Click here to close now.




















Welcome!

News Feed Item

Twoco Petroleums Ltd. Third Quarter Highlights and 2012 Update

CALGARY, ALBERTA -- (Marketwire) -- 11/29/12 -- Twoco Petroleums Ltd. ("Twoco" or the "Company") (TSX VENTURE:TWO) announces financial and operating results for the quarter ended September 30, 2012 and an update of its 2012 activities.

Twoco has filed the following documents on the System for Electronic Document Analysis and Retrieval (SEDAR):


1.  Unaudited condensed interim financial statements as at and for the
    quarter ended September 30, 2012, together with the notes therein as
    prepared in accordance with International Financial Reporting Standards;
    and 
2.  Management's discussion and analysis of financial condition and results
    of operations as at and for the quarter ended September 30, 2012.

Copies of these documents may be obtained via SEDAR at www.sedar.com.

Highlights of the Third Quarter 2012 include:


--  Petroleum and natural gas sales revenue of $913,357 - a 36% decrease
    from the Third Quarter 2011 - predominantly due to the decrease in
    natural gas production and natural gas prices; 
--  Cash flow used by operations of $42,298. During the nine months ended
    September 30, 2012, the Company had cash flow from operations of
    $296,258; 
--  Average production of 339 boe per day (includes 113 barrels per day of
    oil and natural gas liquids) - a 45% decrease from the Third Quarter
    2011 - a result of shut-in natural gas volumes due to low natural gas
    prices, a lack of natural gas drilling activity and production declines
    of the Company's natural gas properties. Current oil production is
    approximately 120 barrels per day; 
--  Average production of 113 barrels per day of oil and natural gas liquids
    from the Company's Warspite heavy oil property represents an 8% increase
    in the average production of oil and natural gas liquids from the Third
    Quarter 2011;  
--  Operating netback of $454,583 ($14.55 per boe); 
--  Operating netback of $48.48 per barrel in respect of the Company's
    production of Sparky heavy oil; 
--  Net loss of $1,037,986; 
--  Capital expenditures of $65,996; 
--  Current land position of 105,431 gross (76,782 net) acres; 
--  Operating costs of $10.54 per boe; 
--  General and administrative expenses of $6.34 per boe; and 
--  In the Third Quarter 2012, the Company issued a total of 948,256 common
    shares in payment of interest accrued to September 30, 2012 on its $3.4
    million principal amount of redeemable, convertible, unsecured 8%
    debentures.

Highlights of Twoco's operations for the 2012 year to date include:


--  Current production of 338 boe per day (includes approximately 120
    barrels per day of oil and natural gas liquids);  
--  Twoco estimates current shut-in and behind pipe production capability of
    400 boe per day; and 
--  The next review date of the Company's credit facilities was to take
    place on September 30, 2012; however, the review has not yet occurred.
    The Company and its Bank remain in discussions concerning the next
    scheduled review date. Effective October 31, 2012, the Bank has agreed
    to defer collection of monthly interest on the Company's $18,000,000
    revolving credit facility as well as the $50,000 working capital waiver
    fee otherwise due on October 31, 2012. Such monthly interest is
    currently being added to the principal amount of the Company's revolving
    credit facility.

Management has been working on certain strategic alternatives including, but not limited to, recapitalizing the Company through financing arrangements or merging with other companies. The Company continues to require the support of its lenders and creditors and will require additional financing to reduce its working capital deficiency and further develop its oil properties to realize the full potential of the significant proved and probable reserve base. There is no assurance, however, that additional funding will be available, if and when needed, and if such funding is not available, the Company's ability to continue as a going concern will be significantly impaired.

Twoco is an oil and gas company engaged in the exploration for, and the acquisition, development and production of, oil and natural gas reserves primarily in the Province of Alberta. Twoco has 73,905,789 common shares issued and outstanding as at today's date.

In this news release the calculation of barrels of oil equivalent (boe) is calculated at a conversion rate of six thousand cubic feet (Mcf) of natural gas for one barrel (Bbl) of oil based on an energy equivalency conversion method. Boes may be misleading particularly if used in isolation. A boe conversion ratio of 6 Mcf: 1Bbl is based on an energy equivalency conversion method primarily applicable to the burner tip and does not represent a value equivalency at the wellhead.

Forward-Looking Statements:

Certain information set forth in this news release contains forward-looking statements or information ("forward-looking statements"), including statements regarding the Company's shut-in and behind pipe production capability and its ability to continue as a going concern. By their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond Twoco's control, including the impact of general economic conditions, industry conditions, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, operational risks in exploration and development, competition from other industry participants, the lack of availability of qualified personnel or management, stock market volatility and the ability to access sufficient capital from internal and external sources. Although Twoco believes that the expectations in our forward-looking statements are reasonable, our forward-looking statements have been based on factors and assumptions concerning future events which may prove to be inaccurate. Those factors and assumptions are based upon currently available information. Such statements are subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward-looking statements. As such, readers are cautioned not to place undue reliance on the forward-looking statements, as no assurance can be provided as to future results, levels of activity or achievements. The risks, uncertainties, material assumptions and other factors that could affect actual results are discussed in our Annual Information Form and other documents available at www.sedar.com. Furthermore, the forward-looking statements contained in this document are made as of the date of this document and, except as required by applicable law, Twoco does not undertake any obligation to publicly update or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this document are expressly qualified by this cautionary statement. This news release shall not constitute an offer to sell or the solicitation of any offer to buy securities in any jurisdiction.

Neither 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.

Contacts:
Twoco Petroleums Ltd.
Wayne A. Malinowski
President and Chief Executive Officer
(403) 231-8653
(403) 237-6048 (FAX)

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
SYS-CON Events announced today that the "Second Containers & Microservices Expo" will take place November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Containers and microservices have become topics of intense interest throughout the cloud developer and enterprise IT communities.
As organizations shift towards IT-as-a-service models, the need for managing and protecting data residing across physical, virtual, and now cloud environments grows with it. CommVault can ensure protection and E-Discovery of your data – whether in a private cloud, a Service Provider delivered public cloud, or a hybrid cloud environment – across the heterogeneous enterprise. In his session at 17th Cloud Expo, Randy De Meno, Chief Technologist - Windows Products and Microsoft Partnerships at Com...
The Software Defined Data Center (SDDC), which enables organizations to seamlessly run in a hybrid cloud model (public + private cloud), is here to stay. IDC estimates that the software-defined networking market will be valued at $3.7 billion by 2016. Security is a key component and benefit of the SDDC, and offers an opportunity to build security 'from the ground up' and weave it into the environment from day one. In his session at 16th Cloud Expo, Reuven Harrison, CTO and Co-Founder of Tufin,...
Scrum Alliance has announced the release of its 2015 State of Scrum Report. Almost 5,000 individuals and companies worldwide participated in this year's survey. Most organizations in the market today are still leading and managing under an Industrial Age model. Not only is the speed of change growing exponentially, Agile and Scrum frameworks are showing companies how to draw on the full talents and capabilities of those doing the work in order to continue innovating for success.
SYS-CON Events announced today that MobiDev, a software development company, will exhibit at the 17th International Cloud Expo®, which will take place November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. MobiDev is a software development company with representative offices in Atlanta (US), Sheffield (UK) and Würzburg (Germany); and development centers in Ukraine. Since 2009 it has grown from a small group of passionate engineers and business managers to a full-scale mobi...
Between the compelling mockups and specs produced by your analysts and designers, and the resulting application built by your developers, there is a gulf where projects fail, costs spiral out of control, and applications fall short of requirements. In his session at @DevOpsSummit, Charles Kendrick, CTO and Chief Architect at Isomorphic Software, presented a new approach where business and development users collaborate – each using tools appropriate to their goals and expertise – to build mocku...
Container technology is sending shock waves through the world of cloud computing. Heralded as the 'next big thing,' containers provide software owners a consistent way to package their software and dependencies while infrastructure operators benefit from a standard way to deploy and run them. Containers present new challenges for tracking usage due to their dynamic nature. They can also be deployed to bare metal, virtual machines and various cloud platforms. How do software owners track the usag...
SYS-CON Events announced today that VividCortex, the monitoring solution for the modern data system, will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. The database is the heart of most applications, but it’s also the part that’s hardest to scale, monitor, and optimize even as it’s growing 50% year over year. VividCortex is the first unified suite of database monitoring tools specifically desi...
Graylog, Inc., has added the capability to collect, centralize and analyze application container logs from within Docker. The Graylog logging driver for Docker addresses the challenges of extracting intelligence from within Docker containers, where most workloads are dynamic and log data is not persisted or stored. Using Graylog, DevOps and IT Ops teams can pinpoint the root cause of problems to deliver new applications faster and minimize downtime.
As Marc Andreessen says software is eating the world. Everything is rapidly moving toward being software-defined – from our phones and cars through our washing machines to the datacenter. However, there are larger challenges when implementing software defined on a larger scale - when building software defined infrastructure. In his session at 16th Cloud Expo, Boyan Ivanov, CEO of StorPool, provided some practical insights on what, how and why when implementing "software-defined" in the datacent...
Learn how you can use the CoSN SEND II Decision Tree for Education Technology to make sure that your K–12 technology initiatives create a more engaging learning experience that empowers students, teachers, and administrators alike.
Mobile, social, Big Data, and cloud have fundamentally changed the way we live. “Anytime, anywhere” access to data and information is no longer a luxury; it’s a requirement, in both our personal and professional lives. For IT organizations, this means pressure has never been greater to deliver meaningful services to the business and customers.
In a recent research, analyst firm IDC found that the average cost of a critical application failure is $500,000 to $1 million per hour and the average total cost of unplanned application downtime is $1.25 billion to $2.5 billion per year for Fortune 1000 companies. In addition to the findings on the cost of the downtime, the research also highlighted best practices for development, testing, application support, infrastructure, and operations teams.
"We've just seen a huge influx of new partners coming into our ecosystem, and partners building unique offerings on top of our API set," explained Seth Bostock, Chief Executive Officer at IndependenceIT, in this SYS-CON.tv interview at 16th Cloud Expo, held June 9-11, 2015, at the Javits Center in New York City.
SYS-CON Events announced today that HPM Networks will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. For 20 years, HPM Networks has been integrating technology solutions that solve complex business challenges. HPM Networks has designed solutions for both SMB and enterprise customers throughout the San Francisco Bay Area.