Trilogy Energy Corp. Announces Financial and Operating Results for the Three Months-Ended March 31, 2015 and Webcast of the Annual Meeting of Shareholders
Trilogy Energy Corp. (TSX: TET) (“Trilogy”) is pleased to announce its financial and operating results for the three months-end March 31, 2015 and to provide webcast information for its annual meeting of shareholders.
Financial and Operating Highlights
- Reported sales volumes for the first quarter of 2015 were lower at 33,041 Boe/d as compared to 35,938 Boe/d for the previous quarter.
- Net capital expenditures totaled $47.7 million as compared to $174.3 million for the first quarter of 2014.
- In total 13 (7.2 net) wells were drilled in the quarter as compared to 31 (24.1 net) wells in the first quarter of 2014.
- Operating expenditures decreased to $27.7 million or $9.32 per Boe in the quarter compared to $36.5 million or $12.23 per Boe for first quarter of 2014
- Funds flow from operations (1) decreased to $33.9 million as compared to $78 million for the previous quarter (Q1 2014 – $81.2 million).
- Capacity under Trilogy’s revolving credit facility as at March 31, 2015 was $246.1 million.
The reduced production, capital and operating expenditure levels reflect Trilogy’s commitment to preserve shareholder value and promote financial sustainability during the low liquids and gas commodity price environment. Significant effort was placed on reducing Trilogy’s cost structure and on negotiating reductions on supplier costs. Capital spent was to participate in prudent operated and non-operated joint interest operations while most operated completion activities were delayed until commodity prices show meaningful signs of improvement from first quarter lows.