Welcome!

News Feed Item

CYGAM Announces Q2 Financial Results and Quarterly Filings

CALGARY, ALBERTA -- (Marketwired) -- 08/12/14 -- 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 and six months ended June 30, 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 Q2 results showed the impact of continued strong cashflow 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 2,688 bopd (236 bopd
        CYGAM net, post ETAP);

    --  Oil net revenue was $2,058,216, compared to $2,267,559 for the three
        months ended June 30, 2013;

    --  Operating netbacks were $70.32 per barrel (on revenue of $118.28 per
        barrel with operating costs of $47.96 per barrel);

    --  Net loss of $1,199,106 compared to compared to a loss of $626,911
        for the three months ended June 30, 2013;

    --  The June 30, 2014 results included a provision of $339,498 with
        respect to oil export taxes in Tunisia, which the Company expects to
        recover from ETAP but has expensed due the uncertainty of timing of
        recovery, and an impairment provision of $432,960 relating to
        certain equipment and inventory 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          Six Months ended
                                         June 30,                  June 30,
                                2014         2013         2014         2013
----------------------------------------------------------------------------

Oil sales - Tunisia      $ 2,058,216  $ 2,267,559  $ 4,241,077  $ 4,036,951
Other income                     246        2,493        1,630        5,912
----------------------------------------------------------------------------
                           2,058,462    2,270,052    4,242,707    4,042,863

Operating costs              834,553      662,440    1,521,164    1,116,630
General and
 administrative              558,040      577,082    1,102,972    1,187,273
Stock based compensation      25,976       31,947       49,480       62,311
Financing costs              239,295       24,708      293,655       46,663
Impairment write-down        432,960      531,032      566,028      531,032
Exploration expense           13,109       48,760       28,921      102,880
Permit penalty                     -            -    3,316,500            -
Export taxes                 339,498            -      339,498            -
Depletion and
 depreciation                814,260    1,020,994    1,668,076    1,742,216
----------------------------------------------------------------------------
                           3,257,692    2,896,963    8,886,295    4,789,005

Net loss                  (1,199,230)    (626,911)  (4,643,588)    (746,142)
----------------------------------------------------------------------------

Per share - basic and
 diluted                 $     (0.01) $     (0.01) $     (0.04) $     (0.01)

Total non-current
 financial liabilities   $ 2,134,000  $         -  $ 2,134,000  $         -
Total assets             $20,521,721  $20,404,667  $20,521,721  $20,404,667

OPERATING


----------------------------------------------------------------------------
                             Three Months ended            Six Months ended
                                       June 30,                    June 30,
                             2014          2013          2014          2013
----------------------------------------------------------------------------

Oil revenues         $  2,058,216  $  2,267,559  $  4,241,077  $  4,036,951
Operating costs      $   (834,553) $   (662,440) $ (1,521,164) $ (1,116,630)
----------------------------------------------------------------------------
Net operating income $  1,223,662  $  1,605,119  $  2,719,913  $  2,920,321

Depletion and
 depreciation        $    814,260  $  1,020,994  $  1,668,076  $  1,742,216

Revenue per boe      $     118.28  $     104.50  $     118.32  $     107.52
Operating costs per
 boe                 $      47.96  $      30.53  $      42.44  $      29.74
----------------------------------------------------------------------------

Operating income per
 boe                 $      70.32  $      73.97  $      75.87  $      77.78

----------------------------------------------------------------------------

(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.

Outlook

The majority of the planned 2014 capital expenditure program has been completed and fully funded. Remaining minor capital investment for the balance of 2014 related to infrastructure upgrades is expected be funded from cashflow. Excess free cash flow generated will be used to progressively pay down debt.

We remain focussed on risk management of our existing assets and ways to protect and maximize shareholder value. The Company is also considering other strategic alternatives which may include re-financing, merger or outright sale of the Company. No financial advisor has been appointed at this time.

This press release should be read in conjunction with the unaudited consolidated interim financial statements for the three and six month periods ended June 30, 2014 and the associated management's discussion and analysis ("MD&A") for the same period together with the Company's audited consolidated financial statements for the years ended December 31, 2013 and 2012 and management's discussion and analysis (MD&A) for the year ended December 31, 2013, including, without limitation, the cautionary statements regarding forward-looking information contained therein.

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 and Tunisia. CYGAM currently holds various interests in five exploratory permits in Italy plus two exploratory permits and the BBT Production Concession in Tunisia which together encompass a total of approximately 1.4 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.

Contacts:
David Taylor
President and Chief Executive Officer
CYGAM Energy Inc.
[email protected]

Al Robertson
Chief Financial Officer
CYGAM Energy Inc.
[email protected]
(403) 802 6983

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
SYS-CON Events announced today that DatacenterDynamics has been named “Media Sponsor” of SYS-CON's 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY. DatacenterDynamics is a brand of DCD Group, a global B2B media and publishing company that develops products to help senior professionals in the world's most ICT dependent organizations make risk-based infrastructure and capacity decisions.
"When you think about the data center today, there's constant evolution, The evolution of the data center and the needs of the consumer of technology change, and they change constantly," stated Matt Kalmenson, VP of Sales, Service and Cloud Providers at Veeam Software, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
In a recent survey, Sumo Logic surveyed 1,500 customers who employ cloud services such as Amazon Web Services (AWS), Microsoft Azure, and Google Cloud Platform (GCP). According to the survey, a quarter of the respondents have already deployed Docker containers and nearly as many (23 percent) are employing the AWS Lambda serverless computing framework. It’s clear: serverless is here to stay. The adoption does come with some needed changes, within both application development and operations. That ...
New competitors, disruptive technologies, and growing expectations are pushing every business to both adopt and deliver new digital services. This ‘Digital Transformation’ demands rapid delivery and continuous iteration of new competitive services via multiple channels, which in turn demands new service delivery techniques – including DevOps. In this power panel at @DevOpsSummit 20th Cloud Expo, moderated by DevOps Conference Co-Chair Andi Mann, panelists examined how DevOps helps to meet the de...
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...
Headquartered in Plainsboro, NJ, Synametrics Technologies has provided IT professionals and computer systems developers since 1997. Based on the success of their initial product offerings (WinSQL and DeltaCopy), the company continues to create and hone innovative products that help its customers get more from their computer applications, databases and infrastructure. To date, over one million users around the world have chosen Synametrics solutions to help power their accelerated business or per...
Business professionals no longer wonder if they'll migrate to the cloud; it's now a matter of when. The cloud environment has proved to be a major force in transitioning to an agile business model that enables quick decisions and fast implementation that solidify customer relationships. And when the cloud is combined with the power of cognitive computing, it drives innovation and transformation that achieves astounding competitive advantage.
A valuable conference experience generates new contacts, sales leads, potential strategic partners and potential investors; helps gather competitive intelligence and even provides inspiration for new products and services. Conference Guru works with conference organizers to pass great deals to great conferences, helping you discover new conferences and increase your return on investment.
Sanjeev Sharma Joins November 11-13, 2018 @DevOpsSummit at @CloudEXPO New York Faculty. Sanjeev Sharma is an internationally known DevOps and Cloud Transformation thought leader, technology executive, and author. Sanjeev's industry experience includes tenures as CTO, Technical Sales leader, and Cloud Architect leader. As an IBM Distinguished Engineer, Sanjeev is recognized at the highest levels of IBM's core of technical leaders.
Digital Transformation: Preparing Cloud & IoT Security for the Age of Artificial Intelligence. As automation and artificial intelligence (AI) power solution development and delivery, many businesses need to build backend cloud capabilities. Well-poised organizations, marketing smart devices with AI and BlockChain capabilities prepare to refine compliance and regulatory capabilities in 2018. Volumes of health, financial, technical and privacy data, along with tightening compliance requirements by...
DXWorldEXPO LLC announced today that ICOHOLDER named "Media Sponsor" of Miami Blockchain Event by FinTechEXPO. ICOHOLDER gives detailed information and help the community to invest in the trusty projects. Miami Blockchain Event by FinTechEXPO has opened its Call for Papers. The two-day event will present 20 top Blockchain experts. All speaking inquiries which covers the following information can be submitted by email to [email protected] Miami Blockchain Event by FinTechEXPOalso offers sp...
Digital Transformation is much more than a buzzword. The radical shift to digital mechanisms for almost every process is evident across all industries and verticals. This is often especially true in financial services, where the legacy environment is many times unable to keep up with the rapidly shifting demands of the consumer. The constant pressure to provide complete, omnichannel delivery of customer-facing solutions to meet both regulatory and customer demands is putting enormous pressure on...
SYS-CON Events announced today that IoT Global Network has been named “Media Sponsor” of SYS-CON's @ThingsExpo, which will take place on June 6–8, 2017, at the Javits Center in New York City, NY. The IoT Global Network is a platform where you can connect with industry experts and network across the IoT community to build the successful IoT business of the future.
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...
"We do one of the best file systems in the world. We learned how to deal with Big Data many years ago and we implemented this knowledge into our software," explained Jakub Ratajczak, Business Development Manager at MooseFS, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.