbl/d) $51.87 $92.88 $54.34 $95.74
Natural gas (Mcf/d) 2.65 3.94 2.46 4.72
Operating netbacks ($/boe)
Average realized sales price 49.39 86.31 52.53 87.56
Royalty expense 2.65 3.23 3.70 4.36
Operating and transportation expense 30.99 36.80 26.81 40.50
Operating netback 15.75 46.27 22.01 42.69
($000s, except per-share numbers)
Petroleum and natural gas revenues,
before royalties $304 $669 $1,395 $1,893
Funds used in operations (375) 18 (899) (59)
Per share -- basic and diluted (0.01) (0.00) (0.02) (0.00)
Net earnings (loss) (1,270) (351) (2,676) (4,791)
Per share -- basic and diluted (0.02) (0.01) (0.05) (0.09)
Outlook
In the current environment of depressed global commodity prices, the corporation plans to be conservative, moving forward, working to conserve cash flow and to select drilling locations that are economically viable. The corporation plans to work with its joint venture partner to evaluate production results at Fiske with the goal of creating a long-term exploitation strategy. 3MV Energy is also exploring potential accretive acquisitions, mergers and farm-in opportunities in Saskatchewan that are arising from the current economic state.
We seek Safe Harbor.
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