Trilogy Energy Corp. Announces Financial and Operating Results for the Three and Nine Months-Ended September 30, 2015 and Provides Revised Guidance
Trilogy Energy Corp. (TSX: TET) (“Trilogy”) is pleased to announce its financial and operating results for the three and nine months-ended September 30, 2015 and provides revised guidance.
Financial and Operating Highlights
- Reported sales volumes for the third quarter of 2015 were lower at 25,090 Boe/d as compared to 28,926 Boe/d for the previous quarter. Asset dispositions, sales pipeline outages, natural declines, net of new production additions, and adverse volatility in the market price for gas contributed to the reduced production levels in the quarter.
- Trilogy completed the sale of its Dunvegan oil assets in the Kaybob area for net proceeds of $45 million.
- Capital expenditures in the quarter, excluding acquisitions and dispositions, totaled $17.2 million.
- In total 7 (1.8 net) wells were drilled in the quarter as compared to zero wells in the prior quarter.
- Operating expenditures decreased to $21.4 million or $9.28 /Boe in the quarter compared to $25.9 million or $9.86 /Boe for the previous quarter.
- Funds flow from operations (1) was lower at $22.2 million in the quarter compared to $33.8 million in the prior quarter.
- Net debt (1) decreased by approximately $63 million to $674 million at the end of the quarter, from $737 million at the end of the previous quarter.
- Capacity under Trilogy’s Revolving Credit Facility as at September 30, 2015 was $273 million, consisting of $125 million under Trilogy’s development facility and $148 million under its revolving and working capital tranches.
Capital and operating expenditure levels and asset dispositions throughout the quarter reflect Trilogy’s commitment to preserve shareholder value and promote financial sustainability during the low liquids and gas commodity price environment.
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