Angle Energy Inc. Announces 2012 Year End Financial Results
(firmenpresse) - CALGARY, ALBERTA -- (Marketwire) -- 03/20/13 -- Angle Energy Inc. ("Angle" or the "Company") (TSX: NGL) today announced the financial and operating results for the year ended December 31, 2012.
The Company has filed its audited consolidated financial statements and related management's discussion and analysis ("MD&A") for the year ended December 31, 2012 on and . Operational and financial highlights for the fourth quarter of 2012 and for the twelve month period ended December 31, 2012 are noted below and should be read in conjunction with Angle's 2012 consolidated financial statements and related MD&A.
2012 YEAR END HIGHLIGHTS
Operations
Since the fourth quarter of 2011, Angle has drilled and "slick water" fractured a total of 26 Cardium horizontal wells at Harmattan. Seven of these wells are in the 2013 program, completed in the first quarter. The Company provided a detailed first quarter operational update on March 11, 2013. Since that update, two additional wells have completed their 3-5 day test periods, with one well a step out to the southwest of the asset base, and the second well drilled in the northern area of the play.
The first quarter test results have proven the southern extension of the play. The following table outlines the seven wells tested in the first quarter, showing oil volumes only in bbls/day (gas rates are minimal) compared to Angle's type curve and the average rates from Angle's producing wells in the play.
Light Oil Rates in BBLS/D
The total drilling inventory in this play is approximately 175 wells, at a density of 4 wells per section.
Outlook
Cardium light oil is now Angle's dominant asset and has become so in only one year. The Company is the fifth largest Cardium land holder in Canada and had only 20% of its undrilled inventory booked in the December 31, 2012 reserve report.
The higher weighting of light oil is expected to be directly reflected in increases to the cash flow per share for 2013.
The sale of the Edson gas assets reduced Angle's near term debt to less than 2.0 times debt to cash flow. Angle is committed to maintaining risk-appropriate leverage and has a corporate directive of managing its debt to cash flow ratio for the overall 2013 capital program to under 2.0 times on a fourth quarter annualized basis.
See notes to the consolidated financial statements as filed on SEDAR.
See notes to the consolidated financial statements as filed on SEDAR.
See notes to the consolidated financial statements as filed on SEDAR.
See notes to the consolidated financial statements as filed on SEDAR.
ABOUT ANGLE
Angle Energy Inc. is a public, Calgary-based oil and gas exploration and development company incorporated in 2004. Angle's objective is to build shareholder value through the profitable growth of its high quality asset base through a combination of drilling and strategic acquisitions. Angle's proven and dedicated team of industry specialists are focused on identifying and developing high quality assets in the Western Canadian Sedimentary Basin, with an emphasis in west central Alberta. Common shares of Angle are listed for trading on the Toronto Stock Exchange under the symbol "NGL."
Basis of Presentation
Production information is commonly reported in units of barrel of oil equivalent ("boe"). For purposes of computing such units, natural gas is converted to equivalent barrels of crude oil using a conversion factor of six thousand cubic feet of gas to one barrel of oil. This conversion ratio of 6:1 is based on an energy equivalent conversion for the individual products, primarily applicable at the burner tip, and does not represent a value equivalency at the wellhead. Such disclosure of boe may be misleading, particularly if used in isolation.
Future Outlook and Forward-Looking Information
Information set forth in this press release contains estimates and forward-looking statements and are made as of March 20, 2013, including production test results, drilling results, drilling plans and exploring opportunities. These forward-looking statements are subject to the corporate directives mentioned herein and based on assumptions as of that date and the reader should refer to the forward looking statements section disclosed in December 31, 2012 Management Discussion and Analysis as filed on SEDAR. By their nature, estimates and forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond Angle's control, including the impact of reservoir quality, decline rates, volatility of commodity prices, drilling techniques, costs of third party services, general economic conditions, industry conditions, environmental risks, competition and interest from other industry participants, the lack of availability of qualified personnel or management, ability to access sufficient capital from internal and the ability to identify and consummate business opportunities.
Readers are cautioned that the assumptions and factors discussed in this press release are not exhaustive and 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. Angle's actual results, performance or achievement could differ materially from those expressed in, or implied by, these estimates and forward-looking statements, and accordingly, no assurance can be given that any of the events anticipated by the estimates and forward-looking statements will transpire or occur, or if any of them do so, what benefits that Angle or its shareholders will derive there from. Furthermore, while the production test results are useful in confirming the presence of hydrocarbons, they are not necessarily indicative of long-term performance or of ultimate recovery from a well and should not be used to calculate the aggregate production for Angle. Unless required by law, Angle disclaims any intention or obligation to update or revise any estimates and forward-looking statements, whether as a result of new information, future events or otherwise. The estimates and forward looking statements are expressly qualified by these cautionary statements.
Contacts:
Angle Energy Inc.
Heather Christie-Burns
President and Chief Operating Officer
(403) 263-4534
(403) 263-4179 (FAX)
Angle Energy Inc.
Gregg Fischbuch
Chief Executive Officer
(403) 263-4534
(403) 263-4179 (FAX)
Angle Energy Inc.
Stuart Symon
Chief Financial Officer
(403) 263-4534
(403) 263-4179 (FAX)
Angle Energy Inc.
Suite 700
324 Eighth Avenue SW
Calgary, Alberta T2P 2Z2
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Datum: 20.03.2013 - 21:44 Uhr
Sprache: Deutsch
News-ID 241644
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CALGARY, ALBERTA
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Oil & Gas
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