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
IoT is at the core or many Digital Transformation initiatives with the goal of re-inventing a company's business model. We all agree that collecting relevant IoT data will result in massive amounts of data needing to be stored. However, with the rapid development of IoT devices and ongoing business model transformation, we are not able to predict the volume and growth of IoT data. And with the lack of IoT history, traditional methods of IT and infrastructure planning based on the past do not app...
To get the most out of their data, successful companies are not focusing on queries and data lakes, they are actively integrating analytics into their operations with a data-first application development approach. Real-time adjustments to improve revenues, reduce costs, or mitigate risk rely on applications that minimize latency on a variety of data sources. Jack Norris reviews best practices to show how companies develop, deploy, and dynamically update these applications and how this data-first...
In IT, we sometimes coin terms for things before we know exactly what they are and how they’ll be used. The resulting terms may capture a common set of aspirations and goals – as “cloud” did broadly for on-demand, self-service, and flexible computing. But such a term can also lump together diverse and even competing practices, technologies, and priorities to the point where important distinctions are glossed over and lost.
Internet-of-Things discussions can end up either going down the consumer gadget rabbit hole or focused on the sort of data logging that industrial manufacturers have been doing forever. However, in fact, companies today are already using IoT data both to optimize their operational technology and to improve the experience of customer interactions in novel ways. In his session at @ThingsExpo, Gordon Haff, Red Hat Technology Evangelist, shared examples from a wide range of industries – including en...
Intelligent Automation is now one of the key business imperatives for CIOs and CISOs impacting all areas of business today. In his session at 21st Cloud Expo, Brian Boeggeman, VP Alliances & Partnerships at Ayehu, will talk about how business value is created and delivered through intelligent automation to today’s enterprises. The open ecosystem platform approach toward Intelligent Automation that Ayehu delivers to the market is core to enabling the creation of the self-driving enterprise.
"At the keynote this morning we spoke about the value proposition of Nutanix, of having a DevOps culture and a mindset, and the business outcomes of achieving agility and scale, which everybody here is trying to accomplish," noted Mark Lavi, DevOps Solution Architect at Nutanix, in this SYS-CON.tv interview at @DevOpsSummit at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"We're here to tell the world about our cloud-scale infrastructure that we have at Juniper combined with the world-class security that we put into the cloud," explained Lisa Guess, VP of Systems Engineering at Juniper Networks, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
Enterprise architects are increasingly adopting multi-cloud strategies as they seek to utilize existing data center assets, leverage the advantages of cloud computing and avoid cloud vendor lock-in. This requires a globally aware traffic management strategy that can monitor infrastructure health across data centers and end-user experience globally, while responding to control changes and system specification at the speed of today’s DevOps teams. In his session at 20th Cloud Expo, Josh Gray, Chie...
"We're a cybersecurity firm that specializes in engineering security solutions both at the software and hardware level. Security cannot be an after-the-fact afterthought, which is what it's become," stated Richard Blech, Chief Executive Officer at Secure Channels, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Consumers increasingly expect their electronic "things" to be connected to smart phones, tablets and the Internet. When that thing happens to be a medical device, the risks and benefits of connectivity must be carefully weighed. Once the decision is made that connecting the device is beneficial, medical device manufacturers must design their products to maintain patient safety and prevent compromised personal health information in the face of cybersecurity threats. In his session at @ThingsExpo...
In his session at 20th Cloud Expo, Mike Johnston, an infrastructure engineer at Supergiant.io, discussed how to use Kubernetes to set up a SaaS infrastructure for your business. Mike Johnston is an infrastructure engineer at Supergiant.io with over 12 years of experience designing, deploying, and maintaining server and workstation infrastructure at all scales. He has experience with brick and mortar data centers as well as cloud providers like Digital Ocean, Amazon Web Services, and Rackspace. H...
SYS-CON Events announced today that Grape Up will exhibit at 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. Grape Up is a software company specializing 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 across the U.S. and Europe, Grape Up works with a variety of customers from emergi...
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.
SYS-CON Events announced today that Massive Networks will exhibit at 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. Massive Networks mission is simple. To help your business operate seamlessly with fast, reliable, and secure internet and network solutions. Improve your customer's experience with outstanding connections to your cloud.
DevOps is under attack because developers don’t want to mess with infrastructure. They will happily own their code into production, but want to use platforms instead of raw automation. That’s changing the landscape that we understand as DevOps with both architecture concepts (CloudNative) and process redefinition (SRE). Rob Hirschfeld’s recent work in Kubernetes operations has led to the conclusion that containers and related platforms have changed the way we should be thinking about DevOps and...