Welcome!

News Feed Item

Quattro Reports Net Earnings of $0.39 Per Share for Year End 2013

CALGARY, ALBERTA -- (Marketwired) -- 04/30/14 -- Quattro Exploration and Production Ltd. ("Quattro" or the "Company") (TSX VENTURE: QXP) is pleased to announce for its full year ending December 31st, 2013, CDN $0.39 per share earnings.

Highlights for the year ending 2013 are based on our continuing approach to adding anti-dilutive shareholder value. In addition, Quattro continues to develop a strong and improving financial position as the foundation for growth through a continuous combination of acquisitions, remediation, development drilling and exploration.


-  Revenues (pro forma 2013)                                    $ 14,687,000
-  Net earnings (including Gain on Acquisition)                 $ 12,696,000
-  Revenues (net) only the remaining 56 days post-closing
    included                                                    $  2,932,000
-  Cash and equivalents                                         $  4,447,000
-  Working capital                                              $  1,519,020
-  Net debt (excluding decommissioning liabilities & deferred
    taxes)                                                      $  5,052,000

At year end 2013 the Company's exit production was 1040 boe per day with an additional 200 boe per day going through remediation and work overs. The Company continues to build on the financial foundation as summarized above and reported in its audited year-end financial statements and corresponding MD&A, utilizing stable low decline production and substantial infrastructure as the building blocks for growth in Canada.

Quattro, upon completion of its evaluation in accordance with IFRS, chose to continue to maintain a conservative course of action whereby to date only the IFRS compliant reserves evaluation has been reported on the balance sheet as of the acquisition closed November 5th, 2013. Minimal value was applied to the acquired facilities and infrastructure, resulting in the Company's total asset value at year end being $48,641,000, with $6,754,000 being current assets, $39,714,000 being PN&G assets and the balance being $2,173,000 in exploration and evaluation assets.

At year-end 2013 Quattro is the owner and operator of the numerous facilities and infrastructure. Its 8 operated facilities have the capacity to process 16 mmcf per day of gas and 60,000 bbls per day of oil and fluids. It also has acquired more than 300 kilometers of pipelines and gathering systems, with an estimated replacement cost of greater than $80,000,000. Since January 1st of 2013, the facilities were monitored by Quattro, but only recently been directly under the supervision of Quattro employees as at November 5th, 2013. During the past 6 months the facilities continue to provide strong results and will be evaluated as deemed necessary to be recognized in terms of their market value in accordance with IFRS.

"The combination of our financial position, our significant infrastructure and our current efforts over the past year continues to provide Quattro ample running room for organic growth." said Leonard Van Betuw, President and CEO. "Our team, both in the office and field are energized and focused on growth, with the Company continuing towards the production goal of 2,500 boe per day, utilizing a measured and coordinated approach."

The Company as of year-end 2013, included 10 (net) drilling locations in Canada, of which one is classified as exploratory in its budget. Quattro anticipates that upon the completion of its geophysical and geological studies by year end 2014, within Quattro's material land base of more than 218,000 (net) acres in Canada, it anticipates adding a further 95 development locations and 4 exploratory locations to its inventory, by the end of the second quarter.

"Quattro looks forward to exploiting the efforts of the past 3 years, for many years to come and anticipates that its expanded foundation will be the basis for further growth and diversification." added team leaders, Daniel Lucero and Brent McGillivray.

The Company anticipates that during the following weeks it will be updating its plans to include a drilling program with a minimum of 8 (net) development wells and 1 (net) exploratory well to be drilled in the following 6-8 months in addition to its ongoing remediation and consolidation efforts.

It is through these efforts that the Company anticipates it will have expanded its foundation to the material degree planned, prior to the ramp up of its operations in Central and South America, continuing to focus on adding diversified and sustainable value for its shareholders.

About Quattro Exploration and Production Ltd.

Quattro Exploration and Production Ltd. ("QXP") continues to focus on the conventional exploration and development of oil and natural gas reserves in Western Canada, with an expanding presence in Alberta and British Columbia. It's core low risk production base will provide the Company the capacity to aggressively pursue a ser ies of high impact exploration and development efforts in Central and South America. Quattro intends to balance this portfolio of activities to assure its shareholders that it achieves material growth in both reserves and production.

This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration drilling, exploitation activities and events or developments that the Company expects are forward-looking statements. Although the Company believes the expectations expressed in such forward looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and those actual results or developments may differ materially from those projected in the forward-looking statements. For more information on the Company, Investors should review the Company's registered filings which are available at www.sedar.com.

This news release shall not constitute an offer to sell or the solicitation of any offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities offered have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or applicable exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws.

BOE presentation:

Barrel ("bbl") of oil equivalent ("boe") amounts may be misleading particularly if used in isolation. All boe conversions in this report are calculated using a conversion of six thousand cubic feet of natural gas to one equivalent barrel of oil (6 mcf=1 bbl) and is based on an energy conversion method primarily applicable at the burner tip and does not represent a value equivalency at the well head.

Trading in the securities of Quattro Exploration and Production Ltd. should be considered highly speculative. 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.

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
You know you need the cloud, but you’re hesitant to simply dump everything at Amazon since you know that not all workloads are suitable for cloud. You know that you want the kind of ease of use and scalability that you get with public cloud, but your applications are architected in a way that makes the public cloud a non-starter. You’re looking at private cloud solutions based on hyperconverged infrastructure, but you’re concerned with the limits inherent in those technologies.
"Loom is applying artificial intelligence and machine learning into the entire log analysis process, from start to finish and at the end you will get a human touch,” explained Sabo Taylor Diab, Vice President, Marketing at Loom Systems, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
@DevOpsSummit at Cloud Expo taking place Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center, Santa Clara, CA, is co-located with the 21st International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is ...
SYS-CON Events announced today that Datanami has been named “Media Sponsor” of SYS-CON's 21st International Cloud Expo, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Datanami is a communication channel dedicated to providing insight, analysis and up-to-the-minute information about emerging trends and solutions in Big Data. The publication sheds light on all cutting-edge technologies including networking, storage and applications, and the...
After more than five years of DevOps, definitions are evolving, boundaries are expanding, ‘unicorns’ are no longer rare, enterprises are on board, and pundits are moving on. Can we now look at an evolution of DevOps? Should we? Is the foundation of DevOps ‘done’, or is there still too much left to do? What is mature, and what is still missing? What does the next 5 years of DevOps look like? In this Power Panel at DevOps Summit, moderated by DevOps Summit Conference Chair Andi Mann, panelists loo...
SYS-CON Events announced today that EnterpriseTech has been named “Media Sponsor” of SYS-CON's 21st International Cloud Expo, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. EnterpriseTech is a professional resource for news and intelligence covering the migration of high-end technologies into the enterprise and business-IT industry, with a special focus on high-tech solutions in new product development, workload management, increased effi...
For organizations that have amassed large sums of software complexity, taking a microservices approach is the first step toward DevOps and continuous improvement / development. Integrating system-level analysis with microservices makes it easier to change and add functionality to applications at any time without the increase of risk. Before you start big transformation projects or a cloud migration, make sure these changes won’t take down your entire organization.
Cloud promises the agility required by today’s digital businesses. As organizations adopt cloud based infrastructures and services, their IT resources become increasingly dynamic and hybrid in nature. Managing these require modern IT operations and tools. In his session at 20th Cloud Expo, Raj Sundaram, Senior Principal Product Manager at CA Technologies, will discuss how to modernize your IT operations in order to proactively manage your hybrid cloud and IT environments. He will be sharing bes...
A look across the tech landscape at the disruptive technologies that are increasing in prominence and speculate as to which will be most impactful for communications – namely, AI and Cloud Computing. In his session at 20th Cloud Expo, Curtis Peterson, VP of Operations at RingCentral, highlighted the current challenges of these transformative technologies and shared strategies for preparing your organization for these changes. This “view from the top” outlined the latest trends and developments i...
Automation is enabling enterprises to design, deploy, and manage more complex, hybrid cloud environments. Yet the people who manage these environments must be trained in and understanding these environments better than ever before. A new era of analytics and cognitive computing is adding intelligence, but also more complexity, to these cloud environments. How smart is your cloud? How smart should it be? In this power panel at 20th Cloud Expo, moderated by Conference Chair Roger Strukhoff, paneli...
SYS-CON Events announced today that MobiDev, a client-oriented software development company, will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. MobiDev is a software company that develops and delivers turn-key mobile apps, websites, web services, and complex software systems for startups and enterprises. Since 2009 it has grown from a small group of passionate engineers and business...
Hardware virtualization and cloud computing allowed us to increase resource utilization and increase our flexibility to respond to business demand. Docker Containers are the next quantum leap - Are they?! Databases always represented an additional set of challenges unique to running workloads requiring a maximum of I/O, network, CPU resources combined with data locality.
SYS-CON Events announced today that GrapeUp, the leading provider of rapid product development at the speed of business, will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Grape Up is a software company, specialized in cloud native application development and professional services related to Cloud Foundry PaaS. With five expert teams that operate in various sectors of the market acr...
SYS-CON Events announced today that Ayehu will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on October 31 - November 2, 2017 at the Santa Clara Convention Center in Santa Clara California. Ayehu provides IT Process Automation & Orchestration solutions for IT and Security professionals to identify and resolve critical incidents and enable rapid containment, eradication, and recovery from cyber security breaches. Ayehu provides customers greater control over IT infras...
Artificial intelligence, machine learning, neural networks. We’re in the midst of a wave of excitement around AI such as hasn’t been seen for a few decades. But those previous periods of inflated expectations led to troughs of disappointment. Will this time be different? Most likely. Applications of AI such as predictive analytics are already decreasing costs and improving reliability of industrial machinery. Furthermore, the funding and research going into AI now comes from a wide range of com...