19:57:10 EDT Thu 18 Apr 2024
Enter Symbol
or Name
USA
CA



3MV Energy Corp
Symbol TMV
Shares Issued 51,217,402
Close 2014-08-15 C$ 0.185
Market Cap C$ 9,475,219
Recent Sedar Documents

3MV Energy loses $4.36-million in Q2 2014

2014-08-22 13:38 ET - News Release

Mr. Dallas Duce reports

3MV ENERGY ANNOUNCES SECOND QUARTER 2014 RESULTS

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

                             FINANCIAL AND OPERATING HIGHLIGHTS

                                 Three months ended June 30,    Six months ended June 30,
                                        2014           2013          2014           2013
Average daily production
Crude oil and NGL (bbl/d)               65.9           94.5          66.2           82.4
Natural gas (Mcf/d)                     63.9          126.7          62.5          109.1
Total (boe/d)                           76.6          115.6          76.6          100.6
Average sales prices
Crude oil and NGL ($/bbl)           $ 101.30        $ 86.06       $ 97.41        $ 83.91
Natural gas ($/Mcf)                     4.68           3.26          5.02           3.14
Operating netbacks ($/boe)
Average realized sales price           91.12          73.91         88.26          72.14
Royalty expense                         4.90           3.78          4.99           5.08
Operating and transportation
expense                                37.96          27.37         42.57          32.33
Operating netback (1)                  48.26          42.76         40.69          34.72
($000s, except per-share numbers)
Petroleum and natural gas
revenues, before royalties               635            778         1,224          1,313
Funds generated by operations (2)        (62)            11           (77)          (219)
Per share -- basic and diluted          0.00           0.00          0.00           0.00
Net earnings (loss)                   (4,360)          (394)       (4,440)        (1,574)
Per share -- basic and diluted (3)     (0.09)         (0.01)        (0.09)         (0.03)
Net debt (working capital) (4)        (3,206)        (4,380)       (3,206)        (4,380)
Total assets                          15,958         20,064        15,958         20,064

(1) Operating netbacks (calculated on a per-unit basis as oil, gas and
    natural gas liquids revenues, less royalties, transportation and 
    operating costs) are not recognized measures under international
    financial reporting standards.
(2) Funds generated by operations are not prescribed IFRS or generally
    accepted accounting principles measures, and are calculated as oil,
    gas and natural gas liquids revenues, less royalties, operating costs,
    general and administrative expenses, interest expense, and current
    income taxes on a per-unit basis multiplied by the total number of
    barrels produced in the period. This is not a recognized measure 
    under IFRS.
(3) Net earnings (loss) per share are calculated using weighted average
    shares outstanding.
(4) Net debt (working capital) is an industry term, is calculated as
    current assets less current liabilities and is not a recognized
    measure under IFRS.

Outlook

The company intends to focus its drilling and production efforts on its Fiske light oil discovery for 2014. As stated, in early 2013, the corporation acquired a significant position of land in the area, which has solidified its asset base, and creates potential for further growth and expansion through the drill bit. Subsequent to the end of the period, the corporation announced an asset disposition in the Dodsland area in the amount of $4.35-million. The corporation plans to uses the funds from the divesture to reduce its debt and trade payables, and improve its financial position. Following the divesture, the corporation also 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 has agreed to invest $5-million on the property in order to earn a 50-per-cent working interest in the Fiske lands and related assets currently held by 3MV Energy. The joint venture will allow the corporation to increase cash flows with minimal capital outlay until earning has been achieved by the JV partner. It also allows 3MV Energy to derisk the Fiske play with less corporate exposure, and provides the corporation with access to an experienced technical team which will aid in exploiting the assets.

We seek Safe Harbor.

© 2024 Canjex Publishing Ltd. All rights reserved.