Spartan Energy Corp. Announces 2015 Fourth Quarter and Year End Results
(firmenpresse) - CALGARY, ALBERTA -- (Marketwired) -- 03/10/16 -- Spartan Energy Corp. ("Spartan" or the "Company") (TSX: SPE) is pleased to report its financial and operating results for the fourth quarter and year ended December 31, 2015. Selected financial and operational information is set out below and should be read in conjunction with Spartan''s December 31, 2015 audited annual financial statements and the related management''s discussion and analysis ("MD&A"). The financial statements and MD&A are available for review at or on the Company''s website at .
FINANCIAL AND OPERATIONAL RESULTS
FOURTH QUARTER 2015 HIGHLIGHTS
2015 ANNUAL HIGHLIGHTS
HIGHLIGHTS SUBSEQUENT TO YEAR END 2015
OUTLOOK
Spartan intends to continue to take a disciplined approach to capital spending, and we will monitor the commodity price environment and adjust our annual capital expenditures to approximate our annual cash flow. Following completion of the bought deal financing and assuming the underwriters'' option is exercised in full, Spartan anticipates being undrawn on its $150 million syndicated credit facility. This financial flexibility leaves Spartan well positioned to take advantage of acquisition opportunities afforded by the currently challenged commodity price environment.
APPOINTMENT OF OFFICER
Spartan is pleased to announce that Mr. Randy Berg has been appointed as the Company''s Vice-President, Land. Mr. Berg has served as Land Manager of Spartan since April 2014 and previously served as Vice-President, Land of Renegade Petroleum Ltd. prior to its acquisition by Spartan in March 2014.
READER ADVISORY
BOE Disclosure. The term barrels of oil equivalent ("BOE") may be misleading, particularly if used in isolation. A BOE conversion ratio of six thousand cubic feet per barrel (6mcf/bbl) of natural gas to barrels of oil equivalence is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. All BOE conversions in the report are derived from converting gas to oil in the ratio mix of six thousand cubic feet of gas to one barrel of oil.
Forward-Looking Statements. Certain information included in this press release constitutes forward-looking information under applicable securities legislation. Forward-looking information typically contains statements with words such as "anticipate", "believe", "expect", "plan", "intend", "estimate", "propose", "project" or similar words suggesting future outcomes or statements regarding an outlook. Forward-looking information in this press release may include, but is not limited to, planned drilling and completion activities, future production levels and future production growth rates, future acquisition opportunities, capital spending levels, the anticipated terms and timing for closing the proposed share issuance (the "Offering"), the use of proceeds of the Offering, anticipated credit facility draw following completion of the Offering and the expectation that increased financial flexibility achieved with the Offering will allow us to be opportunistic on incremental acquisition opportunities..
The forward-looking statements contained in this press release are based on certain key expectations and assumptions made by Spartan, including expectations and assumptions concerning the success of future drilling, development and completion activities, the performance of existing wells, the performance of new wells, the availability and performance of facilities and pipelines, the geological characteristics of Spartan''s properties, the successful application of drilling, completion and seismic technology, prevailing weather and break-up conditions, commodity prices, royalty regimes and exchange rates, the application of regulatory and licensing requirements, the availability of capital, labour and services, the creditworthiness of industry partners and our ability to acquire additional assets, as well as expectations and assumptions that the Offering will close on the terms and at the time expected and that all regulatory approvals and other conditions will be received or satisfied for closing the Offering.
Although Spartan believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because Spartan can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, risks associated with the oil and gas industry in general (e.g., operational risks in development, exploration and production; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production, costs and expenses, and health, safety and environmental risks), constraint in the availability of services, commodity price and exchange rate fluctuations, adverse weather or break-up conditions and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures, as well as risks that the conditions for the Offering will not be satisfied or that the Offering will not close when expected and risks that acquisition opportunities will not become available or that the Corporation will not be able to complete any potential acquisition. These and other risks are set out in more detail in Spartan''s Annual Information Form for the year ended December 31, 2014.
The forward-looking information contained in this press release is made as of the date hereof and Spartan undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, unless required by applicable securities laws. The forward looking information contained in this press release is expressly qualified by this cautionary statement.
Non-IFRS Measures. This press release provides certain financial measures that do not have a standardized meaning prescribed by IFRS. These non-IFRS financial measures may not be comparable to similar measures presented by other issuers. Funds flow from operations, operating netback and net debt are not recognized measures under IFRS. Management believes that in addition to net income (loss), funds flow from operations, operating netback and net debt are useful supplemental measures that demonstrate the Company''s ability to generate the cash necessary to repay debt or fund future capital investment. Investors are cautioned, however, that these measures should not be construed as an alternative to net income (loss) determined in accordance with IFRS as an indication of Spartan''s performance. Spartan''s method of calculating these measures may differ from other companies and accordingly, they may not be comparable to measures used by other companies. Cash flow from operations is calculated by adjusting net income (loss) for other income, unrealized gains or losses on financial derivative instruments, transaction costs, accretion, share based compensation, impairment and depletion and depreciation. Operating netback is calculated based on oil and gas revenue less royalties and operating expenses. Net debt is the total of cash plus accounts receivable, plus prepaids and deposits, less accounts payable and bank debt.
Oil and Gas Advisories
BOE Disclosure. The term barrels of oil equivalent ("BOE") may be misleading, particularly if used in isolation. A BOE conversion ratio of six thousand cubic feet of natural gas to barrels of oil equivalence is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. All BOE conversions in the report are derived from converting gas to oil in the ratio mix of six thousand cubic feet of gas to one barrel of oil.
Reserves Disclosure. All reserve references in this press release are "Company share reserves". Company share reserves are the Company''s total working interest reserves before the deduction of any royalties and including any royalty interests of the Company.
Oil and Gas Metrics. This press release contains metrics commonly used in the oil and natural gas industry, such as "finding and development" ("F&D") costs. These terms do not have a standardized meaning and may not be comparable to similar measures presented by other companies, and therefore should not be used to make such comparisons.
"Finding and development costs" are calculated as the sum of development capital plus the change in future development capital for the period divided by the change in reserves that are characterized as development for the period. Finding and development costs take into account reserves revisions during the year on a per boe basis. The aggregate of the exploration and development costs incurred in the financial year and changes during that year in estimated future development costs generally will not reflect total finding and development costs related to reserves additions for that year.
"Development capital" means the aggregate exploration and development costs incurred in the financial year on reserves that are categorized as development. Development capital excludes land, acquisition and capitalized administration costs.
Management uses these oil and gas metrics for its own performance measurements and to provide shareholders with measures to compare Spartan''s operations over time. Readers are cautioned that the information provided by these metrics, or that can be derived from the metrics presented in this press release, should not be relied upon for investment or other purposes.
Contacts:
Spartan Energy Corp.
Richard (Rick) McHardy
President and Chief Executive Officer
Spartan Energy Corp.
Tim Sweeney
Manager, Business Development
Spartan Energy Corp.
Suite 500, 850 - 2nd Street S.W.
Calgary, Alberta T2P 0R8
403.355.2779 (FAX)
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Datum: 10.03.2016 - 07:00 Uhr
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