ROOSTER ENERGY LTD. (the "Company")(www.roosterenergyltd.com) (TSX VENTURE:COQ)
is pleased to announce it has filed on SEDAR (www.sedar.com) its interim
financial statements and related management discussion and analysis ("MD&A") for
the three months ended June 30, 2012 ("Q2 2012"). Selected financial and
operational information is outlined below and should be read in conjunction with
the financial statements and related MD&A.
On April 30, 2012, Probe Resources Ltd. completed an arms-length transaction
that resulted in a reverse takeover by Rooster Energy, L.L.C., a privately held,
Louisiana limited liability company, and the change of the name of Probe
Resources Ltd. to Rooster Energy Ltd. Shortly thereafter, on May 4, 2012, our
common stock began to trade on the TSX Venture Exchange under the ticker symbol
"COQ". The Company now conducts business primarily through its wholly owned
subsidiaries, Rooster Energy, L.L.C., Rooster Petroleum, LLC, Rooster Oil & Gas,
LLC, and PROBE RESOURCES US LTD.
HIGHLIGHTS
-- Increased the Company's working interest from 50% to 100% in our
operated Vermilion Block 376 oil field through cash acquisition from
Apache Corp.
-- Four successful wells (3 exploratory, 1 developmental) drilled,
completed, and placed on production in Q2 2012
-- Sequential net daily production increases from approximately 898 BOEPD
in Q1 to 1,898 in Q2 2012 to 3,300 BOEPD in July, 2012
-- Apparent high bidder at Central Gulf of Mexico Federal Lease Sale on two
leases totaling 10,000 net acres
-- Establishment of $15 million dollar credit facility
Robert P. Murphy, President & Chief Executive Officer comments, "We are
extremely pleased to have successfully completed a reverse takeover of Probe
Resources Ltd. in late April that resulted in an infusion of new capital and the
placement of new directors and management into the Company. The transformation
of the Company into a premier Offshore Gulf of Mexico Exploration and Production
operator is evidenced by our increased production and share price. As a result
of our successful 2012 exploration and development drilling program which is
almost complete, our average net daily production has grown from approximately
898 BOEPD in the first quarter 2012 to over 3,300 BOEPD for the month of July.
This significant increase in production will provide increased cash flow to
reduce our current working capital deficit. Additionally, the Company has
entered into a fifteen million dollar ($15 MM) credit facility that may be used
to reduce our working capital deficit. We are currently in discussions with
other financial institutions to secure a larger, longer term debt facility to
replace the current facility and to fund the remainder of our 2012 development
program. We would like to welcome all of our new and existing shareholders to
"Rooster" and are appreciative of your support".
SUMMARY FINANCIAL RESULTS
For the three months For the six months
ended June 30, ended June 30,
-----------------------------------------------------
2012 2011 2012 2011
-----------------------------------------------------
Sales
Oil (Bbl) 37,385 38,263 65,594 79,264
Natural gas (Mcf) 811,970 360,659 1,127,483 731,695
Oil (BOE) (a) 172,714 98,373 253,508 201,214
Oil (BOE/day) (a) 1,898 1,081 2,786 2,211
Oil ($/Bbl) $ 94.80 $ 107.67 $ 100.06 $ 102.02
Natural gas ($/Mcf) 2.28 4.82 2.29 4.48
Summary statement of
income
Revenue $ 5,403,881 $ 5,857,373 $ 9,161,802 $11,361,781
Expenses
Lease operating costs 2,736,580 2,036,842 5,030,384 4,093,126
Depreciation and
depletion 1,647,472 1,431,834 2,583,398 2,714,182
Exploration and
evaluation - 181,176 (303,543) 403,295
Plug and abandonments - - 2,362,072(b) -
General and
administrative 715,430 910,538 1,165,106 1,726,929
Cost related to
merger 674,522 - 779,306 -
Stock-based
compensation 99,130 - 99,130 -
Finance expenses 149,838 230,077 361,660 477,375
-----------------------------------------------------
6,022,972 4,790,467 12,077,513 9,414,907
-----------------------------------------------------
Income (loss) (619,091) 1,066,906 (2,915,711) 1,946,874
-----------------------------------------------------
-----------------------------------------------------
Income (loss) per share
Basic (0.01) 0.01 (0.03) 0.02
Diluted (0.01) 0.01 (0.03) 0.02
Weighted average shares
outstanding (c)
Basic 100,789,638 91,281,400 96,061,783 91,281,400
Diluted 100,789,638 91,281,400 96,061,783 91,281,400
Capital expenditures $ 15,612,345 $ 172,205 $30,226,964 $ 179,949
EBITDAX (d) $ 1,277,349 $ 2,728,817 $ 1,068,477 $ 5,138,431
(a) Gas volumes are converted to BOE on the basis of 6 Mcfe per 1 barrel.
(b) Plug and abandonment expense of $2,362,072 includes a non-cash charge of
$940,000.
(c) The weighted average number of common shares is weighted for the before and
after merger shares.
(d) EBITDAX is a non-IFRS measure commonly used in the oil and gas industry.
Such measures do notconform to IFRS and may not be comparable to those reported
by other companies nor should they be viewed as an alternative to other measures
of financial performance calculated in accordance with IFRS. The company defines
EBITDAX as net income (loss) before interest, taxes, depreciation, amortization,
exploration expense.
Effective July 17, 2012, the Company changed auditors from BDO Canada LLP to the
firm of Collins Barrow Calgary, LLP, who was appointed as successor auditor by
the Board of Directors.
ABOUT ROOSTER ENERGY LTD.
The Company is an independent oil and natural gas exploration and production
company focused on the development of resources in the shallow waters of the
Gulf of Mexico. At June 30, 2012, our primary assets consist of interests in
twenty-seven producing oil and/or natural gas wells located on nineteen federal
lease blocks. We are the operator of the majority of our properties, daily oil
and gas production, and almost all identified potential drilling opportunities
thereon and we can therefore control to the best of our ability the timing,
costs and operating and drilling procedures.
Investors are welcome to visit our website at www.roosterenergyltd.com or
contact Jodi Helmer for all corporate updates and investor inquiries.
This news release does not constitute an offer to sell or a solicitation of an
offer to buy any of the Companies securities in the United States. The Companies
securities have not been and will not be registered under the United States
Securities Act of 1933, as amended (the "US Securities Act) or any state
securities laws and may not be offered or sold within the United States or to
U.S. persons unless registered under the U.S. Securities Act and applicable
state securities laws or an exemption from such registration is available.
Forward Looking Statements
Certain statements in this press release may constitute "forward-looking
statements" as such term is 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.
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