News Feed Item

Anterra Energy Announces First Quarter 2014 Financial and Operating Results

Management to Present at the LD MICRO Invitational 2014 on June 4, 2014

CALGARY, ALBERTA -- (Marketwired) -- 05/28/14 -- Anterra Energy Inc. ("Anterra" or the "Company") (TSX VENTURE:AE.A)(OTCQX:ATERF) announced its financial and operating results for the three months ended March 31, 2014. Selected information as outlined below and should be read in conjunction with the Company's unaudited financial statements and related management discussion and analysis available on the Company's website at www.anterraenergy.com or on SEDAR at www.sedar.com.

"Our results for the first quarter of 2014 reflect the full impact of two strategic transactions conducted in 2013: the corporate acquisition of Terrex Energy Inc. in March and the Nipisi property acquisition in December," stated Dr. Gang Fang, President and CEO. "Average production for the first quarter of 2014 was more than double that of the first quarter of 2013 and increased 73% from the fourth quarter of 2013. Our goal for 2014 is to again double our production from current levels. Overall, we believe Anterra Energy is well positioned to realize on our existing inventory of development properties and pursue additional opportunities as they arise."

First Quarter 2014 Operating Highlights

--  Revenue totaled $6.6 million, an increase of 161% over revenue of $2.5
    million reported for the first quarter of 2013. 
--  Production averaged 715 boe per day, an increase of 128% over average
    production of 314 boe per day in the first quarter of 2013; and a 73%
    increase over average production of 405 boe per day during the fourth
    quarter of 2013. 
--  Average crude oil production averaged 634 bbls per day an increase of
    186% to from 222 bbls per day reported for the first quarter of 2013. 
--  Oil and gas revenue increased to $5.7 million from $1.8 million for the
    first quarter of 2013. Midstream processing revenue totaled $0.9
    million, a 12% increase from a year ago. 
--  First quarter funds flow from operations totaled $1.4 million, an
    increase of $0.9 million, or 168%, compared to $0.5 million in the first
    quarter of 2013. 

Summary of Financial and Operating Results

Three months ended March 31:                        2014                2013
Oil and gas sales                             $5,715,660          $1,796,950
Midstream revenue                                892,909             764,336
Funds flow from operations(1)                  1,392,563             518,888
Net capital expenditures                         745,541              63,376
Net income                                      $167,659            $927,989
Average daily production                                                    
Crude oil and liquids (bbls/d)                       634                 222
Natural gas (mcf/d)                                  486                 574
Total production (boe/d)                             715                 314
Average realized prices                                                     
Crude oil ($/bbl)                                 $96.28              $84.31
Natural gas ($/mcf)                                $6.28               $3.45
Operating netback ($/boe)(1)                                                
Oil & gas sales                                   $88.78              $62.79
Royalties                                          19.71                8.50
Operating costs                                    36.85               25.64
Transportation                                      3.93                4.73
Operating netback (1)                             $28.29              $23.92
As at:                                    March 31, 2014   December 31, 2013
Balance Sheet                                                               
Property and equipment                       $71,836,739         $72,625,940
Exploration and evaluation assets                386,667             386,667
Bank debt                                     12,608,497          14,014,704
Shareholders' equity                         $33,854,306         $33,684,625
(1) Funds flow from operations and operating netback are Non-IFRS measures, 
 see Reader Advisories.                                                     

Corporate Presentation

Anterra's management will present at the LD Micro Invitational 2014 on Wednesday, June 4 in Los Angeles. The presentation is scheduled to begin at 4:00 PT and will be available via a live audio webcast. To access the webcast and presentation, please go the Company's website at www.anteraenergy.com.

About Anterra Energy Inc.

Anterra is an independent oil focused junior exploration and production company with an expanding presence in the Western Canadian Sedimentary Basin. The Company is actively engaged in the acquisition, development and production of oil and natural gas complemented by the operation of fee-based midstream facilities. Anterra is headquartered in Calgary, Alberta, is listed and trades on the TSX-V under the symbol "AE.A" and trades on OTCQX International under the symbol "ATERF". Additional information is available on the Company's website at www.anterraenergy.com.

Reader Advisories

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 News Release.

Forward-Looking Information

Certain information in this News Release constitutes forward-looking statements or information (collectively referred to herein as "forward-looking statements") within the meaning of applicable securities legislation. Forward-looking statements are usually identified by the words "believe", "anticipate", "expect", "plan", "estimate", "target", "continue", "could", "intend", "may", "potential", "predict", "should", "will", "objective", "project", "forecast", "goal", "guidance", "outlook", "effort", "seeks", "schedule" or expressions of a similar nature suggesting future outcome or statements regarding an outlook. In particular, forward-looking statements include:

Statements relating to Anterra's ability to grow production from current levels realize on existing development properties and pursue additional opportunities.

Forward-looking statements are not guarantees of future performance and the reader should not place undue reliance on these forward-looking statements as there can be no assurances that the assumptions, plans, initiatives or expectations upon which they are based will occur. In addition, forward-looking statements are subject to known and unknown risks, uncertainties and other factors that could cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by forward-looking statements. Such factors include, among others: general economic and business conditions; the price of and demand for oil and natural gas and their effect on the economics of oil and gas exploration; fluctuations in currency and interest rates and their effect on projected profitability of the Company's operations; the ability of the Company to implement its business strategy, including exploration and development plans; the impact of competition and in particular the ability of the Company to maintain its land position in a competitive leasing environment; the availability and cost of seismic, drilling, completions and other equipment; the Company's ability to secure adequate transportation and markets for any oil or gas discovered; drilling and operating hazards and other difficulties inherent in the exploration for and production and sale of oil and natural gas; the availability and cost of financing; the success of any exploration and development undertaken; actions by governmental authorities; and, changes in government regulations and the expenditures required to comply with them (including, but not limited to, the changes in taxes or the royalty or other share of production taken by governmental authorities). Should one or more of these risks or uncertainties materialize, or should any of the Company's assumptions prove incorrect, actual results may vary in material respects from those projected in the forward-looking statements. Readers are cautioned that the foregoing list of risks, uncertainties and other factors is not exhaustive. Unpredictable or unknown factors not discussed could also have material adverse effects on forward-looking statements. The impact of any one factor on a particular forward-looking statement is not determinable with certainty as such factors are dependent on other factors, and the Company's course of action would depend on its assessment of the future considering all information then available. All forward-looking statements in this MD&A are expressly qualified in their entirety by these cautionary statements. Except as required by law, the Company assumes no obligation to update forward-looking statements should circumstances or management's estimates or opinions change.

Non-IFRS Measures

This news release makes reference to terms commonly used in the petroleum and natural gas industry including funds from operations, funds from operations per share and netback. Such terms do not have a standard meaning as prescribed by International Financial Reporting Standards ("IFRS") and therefore may not be comparable with the determination of similar measures for other entities. These measures are identified as non-GAAP measures and are used by management to analyze operating performance and leverage. These measures should not be considered an alternative to, or more meaningful, than cash flow from/used in operating activities or net income (loss) as determined in accordance with IFRS.

BOE Presentation

Production volumes and reserves are commonly expressed on a barrel of oil equivalent ("boe") basis whereby natural gas volumes are converted at the ratio of six thousand cubic feet of gas equal to one barrel of oil, based on an energy equivalency at the burner tip and does not represent a value equivalency at the wellhead. Used in isolation, barrels of oil equivalent may be misleading.

Anterra Energy Inc.
Gang Fang
Chief Executive Officer
(403) 215-2383
(403) 261-6601 (FAX)
[email protected]

Anterra Energy Inc.
Owen C. Pinnell
(403) 215-2427
(403) 261-6601 (FAX)
[email protected]

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
@DevOpsSummit New York 2018, colocated with CloudEXPO | DXWorldEXPO New York 2018 will be held November 11-13, 2018, in New York City. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the world's largest enterprises - and delivering real results.
With tough new regulations coming to Europe on data privacy in May 2018, Calligo will explain why in reality the effect is global and transforms how you consider critical data. EU GDPR fundamentally rewrites the rules for cloud, Big Data and IoT. In his session at 21st Cloud Expo, Adam Ryan, Vice President and General Manager EMEA at Calligo, examined the regulations and provided insight on how it affects technology, challenges the established rules and will usher in new levels of diligence arou...
Dion Hinchcliffe is an internationally recognized digital expert, bestselling book author, frequent keynote speaker, analyst, futurist, and transformation expert based in Washington, DC. He is currently Chief Strategy Officer at the industry-leading digital strategy and online community solutions firm, 7Summits.
"We started a Master of Science in business analytics - that's the hot topic. We serve the business community around San Francisco so we educate the working professionals and this is where they all want to be," explained Judy Lee, Associate Professor and Department Chair at Golden Gate University, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
DXWorldEXPO LLC announced today that Dez Blanchfield joined the faculty of CloudEXPO's "10-Year Anniversary Event" which will take place on November 11-13, 2018 in New York City. Dez is a strategic leader in business and digital transformation with 25 years of experience in the IT and telecommunications industries developing strategies and implementing business initiatives. He has a breadth of expertise spanning technologies such as cloud computing, big data and analytics, cognitive computing, m...
Digital Transformation and Disruption, Amazon Style - What You Can Learn. Chris Kocher is a co-founder of Grey Heron, a management and strategic marketing consulting firm. He has 25+ years in both strategic and hands-on operating experience helping executives and investors build revenues and shareholder value. He has consulted with over 130 companies on innovating with new business models, product strategies and monetization. Chris has held management positions at HP and Symantec in addition to ...
Cloud-enabled transformation has evolved from cost saving measure to business innovation strategy -- one that combines the cloud with cognitive capabilities to drive market disruption. Learn how you can achieve the insight and agility you need to gain a competitive advantage. Industry-acclaimed CTO and cloud expert, Shankar Kalyana presents. Only the most exceptional IBMers are appointed with the rare distinction of IBM Fellow, the highest technical honor in the company. Shankar has also receive...
There is a huge demand for responsive, real-time mobile and web experiences, but current architectural patterns do not easily accommodate applications that respond to events in real time. Common solutions using message queues or HTTP long-polling quickly lead to resiliency, scalability and development velocity challenges. In his session at 21st Cloud Expo, Ryland Degnan, a Senior Software Engineer on the Netflix Edge Platform team, will discuss how by leveraging a reactive stream-based protocol,...
Enterprises have taken advantage of IoT to achieve important revenue and cost advantages. What is less apparent is how incumbent enterprises operating at scale have, following success with IoT, built analytic, operations management and software development capabilities - ranging from autonomous vehicles to manageable robotics installations. They have embraced these capabilities as if they were Silicon Valley startups.
DXWorldEXPO LLC announced today that Kevin Jackson joined the faculty of CloudEXPO's "10-Year Anniversary Event" which will take place on November 11-13, 2018 in New York City. Kevin L. Jackson is a globally recognized cloud computing expert and Founder/Author of the award winning "Cloud Musings" blog. Mr. Jackson has also been recognized as a "Top 100 Cybersecurity Influencer and Brand" by Onalytica (2015), a Huffington Post "Top 100 Cloud Computing Experts on Twitter" (2013) and a "Top 50 C...
Digital transformation is about embracing digital technologies into a company's culture to better connect with its customers, automate processes, create better tools, enter new markets, etc. Such a transformation requires continuous orchestration across teams and an environment based on open collaboration and daily experiments. In his session at 21st Cloud Expo, Alex Casalboni, Technical (Cloud) Evangelist at Cloud Academy, explored and discussed the most urgent unsolved challenges to achieve fu...
The standardization of container runtimes and images has sparked the creation of an almost overwhelming number of new open source projects that build on and otherwise work with these specifications. Of course, there's Kubernetes, which orchestrates and manages collections of containers. It was one of the first and best-known examples of projects that make containers truly useful for production use. However, more recently, the container ecosystem has truly exploded. A service mesh like Istio addr...
As DevOps methodologies expand their reach across the enterprise, organizations face the daunting challenge of adapting related cloud strategies to ensure optimal alignment, from managing complexity to ensuring proper governance. How can culture, automation, legacy apps and even budget be reexamined to enable this ongoing shift within the modern software factory? In her Day 2 Keynote at @DevOpsSummit at 21st Cloud Expo, Aruna Ravichandran, VP, DevOps Solutions Marketing, CA Technologies, was jo...
Predicting the future has never been more challenging - not because of the lack of data but because of the flood of ungoverned and risk laden information. Microsoft states that 2.5 exabytes of data are created every day. Expectations and reliance on data are being pushed to the limits, as demands around hybrid options continue to grow.
Poor data quality and analytics drive down business value. In fact, Gartner estimated that the average financial impact of poor data quality on organizations is $9.7 million per year. But bad data is much more than a cost center. By eroding trust in information, analytics and the business decisions based on these, it is a serious impediment to digital transformation.