Calgary, Alberta (FSCwire) - Border Petroleum Limited ("Border" or the "Corporation") announces financial results for the three months ended June 30, 2016 and 2015. The unaudited condensed interim financial statements and management's discussion & analysis ("MD&A") have been filed on SEDAR. These filings may be viewed on the SEDAR website at www.sedar.com.
OUTLOOK
The Corporation continues to focus on production optimization and cost cutting including general and administrative cost reductions which are on-going. Currently, a significant portion of Border’s production is shut in due to the current low commodity price environment. Operating costs for properties that are not operated by Border are under review as management continues to review alternatives to enhance shareholder value.
APPOINTMENT OF NEW DIRECTOR
The Corporation welcomes the appointment of Mr. Donald J. Brown to the Corporation's Board of Directors.
FINANCIAL OVERVIEW
Certain selected financial and operational information for the three months ended June 30, 2016 is set out below and should be read in conjunction with the Corporation's unaudited condensed interim financial statements and related MD&A. The following table provides a summary of key financial results for the three months ended June 30, 2016 and 2015:
| | | June 30, |
| | | | | 2016 | | 2015 | | % Change |
Financial | | | | | | | | | |
Petroleum and natural gas revenues | | | | $ 129,693 | | $ 354,268 | | (63) |
Funds flow from operations | | | | | $ (129,251) | | $ 55,354 | | 333 |
per share - basic and diluted | | | | | $ - | | $ - | | - |
Net loss | | | | | $ (235,414) | | $ (59,344) | | (297) |
per share - basic and diluted | | | | | $ - | | $ - | | - |
Capital expenditures, including decommissioning liabilities | $ 22,743 | | $ (196,830) | | 112 |
Weighted average shares outstanding | | | | 63,691,664 | | 63,691,664 | | - |
| | | | | June 30, |
| | | | | 2016 | | 2015 | | % Change |
Production | | | | | | | | | |
Oil and liquids (bbls/d) | | | | | 33 | | 54 | | (39) |
Natural gas (mcf/d) | | | | | 187 | | 391 | | (52) |
Oil equiavlent (boe/d) | | | | | 64 | | 119 | | (46) |
Sales price per unit | | | | | | | | | |
Oil and liquids ($/bbl) | | | | | 36.34 | | 55.50 | | (35) |
Natural gas ($/mcf) | | | | | 1.26 | | 2.27 | | (44) |
Royalty income ($/boe) | | | | | 0.18 | | 0.15 | | 20 |
Oil equiavlent ($/boe) | | | | | 22.25 | | 32.55 | | (32) |
Further Information
For further information, please contact:
Al Kroontje Interim CEO 200, 407- 3rd Street SW Calgary, AB T2P 4Z2 Telephone: (403) 607-4009 | John Aihoshi Chief Financial Officer 200, 407 – 3rd Street SW Calgary, AB T2P 4Z2 Telephone: (403) 617-9169 |
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
The forward-looking statements contained in this document are based on certain key expectations and assumptions made by Border. Although Border believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because Border can give no assurance that they will prove to be correct.
Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, the failure to obtain necessary regulatory approvals, risks associated with the oil and gas industry in general (e.g., operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production, costs and expenses, and health, safety and environmental risks), commodity price and exchange rate fluctuations and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in Border's disclosure documents on the SEDAR website at www.sedar.com.
The forward-looking statements contained in this document are made as of the date hereof and Border undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
BOE
BOEs may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 Mcf:1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.
To view this press release as a PDF file, click onto the following link:
public://news_release_pdf/Border08302016.pdfSource: Border Petroleum Limited (TSX Venture:BOR)
To follow Border Petroleum Limited on your favorite social media platform or financial websites, please click on the icons below.
Maximum News Dissemination by FSCwire. http://www.fscwire.com
Copyright © 2016 Filing Services Canada Inc.