Rooster Energy Announces Second Quarter 2015 Financial & Operating Results
(firmenpresse) - CALGARY, ALBERTA -- (Marketwired) -- 08/27/15 -- ROOSTER ENERGY LTD. (the "Company") () (TSX VENTURE: COQ) is pleased to announce it has filed on SEDAR () its interim financial statements and management discussion and analysis (MD&A) for the second quarter ended June 30, 2015 ("Q2 2015").
HIGHLIGHTS:
Robert P. Murphy, Chief Executive Officer and President, commented that, "The Company's daily production continued to benefit from its successful recompletion program over the first six months of 2015. Production volumes averaged 3,122 boepd, up 26% from year-ago levels. The Well Services segment averaged 42% utilization of units or spreads in Q2 2015 compared to 48% utilization in Q2 2014. The Well Services business continues to offset low utilization from our external clients by stronger activity related to internal decommissioning contracts. In Q2 2015, the Company generated EBITDAX of $5,778,845, a 34% decline from year-ago levels. However EBITDAX for the first six months of 2015 is 5% above 2014 levels. Despite dramatically lower commodity prices in 2015 compared to a year ago, Rooster's diversified business strategy, in conjunction with its expanded and extended credit facility, has better positioned the Company to withstand the challenging commodity pricing environment that our industry is experiencing."
Operations Update
The Company has suspended completion operations at its High Island A494 #B-4 well as a result of the drilling rig being de-mobilized from the Gulf of Mexico to a job in Trinidad. The drilling contractor is preparing a substitute rig to resume completion operations that are expected to begin in late September, 2015. Prior to year-end 2015, the Company has planned to drill two more wells located in the Eugene Island and East Cameron areas of the Gulf of Mexico.
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 14 federal oil and gas leases, 9 state oil and gas leases and 16 rigless units or spreads of well intervention equipment. The Company is the operator of the majority of its leases and daily oil and gas production.
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 THIS PRESS RELEASE.
Contacts:
Rooster Petroleum, LLC
Gary Nuschler, Jr.
Vice President-Finance
(832) 463-0625
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Datum: 27.08.2015 - 23:00 Uhr
Sprache: Deutsch
News-ID 416477
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CALGARY, ALBERTA
Kategorie:
Oil & Gas
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