|By Marketwired .||
|April 28, 2014 03:39 PM EDT||
CALGARY, ALBERTA -- (Marketwired) -- 04/28/14 --
(NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA)
Suroco Energy Inc. (TSX VENTURE:SRN) (the "Corporation") is pleased to announce that it has filed its Audited Consolidated Financial Statements and the related Management's Discussion and Analysis ("MD&A") for the year ended December 31, 2013 and its Annual Information Form for the year ended December 31, 2013 on the System for Electronic Document Analysis and Retrieval ("SEDAR").
Copies of these documents can be found on the SEDAR website at www.sedar.com.
Financial & Operating Highlights (All references to $ are United States dollars unless otherwise noted) 3 months ended December 31 12 months ended December 31 2013 2012 2013 2012 (Restated)(3) (Restated)(3) ---------------------------------------------------------------------------- Financial Oil and gas revenue ($) 14,617,482 9,345,598 50,431,015 35,314,518 Funds flow from operations (1) ($) 1,805,780 268,469 13,014,383 8,916,025 Per share - basic ($) 0.01 0.00 0.10 0.07 Per share - diluted ($) 0.01 0.00 0.09 0.07 Net income (loss) ($) 101,874 (1,812,790) 1,105,515 1,745,122 Per share - basic and diluted ($) 0.00 (0.01) 0.01 0.01 Adjusted net income (1) ($) (472,005) (1,812,790) 2,026,273 1,745,122 Per share - basic and diluted($) 0.01 (0.01) 0.01 0.01 Total assets ($) 84,018,279 61,006,917 84,018,279 61,006,917 Working capital surplus (deficit) (1) ($) (893,742) 395,140 (893,742) 395,140 Common shares outstanding, end of period Basic 134,329,734 134,329,734 134,329,734 134,329,734 Fully Diluted 151,809,734 147,839,734 151,809,734 147,839,734 Weighted average common shares outstanding Basic 134,329,734 134,329,734 134,329,734 130,133,459 Diluted (2) 138,770,746 138,897,055 139,145,173 134,816,152 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Operational Average daily net after royalty production (bopd) 1,810 1,101 1,517 991 Average reference price - WTI ($ per barrel) 97.50 88.01 97.98 94.05 Operating Netback ($ per barrel) Average realized price 83.51 91.39 88.89 100.96 Royalties 6.89 7.31 7.24 8.08 Production and transportation expenses 41.29 51.43 32.35 39.21 ---------------------------------------------------------------------------- Operating Netback 35.33 32.65 49.30 53.67 ---------------------------------------------------------------------------- ----------------------------------------------------------------------------
1. Funds flow from operations is cash flow from operating activities before changes in other non-cash working capital items. Funds flow from operations is not a measure recognized by generally accepted accounting principles ("GAAP"). See "Non-GAAP Measures" in the MD&A. 2. Working capital surplus includes current assets less current liabilities. Working capital surplus is not a measure recognized by GAAP. See "Non-GAAP Measures" in the MD&A. 3. In periods where there were losses attributable to shareholders, all potentially dilutive securities were considered anti- dilutive and were therefore excluded from the fully diluted number of weighted average common shares outstanding calculation. All potentially dilutive securities were considered for the calculation of diluted number of shares outstanding at the end of period.
On April 26, 2014, the Corporation entered into an arrangement agreement ("Arrangement Agreement") with Petroamerica Oil Corp ("Petroamerica") pursuant to which Petroamerica has agreed to acquire all the issued and outstanding common shares of the Corporation on the basis of 1.7627 of Petroamerica common shares for each outstanding common share of the Corporation (the "Arrangement"). The Arrangement is to be completed by way of a plan of arrangement under the Business Corporations Act (Alberta), subject to customary conditions for a transaction of this nature including, but not limited to the requisite approval of shareholders of the Corporation. A special meeting of the holders of common shares of the Corporation is scheduled to take place in June 2014. Closing of the Arrangement is expected to occur shortly thereafter.
Highlights from 2013
-- Increased average production (net to the Corporation after royalty) to 1,517 barrels of oil per day ("bopd"), an increase of 53% from the prior year and increased average fourth quarter production to 1,810 bopd (net to the Corporation after royalty), an increase of 64% over the prior year. -- Drilled and placed on permanent production 4 new Cohembi wells. -- Closed on acquisition of a 25% economic interest in the PUT-2 Block in the Putumayo basin of Colombia. -- Established $21 MM senior secured bank credit facility with Macquarie Bank Limited. -- Decreased production costs on a per barrel basis of approximately 17% for the year from $39.21/bbl to $32.35/bbl. -- Announced 32% increase in proved producing reserves for 2013. -- The Pinuna 7 was drilled in Q3 of 2013 and reached a planned total depth of 10,200 feet however, the Corporation and its partner in the well were unable to produce oil due to pump electrical problems and are planning to go back and retest the well in 2014. -- Spudded the Canelo Sur-2 well during 2013, however, due to mechanical difficulties, the Corporation and its partner in the well were not able to get to total depth prior to year-end. -- Successfully Drilled Quinde 2 well, which encountered 10 feet of oil- bearing Upper Villeta Sand. -- The Quinde 4 was successfully drilled to a total depth of 10,100 feet, encountering approximately 30 feet of oil- bearing Upper Villeta Sand.
The Corporation is a Calgary-based junior oil and gas company, which explores for, develops, produces and sells crude oil, natural gas liquids and natural gas in Colombia. The Corporation's common shares trade on the TSX Venture Exchange under the symbol "SRN".
"Proved" reserves are those reserves that can be estimated with a high degree of certainty to be recoverable. It is likely that the actual remaining quantities recovered will exceed the estimated proved reserves.
FORWARD LOOKING STATEMENTS
Certain statements included in this press release constitute forward-looking statements under applicable securities legislation. These statements relate to future events or future performance of the Corporation. All statements other than statements of historical fact are forward-looking statements. In some cases, forward-looking statements can be identified by terminology such as "may", "will", "should", "expect", "plan", "anticipate", "believe", "estimate", "predict", "potential", "continue", or the negative of these terms or other comparable terminology. Forward-looking statements or information in this press release include, but are not limited to, the completion of the Arrangement, the characteristics of the Corporation's oil and natural gas properties, reserve quantities and the discounted present value of future net cash flows from such reserves, net revenue, capital expenditures, operating costs, exploration plans and development plan. In addition, this press release may contain forward-looking statements attributed to third party industry sources. Undue reliance should not be placed on these forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, estimates, forecasts, projections and other forward-looking statements will not occur, which may cause actual performance and results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. These assumptions, risks and uncertainties include, among other things, the state of the economy in general and capital markets in particular; fluctuations in oil prices; the results of exploration and development drilling, recompletions and related activities; changes in environmental and other regulations; risks associated with oil and gas operations and future exploration activities; receipt of securityholder and third party approvals; and other factors, many of which are beyond the control of the Corporation. You can find an additional discussion of those assumptions, risks and uncertainties in the Corporation's Canadian securities filings.
The forward-looking statements contained in this press release are made as of the date of this press release. Except as required by law, the Corporation disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Additionally, the Corporation undertakes no obligation to comment on the expectations of, or statements made by, third parties in respect of the matters discussed above. New factors emerge from time to time, and it is not possible for management of the Corporation to predict all of these factors and to assess in advance the impact of each such factor on the Corporation's business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statement or information. The forward-looking statements contained herein are expressly qualified by this cautionary statement. Moreover, neither the Corporation nor any other person assumes responsibility for the accuracy and completeness of the forward-looking statements.
Statements relating to "reserves" are deemed to be forward-looking statements or information, as they involve the implied assessment, based on certain estimates and assumptions, that the reserves described can be profitable in the future. There are numerous uncertainties inherent in estimating quantities of proved reserves, including many factors beyond the control of the Corporation. The reserve data included herein represents estimates only. In general, estimates of economically recoverable oil and natural gas reserves and the future net cash flows therefrom are based upon a number of variable factors and assumptions, such as historical production from the properties, the assumed effects of regulation by governmental agencies and future operating costs, all of which may vary considerably from actual results. All such estimates are to some degree speculative and classifications of reserves are only attempts to define the degree of speculation involved. For those reasons, estimates of the economically recoverable oil and natural gas reserves attributable to any particular group of properties and classification of such reserves based on risk of recovery and estimates of future net revenues expected therefrom, prepared by different engineers or by the same engineers at different times, may vary substantially. The actual production, revenues, taxes and development and operating expenditures of the Corporation with respect to these reserves will vary from such estimates, and such variances could be material.
Estimates with respect to proved reserves that may be developed and produced in the future are often based upon volumetric calculations and upon analogy to similar types of reserves rather than actual production history. Estimates based on these methods are generally less reliable than those based on actual production history. Subsequent evaluation of the same reserves based upon production history will result in variations, which may be substantial, in the estimated reserves.
Consistent with the securities disclosure legislation and policies of Canada, the Corporation has used forecast prices and costs in calculating reserve quantities included herein. Actual future net cash flows also will be affected by other factors such as actual production levels, supply and demand for oil and natural gas, curtailments or increases in consumption by oil and natural gas purchasers, changes in governmental regulation or taxation and the impact of inflation on costs.
The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed Arrangement and has neither approved nor disapproved the contents of this press release.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Suroco Energy Inc.
President and Chief Executive Officer
(403) 264-7455 (FAX)
Suroco Energy Inc.
VP Finance and Chief Financial Officer
(403) 264-7455 (FAX)
Actian Corporation has announced the latest version of the Actian Vector in Hadoop (VectorH) database, generally available at the end of July. VectorH is based on the same query engine that powers Actian Vector, which recently doubled the TPC-H benchmark record for non-clustered systems at the 3000GB scale factor (see tpc.org/3323). The ability to easily ingest information from different data sources and rapidly develop queries to make better business decisions is becoming increasingly importan...
Jul. 23, 2016 05:15 PM EDT Reads: 623
The IoT has the potential to create a renaissance of manufacturing in the US and elsewhere. In his session at 18th Cloud Expo, Florent Solt, CTO and chief architect of Netvibes, discussed how the expected exponential increase in the amount of data that will be processed, transported, stored, and accessed means there will be a huge demand for smart technologies to deliver it. Florent Solt is the CTO and chief architect of Netvibes. Prior to joining Netvibes in 2007, he co-founded Rift Technologi...
Jul. 23, 2016 05:00 PM EDT Reads: 923
"Operations is sort of the maturation of cloud utilization and the move to the cloud," explained Steve Anderson, Product Manager for BMC’s Cloud Lifecycle Management, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Jul. 23, 2016 05:00 PM EDT Reads: 1,775
Enterprise networks are complex. Moreover, they were designed and deployed to meet a specific set of business requirements at a specific point in time. But, the adoption of cloud services, new business applications and intensifying security policies, among other factors, require IT organizations to continuously deploy configuration changes. Therefore, enterprises are looking for better ways to automate the management of their networks while still leveraging existing capabilities, optimizing perf...
Jul. 23, 2016 04:45 PM EDT Reads: 885
Security, data privacy, reliability and regulatory compliance are critical factors when evaluating whether to move business applications from in-house client hosted environments to a cloud platform. In her session at 18th Cloud Expo, Vandana Viswanathan, Associate Director at Cognizant, In this session, will provide an orientation to the five stages required to implement a cloud hosted solution validation strategy.
Jul. 23, 2016 04:30 PM EDT Reads: 655
The cloud competition for database hosts is fierce. How do you evaluate a cloud provider for your database platform? In his session at 18th Cloud Expo, Chris Presley, a Solutions Architect at Pythian, gave users a checklist of considerations when choosing a provider. Chris Presley is a Solutions Architect at Pythian. He loves order – making him a premier Microsoft SQL Server expert. Not only has he programmed and administered SQL Server, but he has also shared his expertise and passion with b...
Jul. 23, 2016 04:00 PM EDT Reads: 1,801
We're entering the post-smartphone era, where wearable gadgets from watches and fitness bands to glasses and health aids will power the next technological revolution. With mass adoption of wearable devices comes a new data ecosystem that must be protected. Wearables open new pathways that facilitate the tracking, sharing and storing of consumers’ personal health, location and daily activity data. Consumers have some idea of the data these devices capture, but most don’t realize how revealing and...
Jul. 23, 2016 04:00 PM EDT Reads: 1,963
Unless your company can spend a lot of money on new technology, re-engineering your environment and hiring a comprehensive cybersecurity team, you will most likely move to the cloud or seek external service partnerships. In his session at 18th Cloud Expo, Darren Guccione, CEO of Keeper Security, revealed what you need to know when it comes to encryption in the cloud.
Jul. 23, 2016 04:00 PM EDT Reads: 2,290
What are the successful IoT innovations from emerging markets? What are the unique challenges and opportunities from these markets? How did the constraints in connectivity among others lead to groundbreaking insights? In her session at @ThingsExpo, Carmen Feliciano, a Principal at AMDG, will answer all these questions and share how you can apply IoT best practices and frameworks from the emerging markets to your own business.
Jul. 23, 2016 03:45 PM EDT Reads: 1,488
Basho Technologies has announced the latest release of Basho Riak TS, version 1.3. Riak TS is an enterprise-grade NoSQL database optimized for Internet of Things (IoT). The open source version enables developers to download the software for free and use it in production as well as make contributions to the code and develop applications around Riak TS. Enhancements to Riak TS make it quick, easy and cost-effective to spin up an instance to test new ideas and build IoT applications. In addition to...
Jul. 23, 2016 03:30 PM EDT Reads: 1,828
You think you know what’s in your data. But do you? Most organizations are now aware of the business intelligence represented by their data. Data science stands to take this to a level you never thought of – literally. The techniques of data science, when used with the capabilities of Big Data technologies, can make connections you had not yet imagined, helping you discover new insights and ask new questions of your data. In his session at @ThingsExpo, Sarbjit Sarkaria, data science team lead ...
Jul. 23, 2016 03:15 PM EDT Reads: 768
Many private cloud projects were built to deliver self-service access to development and test resources. While those clouds delivered faster access to resources, they lacked visibility, control and security needed for production deployments. In their session at 18th Cloud Expo, Steve Anderson, Product Manager at BMC Software, and Rick Lefort, Principal Technical Marketing Consultant at BMC Software, discussed how a cloud designed for production operations not only helps accelerate developer in...
Jul. 23, 2016 03:00 PM EDT Reads: 1,176
Extracting business value from Internet of Things (IoT) data doesn’t happen overnight. There are several requirements that must be satisfied, including IoT device enablement, data analysis, real-time detection of complex events and automated orchestration of actions. Unfortunately, too many companies fall short in achieving their business goals by implementing incomplete solutions or not focusing on tangible use cases. In his general session at @ThingsExpo, Dave McCarthy, Director of Products...
Jul. 23, 2016 03:00 PM EDT Reads: 1,644
Ask someone to architect an Internet of Things (IoT) solution and you are guaranteed to see a reference to the cloud. This would lead you to believe that IoT requires the cloud to exist. However, there are many IoT use cases where the cloud is not feasible or desirable. In his session at @ThingsExpo, Dave McCarthy, Director of Products at Bsquare Corporation, will discuss the strategies that exist to extend intelligence directly to IoT devices and sensors, freeing them from the constraints of ...
Jul. 23, 2016 02:30 PM EDT Reads: 1,696
WebRTC is bringing significant change to the communications landscape that will bridge the worlds of web and telephony, making the Internet the new standard for communications. Cloud9 took the road less traveled and used WebRTC to create a downloadable enterprise-grade communications platform that is changing the communication dynamic in the financial sector. In his session at @ThingsExpo, Leo Papadopoulos, CTO of Cloud9, discussed the importance of WebRTC and how it enables companies to focus...
Jul. 23, 2016 02:15 PM EDT Reads: 617