Rooster Energy Announces Fourth Quarter and Fiscal Year 2014 Financial, Operating and Reserve Report Results
(firmenpresse) - CALGARY, ALBERTA -- (Marketwired) -- 04/30/15 -- ROOSTER ENERGY LTD. (the "Company") () (TSX VENTURE: COQ) is pleased to announce it has filed on SEDAR () its Forms 51-101F1, 51-101F2 and 51-101F3 which includes summary data on the Company's proved and probable reserves as of December 31, 2014. Additionally, the Company has filed its audited financial statements, related management discussion and analysis ("MD&A") for the three months ("Q4 2014") and twelve months ended December 31, 2014 ("FYE 2014"). Selected financial and operational information for Q4 2014, FYE 2014 is outlined below and should be read in conjunction with the financial statements and related MD&A.
HIGHLIGHTS:
Robert P. Murphy, Chief Executive Officer and President, comments that "despite numerous challenges, 2014 proved to be a pivotal year in the execution of Rooster's vertically integrated strategy. In November 2014, Rooster closed the acquisitions of Cochon Properties, LLC, and Morrison Well Services, LLC, and refinanced its senior debt with a $45 million term facility. Rooster grew is production volumes in Q4 2014 by 7% from year-ago levels to 2,573 Boepd, an accomplishment achieved entirely with a multiple well recompletion program. Morrison Well Services utilization averaged 42% in Q4 2014 compared to 66% in Q4 2013, as industry consolidation and lower commodity prices continued to weigh on activity levels in the service sector. However, lower utilization among external customers was largely offset by strong performance related to the Company's decommissioning contracts. On a consolidated basis, the Company generated $4.1 million of EBITDAX in Q4 2014 on revenues of $28.4 million."
Proved and probable reserves grew by 3.0 million barrels of oil equivalent (MMBoe) from 2013 to 12.8 MMBoe. The increase in reserves was driven largely by the acquisition of Cochon Properties, LLC, and our multiple well recompletions. The NPV-10% associated with our proved and probable reserves totaled $186.2 million.
SUMMARY OF NI 51-101 RESERVE REPORT
In 2015, the Company plans to take advantage of the reduced service costs resulting from the industry downturn by resuming its development drilling program later this year and aggressively pursuing acquisition opportunities in both state and federal waters. The Company has also accelerated activity related to its decommissioning contracts. Mr. Murphy further states "in short, we believe great companies are built in difficult environments such as we are experiencing today, and expect 2015 to offer exceptional opportunities to further grow production, reserves, and shareholder value."
SUMMARY OF OPERATING AND FINANCIAL RESULTS FOR Q4 2014 AND FYE 2014
ABOUT ROOSTER ENERGY LTD.
Rooster Energy Ltd. is a Houston, Texas, based independent oil and natural gas exploration and production company focused on the development of resources in the shallow waters of the Gulf of Mexico and the delivery of well intervention services, including well plugging and abandonment, through its wholly owned subsidiary, Morrison Well Services, LLC. Our primary assets consist of interests in 17 federal leases, 9 state leases and 16 rigless units of well intervention equipment. The Company is the operator of the majority of its properties and daily oil and gas production.
Investors are welcome to visit our website at or contact the following for all corporate updates and investor inquiries:
Forward Looking Information and Statements
Certain statements and information in this press release may constitute "forward-looking information" or statements as such terms are used in applicable Canadian securities laws. Any statement that expresses, involves or includes expectations of future operations (including drill rig commitments and use of proceeds), commerciality of any hydrocarbon discovered, production rates, operating costs, commodity prices, administrative costs, commodity price risk and other components of cash flow and earnings, management activity, acquisitions and dispositions, capital spending, access to credit facilities taxes, regulatory changes, projections, objective, assumptions or future events that are not statements of historical fact should be viewed as "forward-looking statements". Events or circumstances may cause actual results to differ materially from those predicted, 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 could include, but are not limited to, operational risks in exploration, development and production, delays or changes in plans, risks associated with the uncertainty of reserve estimates, or reservoir performance, health and safety risks and the uncertainty of estimates and projections of production, costs and expenses. The reader is cautioned not to place undue reliance on any forward-looking statement in this press release. The Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law.
Note Regarding Boe
The term barrel of oil equivalent ("boe") may be misleading, particularly if used in isolation. A conversion ratio for gas of 6 mcf//1 boe is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly equivalency conversion ratio of 6:1, utilizing a conversion on a 6:1 basis is misleading as an indication of value.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICE PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE RELEASE.
Contacts:
Gary Nuschler, Jr.
Rooster Petroleum, LLC, Vice President-Finance
16285 Park Ten Place, Suite 120
Houston, Texas, USA 77084
(832) 463-0625
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Datum: 30.04.2015 - 22:50 Uhr
Sprache: Deutsch
News-ID 390086
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CALGARY, ALBERTA
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Oil & Gas
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