CALGARY, Alberta, June 1, 2015 (GLOBE NEWSWIRE) -- Quattro Exploration and Production Ltd. (TSX-V:QXP) ("Quattro" or the "Company") is pleased to announce the filing of its first quarter 2015 financial statements, reporting CDN $0.01 per share earnings.
The Company has reported the following results for the 3 months ending March 31st, 2015:
|•||Net income from operations, $14.79 per boe "Net Back"||$ 1,876,572|
|•||Net earnings, after tax of $0.01 per share||$ 207,598|
|•||Cash and equivalents||$ 9,103,050|
|•||Working capital||$ 2,421,025|
|•||Net debt (excluding decommissioning liabilities & deferred taxes)||$ 3,634,088|
At March 31, 2015 the Company's exit production was 1,725 boe per day, despite having to absorb a challenging, period of facilities turn-a-rounds that limited average production in the 1st quarter to 1,410 boe per day, and the dramatic year over year commodity price adjustment, Quattro's low costs of operations at $10.17 per boe is a key factor that continues to provide the Company sustainable capacity to advance its business plan within the current market.
During the first 3 months of 2015, Quattro's cash-flow from operations was $1,292,886 and the Company's EBITDA (earnings before interest, taxes, depreciation and amortization) was $1,395,961. Although a non IFRS accounting term, the Company believes EBITDA provides further guidance of funds flowing from operations for Quattro and provides investors an opportunity to understand the Company's capacity to fund its operations.
"Quattro focused in the first quarter of 2015, on the rationalization of its operations, including optimization and remediation in its key areas of focus, north east British Columbia, east central Alberta and south and south west Saskatchewan," commented Leonard Van Betuw, President and CEO. "The volatility currently being experienced by the industry will take both patience and perseverance. The stakeholders of Quattro have recognized, that it is in these times that Quattro is poised to remain focused and execute on a range opportunities that were identified some time ago."
About Quattro Exploration and Production Ltd.
Quattro Exploration and Production Ltd. ("QXP") focus is on the conventional exploration and development of oil and natural gas reserves in Western Canada, with an expanding presence in Alberta and British Columbia. Its core low risk production base will provide the Company the capacity to aggressively pursue a series of high impact exploration and development efforts in Central and South America. Quattro intends to balance this portfolio of activities to assure its shareholders that it achieves material growth in both reserves and production.
This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration drilling, exploitation activities and events or developments that the Company expects are forward-looking statements. Although the Company believes the expectations expressed in such forward looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and those actual results or developments may differ materially from those projected in the forward-looking statements. For more information on the Company, Investors should review the Company's registered filings which are available at www.sedar.com.
This news release shall not constitute an offer to sell or the solicitation of any offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities offered have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or applicable exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws.
Barrel ("bbl") of oil equivalent ("boe") amounts may be misleading particularly if used in isolation. All boe conversions in this report are calculated using a conversion of six thousand cubic feet of natural gas to one equivalent barrel of oil (6 mcf=1 bbl) and is based on an energy conversion method primarily applicable at the burner tip and does not represent a value equivalency at the well head.
Trading in the securities of Quattro Exploration and Production Ltd. should be considered highly speculative. 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.
Source:Quattro Exploration and Production Ltd.