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
Fact: storage performance problems have only gotten more complicated, as applications not only have become largely virtualized, but also have moved to cloud-based infrastructures. Storage performance in virtualized environments isn’t just about IOPS anymore. Instead, you need to guarantee performance for individual VMs, helping applications maintain performance as the number of VMs continues to go up in real time. In his session at Cloud Expo, Dhiraj Sehgal, Product and Marketing at Tintri, sha...
Whether your IoT service is connecting cars, homes, appliances, wearable, cameras or other devices, one question hangs in the balance – how do you actually make money from this service? The ability to turn your IoT service into profit requires the ability to create a monetization strategy that is flexible, scalable and working for you in real-time. It must be a transparent, smoothly implemented strategy that all stakeholders – from customers to the board – will be able to understand and comprehe...
CloudJumper, a Workspace as a Service (WaaS) platform innovator for agile business IT, has been recognized with the Customer Value Leadership Award for its nWorkSpace platform by Frost & Sullivan. The company was also featured in a new report(1) by the industry research firm titled, “Desktop-as-a-Service Buyer’s Guide, 2016,” which provides a comprehensive comparison of DaaS providers, including CloudJumper, Amazon, VMware, and Microsoft.
Businesses and business units of all sizes can benefit from cloud computing, but many don't want the cost, performance and security concerns of public cloud nor the complexity of building their own private clouds. Today, some cloud vendors are using artificial intelligence (AI) to simplify cloud deployment and management. In his session at 20th Cloud Expo, Ajay Gulati, Co-founder and CEO of ZeroStack, will discuss how AI can simplify cloud operations. He will cover the following topics: why clou...
"Dice has been around for the last 20 years. We have been helping tech professionals find new jobs and career opportunities," explained Manish Dixit, VP of Product and Engineering at Dice, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
"Qosmos has launched L7Viewer, a network traffic analysis tool, so it analyzes all the traffic between the virtual machine and the data center and the virtual machine and the external world," stated Sebastien Synold, Product Line Manager at Qosmos, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
The Internet of Things will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform and how we integrate our thinking to solve complicated problems. In his session at 19th Cloud Expo, Craig Sproule, CEO of Metavine, demonstrated how to move beyond today's coding paradigm and sh...
More and more brands have jumped on the IoT bandwagon. We have an excess of wearables – activity trackers, smartwatches, smart glasses and sneakers, and more that track seemingly endless datapoints. However, most consumers have no idea what “IoT” means. Creating more wearables that track data shouldn't be the aim of brands; delivering meaningful, tangible relevance to their users should be. We're in a period in which the IoT pendulum is still swinging. Initially, it swung toward "smart for smar...
Rapid innovation, changing business landscapes, and new IT demands force businesses to make changes quickly. In the eyes of many, containers are at the brink of becoming a pervasive technology in enterprise IT to accelerate application delivery. In this presentation, attendees learned about the: The transformation of IT to a DevOps, microservices, and container-based architecture What are containers and how DevOps practices can operate in a container-based environment A demonstration of how ...
Application transformation and DevOps practices are two sides of the same coin. Enterprises that want to capture value faster, need to deliver value faster – time value of money principle. To do that enterprises need to build cloud-native apps as microservices by empowering teams to build, ship, and run in production. In his session at @DevOpsSummit at 19th Cloud Expo, Neil Gehani, senior product manager at HPE, discussed what every business should plan for how to structure their teams to delive...
"Venafi has a platform that allows you to manage, centralize and automate the complete life cycle of keys and certificates within the organization," explained Gina Osmond, Sr. Field Marketing Manager at Venafi, in this SYS-CON.tv interview at DevOps at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
"We are a modern development application platform and we have a suite of products that allow you to application release automation, we do version control, and we do application life cycle management," explained Flint Brenton, CEO of CollabNet, in this SYS-CON.tv interview at DevOps at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, provided an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life sett...
We are always online. We access our data, our finances, work, and various services on the Internet. But we live in a congested world of information in which the roads were built two decades ago. The quest for better, faster Internet routing has been around for a decade, but nobody solved this problem. We’ve seen band-aid approaches like CDNs that attack a niche's slice of static content part of the Internet, but that’s it. It does not address the dynamic services-based Internet of today. It does...
The WebRTC Summit New York, to be held June 6-8, 2017, at the Javits Center in New York City, NY, announces that its Call for Papers is now open. Topics include all aspects of improving IT delivery by eliminating waste through automated business models leveraging cloud technologies. WebRTC Summit is co-located with 20th International Cloud Expo and @ThingsExpo. WebRTC is the future of browser-to-browser communications, and continues to make inroads into the traditional, difficult, plug-in web ...