Welcome!

News Feed Item

CYGAM Announces Q1 Financial Results and Quarterly Filings

CALGARY, ALBERTA -- (Marketwired) -- 05/15/14 -- CYGAM Energy Inc. (TSX VENTURE: CYG) ("CYGAM", or the "Company"), an emerging oil and gas company with interests in Tunisia and Italy, has filed its Shareholder Report, Interim Financial Results and Management Discussion & Analysis for the three months ended March 31, 2014 pursuant to the requirements of the applicable securities laws. These filings may be viewed on the Company's web site (www.cygamenergy.com) or at www.sedar.com.

CYGAM's Q1 results showed the impact of increased oil sales arising from the TT Field that is contained within the Bir Ben Tartar ("BBT") Concession in the Sud Remada Permit.

Under the production sharing contract established for the Sud Remada Permit with the Tunisian state oil company, Enterprise Tunisienne d'Activities Petrolieres ("ETAP"), CYGAM holds a 14 percent working interest through its wholly owned subsidiary Rigo Oil Company Tunisia Ltd., in partnership with Storm Ventures International, a subsidiary of Chinook Energy Inc. ("Chinook"), who holds the remaining 86 percent working interest and operates.

Highlights of the quarter


  -   Gross production from the TT Field averaged 2,358 bopd (207 bopd
      CYGAM net, post ETAP);

  -   Oil net revenue was $2,182,861, compared to $1,769,392 for the three
      months ended March 31, 2013;

  -   Operating netbacks were $81.13 per barrel (on revenue of $118.36 per
      barrel with operating costs of $37.23 per barrel);

  -   Net loss of $3,444,359 compared to compared to a loss of $119,231
      for the three months ended March 31, 2013;

  -   The March 31, 2014 results included a provision of $3,316,500
      (US$3million) to reflect management's best estimate of the net
      penalty payable with respect to the Sud Tozeur permit in Tunisia.

A more detailed discussion of the results is included in the MD&A and report to shareholders, available on the Company's web site or SEDAR.


SELECTED FINANCIAL INFORMATION
----------------------------------------------------------------------------
                                               Three Months ended March 31,
                                                      2014             2013
----------------------------------------------------------------------------

Oil revenue - Tunisia                        $   2,182,861    $   1,769,392
Other income                                         1,384            3,419
----------------------------------------------------------------------------
                                                 2,184,245        1,772,811

Operating costs                                    686,612          454,190
General and administrative                         544,931          610,191
Stock based compensation                            23,504           30,364
Financing costs                                     54,360           21,955
Impairment write-down (recovery)                   133,068                -
Loss (gain) on sale of exploration assets                -                -
Exploration expense                                 15,812           54,120
Permit Penalty                                   3,316,500                -
Depletion and depreciation                         853,816          721,222
----------------------------------------------------------------------------
                                                 5,628,603        1,892,043

Net loss                                        (3,444,359)        (119,231)
----------------------------------------------------------------------------

Per share - basic and diluted                $       (0.03)   $           -

Total non-current financial liabilities      $           -    $           -
Total assets                                 $  21,460,144    $  20,790,766


OPERATING
----------------------------------------------------------------------------
                                               Three Months ended March 31,
                                                      2014             2013
----------------------------------------------------------------------------

Oil revenues                                 $   2,182,861    $   1,769,392
Operating costs                              $    (686,612)   $    (454,190)
----------------------------------------------------------------------------
Net operating income                         $   1,496,248    $   1,315,201

Depletion and depreciation                   $     853,816    $     721,222

Revenue per boe                              $      118.36    $      111.65
Operating costs per boe                      $       37.23    $       28.66
----------------------------------------------------------------------------

Operating income per boe                     $       81.13    $       82.99
----------------------------------------------------------------------------
----------------------------------------------------------------------------
(1) Net operating income and netback are non-IFRS measures. Net operating
income and netback is defined as revenue less operating costs.
(2) Since ETAP pays all taxes and royalties from its share of production,
net operating income is effectively after tax to the Company.

About CYGAM Energy Inc.

CYGAM is a Calgary based exploration company with extensive international exploration permits and a producing property in Tunisia. The main focus of CYGAM is the acquisition, exploration and development of international oil and gas permits, primarily in Italy, Tunisia and the Mediterranean Basin. CYGAM currently holds various interests in five exploratory permits in Italy plus three exploratory permits and the BBT Production Concession in Tunisia which together encompass a total of approximately 2.6 million gross acres.

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
Due of the rise of Hadoop, many enterprises are now deploying their first small clusters of 10 to 20 servers. At this small scale, the complexity of operating the cluster looks and feels like general data center servers. It is not until the clusters scale, as they inevitably do, when the pain caused by the exponential complexity becomes apparent. We've seen this problem occur time and time again. In his session at Big Data Expo, Greg Bruno, Vice President of Engineering and co-founder of StackIQ...
Containers have changed the mind of IT in DevOps. They enable developers to work with dev, test, stage and production environments identically. Containers provide the right abstraction for microservices and many cloud platforms have integrated them into deployment pipelines. DevOps and containers together help companies achieve their business goals faster and more effectively. In his session at DevOps Summit, Ruslan Synytsky, CEO and Co-founder of Jelastic, reviewed the current landscape of Dev...
WebRTC is the future of browser-to-browser communications, and continues to make inroads into the traditional, difficult, plug-in web communications world. The 6th WebRTC Summit continues our tradition of delivering the latest and greatest presentations within the world of WebRTC. Topics include voice calling, video chat, P2P file sharing, and use cases that have already leveraged the power and convenience of WebRTC.
WebRTC sits at the intersection between VoIP and the Web. As such, it poses some interesting challenges for those developing services on top of it, but also for those who need to test and monitor these services. In his session at WebRTC Summit, Tsahi Levent-Levi, co-founder of testRTC, reviewed the various challenges posed by WebRTC when it comes to testing and monitoring and on ways to overcome them.
"A lot of times people will come to us and have a very diverse set of requirements or very customized need and we'll help them to implement it in a fashion that you can't just buy off of the shelf," explained Nick Rose, CTO of Enzu, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Every successful software product evolves from an idea to an enterprise system. Notably, the same way is passed by the product owner's company. In his session at 20th Cloud Expo, Oleg Lola, CEO of MobiDev, will provide a generalized overview of the evolution of a software product, the product owner, the needs that arise at various stages of this process, and the value brought by a software development partner to the product owner as a response to these needs.
SYS-CON Events announced today that Enzu will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY, and the 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Enzu’s mission is to be the leading provider of enterprise cloud solutions worldwide. Enzu enables online businesses to use its IT infrastructure to their competitive ad...
WebRTC services have already permeated corporate communications in the form of videoconferencing solutions. However, WebRTC has the potential of going beyond and catalyzing a new class of services providing more than calls with capabilities such as mass-scale real-time media broadcasting, enriched and augmented video, person-to-machine and machine-to-machine communications. In his session at @ThingsExpo, Luis Lopez, CEO of Kurento, introduced the technologies required for implementing these idea...
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...
Using new techniques of information modeling, indexing, and processing, new cloud-based systems can support cloud-based workloads previously not possible for high-throughput insurance, banking, and case-based applications. In his session at 18th Cloud Expo, John Newton, CTO, Founder and Chairman of Alfresco, described how to scale cloud-based content management repositories to store, manage, and retrieve billions of documents and related information with fast and linear scalability. He addres...
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. In his session at @ThingsExpo, Craig Sproule, CEO of Metavine, demonstrated how to move beyond today's coding paradigm and shared the must-have mindsets for removing complexity from the develop...
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 co...
While not quite mainstream yet, WebRTC is starting to gain ground with Carriers, Enterprises and Independent Software Vendors (ISV’s) alike. WebRTC makes it easy for developers to add audio and video communications into their applications by using Web browsers as their platform. But like any market, every customer engagement has unique requirements, as well as constraints. And of course, one size does not fit all. In her session at WebRTC Summit, Dr. Natasha Tamaskar, Vice President, Head of C...
"We are an all-flash array storage provider but our focus has been on VM-aware storage specifically for virtualized applications," stated Dhiraj Sehgal of Tintri 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.
Who are you? How do you introduce yourself? Do you use a name, or do you greet a friend by the last four digits of his social security number? Assuming you don’t, why are we content to associate our identity with 10 random digits assigned by our phone company? Identity is an issue that affects everyone, but as individuals we don’t spend a lot of time thinking about it. In his session at @ThingsExpo, Ben Klang, Founder & President of Mojo Lingo, discussed the impact of technology on identity. Sho...