Border Announces Quarterly Financials and Provides Operations Update
30 Agosto 2012 - 6:30AM
Marketwired Canada
Border Petroleum Corp. ("Border" or the "Corporation") (TSX VENTURE:BOR) today
announced its financial results for its first quarter ended June 30, 2012. The
unaudited condensed consolidated interim financial statements and management's
discussion & analysis ("MD&A") were filed on SEDAR on August 29, 2012 and can be
viewed at www.sedar.com.
FINANCIAL OVERVIEW
Certain selected financial and operational information for the quarter ended
June 30, 2012 is set out below and should be read in conjunction with the
Corporation's audited consolidated financial statements and related MD&A. The
following table provides a summary of key financial results.
A summary of financial and operating results for the three months ended June 30,
2012 and 2011 are outlined in the following table:
THREE MONTHS ENDED
JUNE 30
2012 2011
-------------- --------------
Financial
Petroleum and natural gas revenues $ 851,155 $ 242,216
Funds flow from operations $ (673,858) $ (355,039)
per share - basic and diluted $ (0.00) $ (0.01)
Net loss $ (1,397,344) $ (446,248)
per share - basic and diluted $ (0.01) $ (0.01)
Capital expenditures $ 1,764,153 $ 3,470,600
Weighted average shares outstanding
basic and diluted 224,537,953 70,586,293
Operational
Production
Oil and liquids (bbls/d) 105 25
Natural gas (mcf/d) 833 27
Oil equivalent (boe/d) 244 29
Sales price per unit
Oil and liquids ($/bbl) 72.37 101.78
Natural gas ($/mcf) 2.10 4.22
Oil equivalent ($/boe) 38.36 90.24
Reserves (Proved plus probable)
Oil and liquids (mbbls) 1,810 704
Natural gas (mmcf) 2,447 31
Oil equivalent (mboe) 2,218 709
OPERATIONAL UPDATE
In spite of heavy rainfall in April and May that caused operational, production
and testing delays, Border's first two Slave Point horizontal wells at Red Earth
were brought on production in the first quarter ended June 30, 2012. That
production contributed to a total increase of 741% in the average daily rate for
the quarter to 244 boe compared to the same period last year.
As reported on July 16, 2012, the peak thirty days of production from the first
two short horizontal wells averaged 102 bopd ("30 day IP"). Furthermore, based
on field reports, the sixty days of initial production from the wells averaged
78 bopd ("60 day IP").
Based on the results of the first two horizontal wells which achieved an average
30 day IP of 10 bopd per frac, Border has commenced licensing four new long
horizontal wells (over 1,000 metre legs) on its 18,720 acre permit on the Loon
River Cree Nation (the "Loon Permit"). Border plans to drill its first initial
long leg well incorporating approximately 20 frac stages this fall. The Loon
Permit provides Border the opportunity to drill up to approximately 120
potential long leg horizontal wells (based on quarter section spacing) targeting
38.9 MMbbls of Best Estimate Contingent Resource, as evaluated by Sproule
Associates Ltd. and disclosed in greater detail in Border's July 16, 2012 press
release.
Forward-Looking Statements
The forward-looking statements contained in this document are based on certain
key expectations and assumptions made by Border. Although Border believes that
the expectations and assumptions on which the forward-looking statements are
based are reasonable, undue reliance should not be placed on the forward-looking
statements because Border can give no assurance that they will prove to be
correct.
Since forward-looking statements address future events and conditions, by their
very nature they involve inherent risks and uncertainties. Actual results could
differ materially from those currently anticipated due to a number of factors
and risks. These include, but are not limited to, the failure to obtain
necessary regulatory approvals, risks associated with the oil and gas industry
in general (e.g., operational risks in development, exploration and production;
delays or changes in plans with respect to exploration or development projects
or capital expenditures; the uncertainty of reserve estimates; the uncertainty
of estimates and projections relating to production, costs and expenses, and
health, safety and environmental risks), commodity price and exchange rate
fluctuations and uncertainties resulting from potential delays or changes in
plans with respect to exploration or development projects or capital
expenditures. A description of assumptions used to develop such forward-looking
information and a description of risk factors that may cause actual results to
differ materially from forward-looking information can be found in Border's
disclosure documents on the SEDAR website at www.sedar.com.
The forward-looking statements contained in this document are made as of the
date hereof and Border undertakes no obligation to update publicly or revise any
forward-looking statements or information, whether as a result of new
information, future events or otherwise, unless so required by applicable
securities laws.
BOE
BOEs may be misleading, particularly if used in isolation. A BOE conversion
ratio of 6 Mcf:1 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.
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