Dundee Energy Limited Announces 2015 Financial Results
(firmenpresse) - TORONTO, ONTARIO -- (Marketwired) -- 02/19/16 -- Dundee Energy Limited ("Dundee Energy" or the "Corporation") (TSX: DEN) today announced its financial results for the year ended December 31, 2015. The Corporation''s annual audited consolidated financial statements, along with management''s discussion and analysis have been filed on the System for Electronic Document Analysis and Retrieval ("SEDAR") and may be viewed under the Corporation''s profile at or the Corporation''s website at .
FINANCIAL HIGHLIGHTS
SOUTHERN ONTARIO ASSETS
During the year ended December 31, 2015, sales of oil and natural gas, net of royalty interests, generated revenues of $25.1 million, a decrease of $14.2 million from net sales of $39.3 million earned during the prior year.
Substantially lower commodity prices realized during 2015 decreased net sales by $15.8 million compared to 2014, although the decrease was partially offset by increased production volumes, which resulted in an increase of $1.6 million in net sales on a year-over-year basis. The increase in production volumes reflects an acquisition by the Corporation in August 2014 of the remaining 15% working interest in certain offshore gas properties in southern Ontario that it did not already own.
Capital Expenditures and the 2016 Work Program
In response to declining commodity prices for both crude oil and natural gas, the Corporation reduced its planned 2015 capital expenditure program significantly to $0.9 million. In the absence of a significant upswing in the underlying prices for commodities, the Corporation anticipates that it will curtail its 2016 work program to $0.8 million, which is the amount required in order to maintain the Corporation''s oil and natural gas land portfolio.
Amendment to Credit Facility
On February 18, 2016, the Corporation amended its credit facility, reducing the amounts available pursuant to the facility from $70 million to $60 million.
CASTOR UNDERGROUND GAS STORAGE PROJECT
During 2015, the Corporation commenced binding arbitration proceedings to resolve contractual disputes with ACS Servicios Communicacions y Energia S.L., its 67% partner in the underlying Castor project. The Corporation continues to prepare for the binding arbitration in anticipation of a decision before the end of 2016.
NON-IFRS MEASURES
The Corporation believes that important measures of operating performance include certain measures that are not defined under International Financial Reporting Standards ("IFRS") and as such, may not be comparable to similar measures used by other companies. While these measures are non-IFRS, they are common benchmarks in the oil and natural gas industry, and are used by the Corporation in assessing its operating results, including net earnings and cash flows.
ABOUT THE CORPORATION
Dundee Energy Limited is a Canadian-based oil and natural gas company with a mandate to create long-term value for its shareholders through the exploration, development, production and marketing of oil and natural gas, and through other high impact energy projects. Dundee Energy holds interests, both directly and indirectly, in the largest accumulation of producing oil and gas assets in Ontario and, through a preferred share investment, in certain exploration and evaluation programs for oil and natural gas offshore Tunisia. The Corporation''s common shares trade on the Toronto Stock Exchange under the symbol "DEN".
FORWARD-LOOKING STATEMENTS
Certain information set forth in these documents, including management''s assessment of each of the Corporation''s future plans and operations, contains forward-looking statements. Forward-looking statements are statements that are predictive in nature, depend upon or refer to future events or conditions and may include words such as "expects", "anticipates", "intends", "plans", "believes", "estimates" or similar expressions.
In particular, forward-looking statements contained in this document include, but are not limited to, statements with respect to: volatility of commodity prices, expectations regarding the Corporation''s ability to raise capital; effectiveness of hedging strategies; exploration, development and production; quantity of oil and natural gas reserve and recovery estimates; pending legal actions; treatment under government regulatory regimes and tax laws; financial and business prospects and financial outlook; performance characteristics of the Corporation''s oil and natural gas properties; the Corporation''s capital expenditure programs; supply and demand for oil and natural gas; drilling plans and strategy; availability of rigs, equipment and other goods and services; continually adding to reserves through acquisitions, exploration and development; anticipated work programs and land tenure; the granting of formal permits, licenses or authorities to prospect; the timing of acquisitions; the realization of the anticipated benefits of the Corporation''s acquisitions and dispositions and other risk factors discussed or referred to in the section entitled "Risk Factors" in the Corporation''s Annual Information Form for the year ended December 31, 2015.
Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Corporation''s actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward- looking statements will transpire or occur, or if any of them do so, what benefits the Corporation will derive from them. The Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Contacts:
Dundee Energy Limited
Bruce Sherley
President & CEO
(403) 774-9966
(403) 363-4536 (FAX)
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Datum: 19.02.2016 - 16:01 Uhr
Sprache: Deutsch
News-ID 1416452
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