Renegade Petroleum Ltd. Announces First Quarter 2013 Results
(firmenpresse) - CALGARY, ALBERTA -- (Marketwired) -- 05/10/13 -- Renegade Petroleum Ltd. ("Renegade" or the "Company") (TSX VENTURE: RPL), a light oil focused development and production company with assets located in Saskatchewan, Alberta, Manitoba and North Dakota, is pleased to announce it has filed its condensed interim consolidated financial statements ("Financial Statements") and related management's discussion and analysis ("MD&A") for the three month period ended March 31, 2013 on SEDAR. Selected financial and operational information is outlined below and should be read in conjunction with the Financial Statements and related MD&A which are available for review at or .
FIRST QUARTER 2013 RESULTS
FINANCIAL HIGHLIGHTS
OUTLOOK
The drilling results in the first quarter of 2013 demonstrated the Company's ability to successfully delineate and develop its high quality, light oil focused asset base. The southeast Saskatchewan assets acquired in late 2012 have performed as anticipated to date as the Company exited the quarter at approximately 7,900 boe/d (net of the disclosed disposition referred to above). The Company, with full technical evaluations on over 90 locations, is well positioned to commence its drilling program on the acquired southeast Saskatchewan assets with a stable inventory of low risk locations. The drilling on such assets will commence post break-up. Despite the successful results to date, after reviewing the effect of the previously disclosed reduced production from the Redvers area and combined with the potential of an extended spring break-up, 2013 annual production is expected to average between 7,400 to 7,700 boe/d. The company expects to provide further updates and information to the market as the strategic review, referred to below, progresses. While weather conditions in Saskatchewan have improved considerably over the past two weeks, it is too early to determine whether break-up conditions will return to historical norms.
The Company has proactively attempted to minimize the potential effects of spring break-up by strategically placing service rigs throughout the field in southeast Saskatchewan to ensure repair and maintenance delays are minimized. In addition, the majority of the facilities and infrastructure associated with the assets acquired in late 2012 are tied into sales pipelines, which should also mitigate production down time. In addition, the Company has the flexibility to adjust its drilling program coming out of break-up through its two core areas of southeast Saskatchewan and the Viking.
The Board of Directors of the Company has constituted a special committee to assist with its strategic review of the Company's business plan to identify appropriate actions for the Company. Pursuant to the strategic review, the special committee is examining and considering the alternatives available to the Company with a view to enhance shareholder value.
CORPORATE INFORMATION
Renegade's common shares trade on the TSX Venture Exchange under the symbol "RPL". Renegade currently has approximately 203.1 million common shares outstanding and 212.1 million fully-diluted common shares.
READER ADVISORIES
Forward-Looking Statements
Statements in this document may contain forward-looking information including management's assessment of future plans and operations including capital expenditures, drilling results, locations and plans, future cash flow and production levels, expectations with respect to decline rates and type curves, expected timing of disclosure, matters related to the strategic plans of the Company, differentials and the length of spring break-up and its impact on the Company. The reader is cautioned that assumptions used in the preparation of such information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company.
These risks include, but are not limited to: the risks associated with the oil and gas industry; commodity prices and exchange rate changes. Industry related risks, which could include, but are not limited to: operational risks in exploration; proposed dispositions not being completed or if completed, not providing the benefits expected; development and production; delays or changes in plans; risks associated to the uncertainty of reserve estimates; health and safety risks, and; the uncertainty of estimates and projections of production, costs and expenses. The recovery and reserve estimates of Renegade's reserves provided herein are estimates only and there is no guarantee that the estimated reserves will be recovered. In addition, forward-looking statements or information are based on a number of factors and assumptions which have been used to develop such statements and information but which may prove to be incorrect.
Although the Company believes that the expectations reflected in such forward-looking statements or information are reasonable, undue reliance should not be placed on forward-looking statements because the Company can give no assurance that such expectations will prove to be correct. In addition to other factors and assumptions which may be identified herein, assumptions have been made regarding, among other things: the impact of increasing competition; the general stability of the economic and political environment in which the Company operates; the timely receipt of any required regulatory approvals; the ability of the Company to obtain qualified staff, equipment and services in a timely and cost efficient manner; drilling results; the ability of the operator of the projects which the Company has an interest in to operate the field in a safe, efficient and effective manner; the ability of the Company to obtain financing on acceptable terms; field production rates and decline rates; the ability to replace and expand oil and natural gas reserves through acquisition, development and exploration; the timing and costs of pipeline, storage and facility construction and expansion and the ability of the Company to secure adequate product transportation; future commodity prices; currency, exchange and interest rates; the timing of operations; the regulatory framework regarding royalties, taxes and environmental matters in the jurisdictions in which the Company operates; and the ability of the Company to successfully market its oil and natural gas products. Readers are cautioned that the foregoing lists of factors and assumptions are not exhaustive. Additional information on these and other factors that could affect the Company's operations and financial results are included in reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website (), at the Company's website (). Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.
Certain Oil & Gas Matters
Any references in this news release to IP rates, 30 day initial production rates or 60 day initial production rates are useful in confirming the presence of hydrocarbons, however, such rates are not determinative of the rates at which such wells will continue production and decline thereafter are not necessarily indicative of long term performance or ultimately recovery. While encouraging, readers are cautioned not to place reliance on such rates in calculating the aggregate production for Renegade.
Conversion
The term "boe" may be misleading, particularly if used in isolation. A boe conversion ratio of six thousand cubic feet of natural gas to one boe (6 mcf/bbl.) 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 this report are derived from converting gas to oil in the ratio of six thousand cubic feet of gas to one barrel of oil. Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value.
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:
Renegade Petroleum Ltd.
Michael Erickson
President & CEO
(403) 355-8922
Renegade Petroleum Ltd.
Alex Wylie
Vice-President, Finance & CFO
(403) 410-3376
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 10.05.2013 - 04:55 Uhr
Sprache: Deutsch
News-ID 258530
Anzahl Zeichen: 0
contact information:
Town:
CALGARY, ALBERTA
Kategorie:
Oil & Gas
Diese Pressemitteilung wurde bisher 261 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Renegade Petroleum Ltd. Announces First Quarter 2013 Results"
steht unter der journalistisch-redaktionellen Verantwortung von
Renegade Petroleum Ltd. (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
