Click here to close now.

Welcome!

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
----------------------------------------------------------------------------
Financial                                                                   
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.

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
The 4th International Internet of @ThingsExpo, co-located with the 17th International Cloud Expo - to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA - announces that its Call for Papers is open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than
Agile, which started in the development organization, has gradually expanded into other areas downstream - namely IT and Operations. Teams – then teams of teams – have streamlined processes, improved feedback loops and driven a much faster pace into IT departments which have had profound effects on the entire organization. In his session at DevOps Summit, Anders Wallgren, Chief Technology Officer of Electric Cloud, will discuss how DevOps and Continuous Delivery have emerged to help connect dev...
The 17th International Cloud Expo has announced that its Call for Papers is open. 17th International Cloud Expo, to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, APM, APIs, Microservices, Security, Big Data, Internet of Things, DevOps and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding bu...
SYS-CON Events announced today that Harbinger Systems will exhibit at SYS-CON's 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Harbinger Systems is a global company providing software technology services. Since 1990, Harbinger has developed a strong customer base worldwide. Its customers include software product companies ranging from hi-tech start-ups in Silicon Valley to leading product companies in the US a...
Explosive growth in connected devices. Enormous amounts of data for collection and analysis. Critical use of data for split-second decision making and actionable information. All three are factors in making the Internet of Things a reality. Yet, any one factor would have an IT organization pondering its infrastructure strategy. How should your organization enhance its IT framework to enable an Internet of Things implementation? In his session at @ThingsExpo, James Kirkland, Red Hat's Chief Arch...
The 5th International DevOps Summit, co-located with 17th International Cloud Expo – being held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA – announces that its Call for Papers is open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the ...
SYS-CON Events announced today that Secure Infrastructure & Services will exhibit at SYS-CON's 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Secure Infrastructure & Services (SIAS) is a managed services provider of cloud computing solutions for the IBM Power Systems market. The company helps mid-market firms built on IBM hardware platforms to deploy new levels of reliable and cost-effective computing and hig...
DevOps Summit, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 17th 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 no time to wait for long development...
To many people, IoT is a buzzword whose value is not understood. Many people think IoT is all about wearables and home automation. In his session at @ThingsExpo, Mike Kavis, Vice President & Principal Cloud Architect at Cloud Technology Partners, discussed some incredible game-changing use cases and how they are transforming industries like agriculture, manufacturing, health care, and smart cities. He will discuss cool technologies like smart dust, robotics, smart labels, and much more. Prepare...
SYS-CON Events announced today that ProfitBricks, the provider of painless cloud infrastructure, will exhibit at SYS-CON's 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. ProfitBricks is the IaaS provider that offers a painless cloud experience for all IT users, with no learning curve. ProfitBricks boasts flexible cloud servers and networking, an integrated Data Center Designer tool for visual control over the...
The cloud has transformed how we think about software quality. Instead of preventing failures, we must focus on automatic recovery from failure. In other words, resilience trumps traditional quality measures. Continuous delivery models further squeeze traditional notions of quality. Remember the venerable project management Iron Triangle? Among time, scope, and cost, you can only fix two or quality will suffer. Only in today's DevOps world, continuous testing, integration, and deployment upend...
SYS-CON Events announced today that MangoApps will exhibit at SYS-CON's 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. MangoApps provides private all-in-one social intranets allowing workers to securely collaborate from anywhere in the world and from any device. Social, mobile, and easy to use. MangoApps has been named a "Market Leader" by Ovum Research and a "Cool Vendor" by Gartner. 20,000+ business custome...
SYS-CON Events announced today that JFrog, maker of Artifactory, the popular Binary Repository Manager, will exhibit at SYS-CON's @DevOpsSummit Silicon Valley, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Based in California, Israel and France, founded by longtime field-experts, JFrog, creator of Artifactory and Bintray, has provided the market with the first Binary Repository solution and a software distribution social platform.
DevOps tends to focus on the relationship between Dev and Ops, putting an emphasis on the ops and application infrastructure. But that’s changing with microservices architectures. In her session at DevOps Summit, Lori MacVittie, Evangelist for F5 Networks, will focus on how microservices are changing the underlying architectures needed to scale, secure and deliver applications based on highly distributed (micro) services and why that means an expansion into “the network” for DevOps.
17th Cloud Expo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Meanwhile, 94% of enterprises ar...