|By Marketwired .||
|November 29, 2012 07:00 PM EST||
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/30/12 -- Lynden Energy Corp. (TSX VENTURE:LVL) (the "Company") reports its first quarter fiscal 2013 results. Highlights for the 3 months ended September 30, 2012 (the "Current Period"), compared to the three months ended September 30, 2011 (the "Prior Year"), include:
-- Total production increased 219% to 90,230 boe (980 boe/d) -- Gross revenues, net of royalties, increased 192% to $4,647,971
Production for the three months ended September 30, 2012 totaled 90,230 boe (980 boe/d), an increase of 43% over production in the three months ended June 30, 2012.
All of the production is attributable to the Wolfberry Project. The production mix, on a percent per boe basis, from the Wolfberry Project is approximately 65% oil and 35% natural gas and associated products.
First Quarter 2013 Financial Results
This news release should be read in conjunction with the Company's consolidated interim financial statements for the three months ended September 30, 2012 and the notes thereto, together with the MD&A for the corresponding period, which are available under the Company's profile on SEDAR at www.sedar.com. All monetary references in this news release are to U.S. dollars unless otherwise stated.
Results of Operations
The Company reported net earnings of $1,273,854 and total comprehensive income of $1,446,246 for the Current Period compared to net earnings of $779,634 and total comprehensive income of $645,011 for the Prior Period. Significant components of the Current Period's net earnings were net revenue of $4,629,903 and depletion and depreciation of $1,700,667.
Petroleum and Natural Gas ("P&NG") Revenue
The Company reported gross P&NG revenues of $6,041,722 (Prior Period - $3,136,991) for the Current Period, all from its Wolfberry Project wells. In conjunction with the revenues, the Company reported royalties paid of $1,393,751 (Prior Period - $714,379) and paid production and operating expenses of $671,416 (Prior Year - $272,825) for the Current Period. The Company also incurred $1,700,667 (Prior Period - $851,049) of depletion and depreciation for the Current Period. Average realized prices for the Current Period, were $88 per barrel ("Bbl") of oil and $4.76 per thousand cubic feet ("Mcf") of natural gas, compared to $86 per Bbl of oil and $8.82 per Mcf of natural gas, for the Prior Period. The natural gas selling price is reflective of the thermal value of gas and associated products sold.
Liquidity - Borrowing Base Increases
The Company has a $50 million reducing revolving line of credit with Texas Capital Bank. Effective September 30, 2012, the line of credit had a $26.9 million borrowing base of which $23.0 million was drawn down.
The Company anticipates financing the majority of its Wolfberry Project capital expenditures through operating revenues and upward borrowing base revisions on the line of credit. The Company also anticipates that it will need to raise additional capital through the sale of equity, issuance of debt or the sale of assets. The availability of the additional capital on terms acceptable to the Company or at all is subject to a number of risks and uncertainties, many of which are beyond the Company's control.
The Company's working capital deficit has significantly increased over the past several quarters, however it is the Company's view that the value of its P&NG holdings is increasing at a rate significantly greater than the rate of increase of the working capital deficit. It is the Company's objective to sell portions of its proven acreage in order to manage its working capital position and to redeploy funds to its unproven acreage, where the Company believes it can achieve the best returns for shareholders.
The Wolfberry Project
The Company is currently carrying out a rapid oil and gas development program on its Wolfberry Project, where the Company has, as of today, 53 gross (22.45 net) wells tied-in and producing. During the three months ended September 30, 2012, a total of 8 gross (3.41 net) new wells were tied into production. At September 30, 2012, the Company had 6 gross (2.49 net) wells spud or drilled awaiting completion and/or tie-in.
The Company's current plans call for 43 gross (18.14 net) Wolfberry Project wells to spud from July 1, 2012 to June 30, 2013 (fiscal 2013) at an estimated cost to the Company of approximately $44 million. The Company's funding amount for the 18.14 net wells is equivalent to 20.73 wells. The gross cost of a Wolfberry well is currently approximately $2.1 million.
The Company's capital budget is subject to change depending upon a number of factors, including economic and industry conditions at the time of drilling, prevailing and anticipated prices for oil and gas, the availability of sufficient capital resources for drilling prospects, the Company's financial results and the availability of lease extensions and renewals on reasonable terms.
The Company anticipates significant increases in daily production volumes as development of the Wolfberry Project continues. The Company is targeting a December 31, 2012 net production exit rate, after royalties, of approximately 900 - 1,000 boe/day. This guidance is forward-looking information that is subject to a number of risks and uncertainties, many of which are beyond the Company's control.
Mitchell Ranch Project
The Company's Mitchell Ranch project covers approximately 103,400 acres of P&NG leases located primarily in Mitchell County, West Texas where the Company has a 50% working interest in approximately 67,400 acres, and a 1.25% overriding royalty interest on approximately 36,000 acres subject to a term assignment with a large, independent exploration and production company.
The Company currently has one (0.5 net) producing well, the Spade 17#1, where several rounds of completions have been carried out. During the Current Period, the Company received $31,283 of net revenue from sales from the Spade 17#1 well. The Mitchell Ranch Project is in the exploration and evaluation stage and as such, the net revenues have been credited to capitalized costs.
As a result of significant new drilling activity in the general area around the Mitchell Ranch Project, the timing of the new vertical wells has been pushed out in order to best incorporate the results of other operators into the development plan on the Mitchell Ranch Project. The Company plans to spud one (0.5 net) vertical well in proximity to the Spade 17 #1 in fiscal 2013.
Lynden Energy Corp. is in the business of acquiring, exploring and developing petroleum and natural gas rights and properties. The Company has various working interests in the Wolfberry Project and Mitchell Ranch Project, located in the Permian Basin in West Texas, USA and in the Paradox Basin Project, located in the State of Utah, USA.
ON BEHALF OF THE BOARD OF DIRECTORS
LYNDEN ENERGY CORP.
Colin Watt, President and CEO
NI 51-101 requires that we make the following disclosure: we use oil equivalents (boe) to express quantities of natural gas and crude oil in a common unit. A conversion ratio of 6 mcf of natural gas to 1 barrel of oil is used. Boe may be misleading, particularly if used in isolation. The conversion ratio is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.
FORWARD-LOOKING STATEMENTS DISCLAIMER: This news release contains forward-looking statements. The reader is cautioned that assumptions used in the preparation of such statements, although considered accurate at the time of preparation, may prove incorrect, and the actual results may vary materially from the statements made herein. Expectations of spudding 43 gross (18.14 net) Wolfberry Project wells from July 1, 2012 to June 30, 2013 (fiscal 2013), and expected timelines relating to oil and gas operations are subject to the customary risks of the oil and gas industry, and are subject to the company having sufficient cash to fund the drilling and completion of these wells. Expectations of obtaining upward borrowing base revisions on the line of credit are subject to the customary risks of the oil and gas industry, and are subject to drilling and completing successful wells, and prevailing and anticipated prices for oil and gas. Achieving a December 31, 2012 net production exit rate, after royalties, of approximately 900 - 1,000 boe/day, is subject to the customary risks of the oil and gas industry and is subject to the Company drilling and completing successful wells. For a more detailed description of these risks, and others, see www.lyndenenergy.com/riskfactors.html.
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 news release.
Lynden Energy Corp.
(604) 602-9311 (FAX)
So I guess we’ve officially entered a new era of lean and mean. I say this with the announcement of Ubuntu Snappy Core, “designed for lightweight cloud container hosts running Docker and for smart devices,” according to Canonical. “Snappy Ubuntu Core is the smallest Ubuntu available, designed for security and efficiency in devices or on the cloud.” This first version of Snappy Ubuntu Core features secure app containment and Docker 1.6 (1.5 in main release), is available on public clouds, and for ARM and x86 devices on several IoT boards. It’s a Trend! This announcement comes just as...
Apr. 24, 2015 08:00 PM EDT Reads: 1,295
SYS-CON Events announced today the IoT Bootcamp – Jumpstart Your IoT Strategy, being held June 9–10, 2015, in conjunction with 16th Cloud Expo and Internet of @ThingsExpo at the Javits Center in New York City. This is your chance to jumpstart your IoT strategy. Combined with real-world scenarios and use cases, the IoT Bootcamp is not just based on presentations but includes hands-on demos and walkthroughs. We will introduce you to a variety of Do-It-Yourself IoT platforms including Arduino, Raspberry Pi, BeagleBone, Spark and Intel Edison. You will also get an overview of cloud technologies s...
Apr. 24, 2015 05:30 PM EDT Reads: 2,951
The best mobile applications are augmented by dedicated servers, the Internet and Cloud services. Mobile developers should focus on one thing: writing the next socially disruptive viral app. Thanks to the cloud, they can focus on the overall solution, not the underlying plumbing. From iOS to Android and Windows, developers can leverage cloud services to create a common cross-platform backend to persist user settings, app data, broadcast notifications, run jobs, etc. This session provides a high level technical overview of many cloud services available to mobile app developers, includi...
Apr. 24, 2015 03:00 PM EDT Reads: 1,312
“In the past year we've seen a lot of stabilization of WebRTC. You can now use it in production with a far greater degree of certainty. A lot of the real developments in the past year have been in things like the data channel, which will enable a whole new type of application," explained Peter Dunkley, Technical Director at Acision, in this SYS-CON.tv interview at @ThingsExpo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Apr. 24, 2015 03:00 PM EDT Reads: 4,376
Health care systems across the globe are under enormous strain, as facilities reach capacity and costs continue to rise. M2M and the Internet of Things have the potential to transform the industry through connected health solutions that can make care more efficient while reducing costs. In fact, Vodafone's annual M2M Barometer Report forecasts M2M applications rising to 57 percent in health care and life sciences by 2016. Lively is one of Vodafone's health care partners, whose solutions enable older adults to live independent lives while staying connected to loved ones. M2M will continue to gr...
Apr. 24, 2015 03:00 PM EDT Reads: 1,449
While not quite mainstream yet, WebRTC is starting to gain ground with Carriers, Enterprises and Independent Software Vendors (ISV’s) alike. WebRTC makes it easy for developers to add audio and video communications into their applications by using Web browsers as their platform. But like any market, every customer engagement has unique requirements, as well as constraints. And of course, one size does not fit all. In her session at WebRTC Summit, Dr. Natasha Tamaskar, Vice President, Head of Cloud and Mobile Strategy at GENBAND, will explore what is needed to take a real time communications ...
Apr. 24, 2015 03:00 PM EDT Reads: 1,746
SYS-CON Events announced today that Vicom Computer Services, Inc., a provider of technology and service solutions, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. They are located at booth #427. Vicom Computer Services, Inc. is a progressive leader in the technology industry for over 30 years. Headquartered in the NY Metropolitan area. Vicom provides products and services based on today’s requirements around Unified Networks, Cloud Computing strategies, Virtualization around Software defined Data Ce...
Apr. 24, 2015 02:30 PM EDT Reads: 1,688
Dave will share his insights on how Internet of Things for Enterprises are transforming and making more productive and efficient operations and maintenance (O&M) procedures in the cleantech industry and beyond. Speaker Bio: Dave Landa is chief operating officer of Cybozu Corp (kintone US). Based in the San Francisco Bay Area, Dave has been on the forefront of the Cloud revolution driving strategic business development on the executive teams of multiple leading Software as a Services (SaaS) application providers dating back to 2004. Cybozu's kintone.com is a leading global BYOA (Build Your O...
Apr. 24, 2015 02:00 PM EDT Reads: 1,463
SYS-CON Media announced today that @WebRTCSummit Blog, the largest WebRTC resource in the world, has been launched. @WebRTCSummit Blog offers top articles, news stories, and blog posts from the world's well-known experts and guarantees better exposure for its authors than any other publication. @WebRTCSummit Blog can be bookmarked ▸ Here @WebRTCSummit conference site can be bookmarked ▸ Here
Apr. 24, 2015 01:00 PM EDT Reads: 2,456
SYS-CON Events announced today that Ciqada will exhibit at SYS-CON's @ThingsExpo, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Ciqada™ makes it easy to connect your products to the Internet. By integrating key components - hardware, servers, dashboards, and mobile apps - into an easy-to-use, configurable system, your products can quickly and securely join the internet of things. With remote monitoring, control, and alert messaging capability, you will meet your customers' needs of tomorrow - today! Ciqada. Let your products take flight. For more inform...
Apr. 24, 2015 01:00 PM EDT Reads: 1,860
What exactly is a cognitive application? In her session at 16th Cloud Expo, Ashley Hathaway, Product Manager at IBM Watson, will look at the services being offered by the IBM Watson Developer Cloud and what that means for developers and Big Data. She'll explore how IBM Watson and its partnerships will continue to grow and help define what it means to be a cognitive service, as well as take a look at the offerings on Bluemix. She will also check out how Watson and the Alchemy API team up to offer disruptive APIs to developers.
Apr. 24, 2015 12:00 PM EDT Reads: 1,788
The IoT Bootcamp is coming to Cloud Expo | @ThingsExpo on June 9-10 at the Javits Center in New York. Instructor. Registration is now available at http://iotbootcamp.sys-con.com/ Instructor Janakiram MSV previously taught the famously successful Multi-Cloud Bootcamp at Cloud Expo | @ThingsExpo in November in Santa Clara. Now he is expanding the focus to Janakiram is the founder and CTO of Get Cloud Ready Consulting, a niche Cloud Migration and Cloud Operations firm that recently got acquired by Aditi Technologies. He is a Microsoft Regional Director for Hyderabad, India, and one of the f...
Apr. 24, 2015 12:00 PM EDT Reads: 1,608
SYS-CON Events announced today that GENBAND, a leading developer of real time communications software solutions, has been named “Silver Sponsor” of SYS-CON's WebRTC Summit, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. The GENBAND team will be on hand to demonstrate their newest product, Kandy. Kandy is a communications Platform-as-a-Service (PaaS) that enables companies to seamlessly integrate more human communications into their Web and mobile applications - creating more engaging experiences for their customers and boosting collaboration and productiv...
Apr. 24, 2015 12:00 PM EDT Reads: 2,672
The 17th International Cloud Expo has announced that its Call for Papers is open. 17th International Cloud Expo, to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, APM, APIs, Microservices, Security, Big Data, Internet of Things, DevOps and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit your speaking proposal today!
Apr. 24, 2015 12:00 PM EDT Reads: 2,276
SYS-CON Events announced today that BroadSoft, the leading global provider of Unified Communications and Collaboration (UCC) services to operators worldwide, has been named “Gold Sponsor” of SYS-CON's WebRTC Summit, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. BroadSoft is the leading provider of software and services that enable mobile, fixed-line and cable service providers to offer Unified Communications over their Internet Protocol networks. The Company’s core communications platform enables the delivery of a range of enterprise and consumer calling...
Apr. 24, 2015 11:30 AM EDT Reads: 2,483
As Marc Andreessen says software is eating the world. Everything is rapidly moving toward being software-defined – from our phones and cars through our washing machines to the datacenter. However, there are larger challenges when implementing software defined on a larger scale - when building software defined infrastructure. In his session at 16th Cloud Expo, Boyan Ivanov, CEO of StorPool, will provide some practical insights on what, how and why when implementing "software-defined" in the datacenter.
Apr. 24, 2015 11:00 AM EDT Reads: 1,588
SYS-CON Media announced today that @ThingsExpo Blog launched with 7,788 original stories. @ThingsExpo Blog offers top articles, news stories, and blog posts from the world's well-known experts and guarantees better exposure for its authors than any other publication. @ThingsExpo Blog can be bookmarked. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago.
Apr. 24, 2015 11:00 AM EDT Reads: 2,475
The world's leading Cloud event, Cloud Expo has launched Microservices Journal on the SYS-CON.com portal, featuring over 19,000 original articles, news stories, features, and blog entries. DevOps Journal is focused on this critical enterprise IT topic in the world of cloud computing. Microservices Journal offers top articles, news stories, and blog posts from the world's well-known experts and guarantees better exposure for its authors than any other publication. Follow new article posts on Twitter at @MicroservicesE
Apr. 24, 2015 11:00 AM EDT Reads: 2,046
SYS-CON Events announced today that robomq.io will exhibit at SYS-CON's @ThingsExpo, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. robomq.io is an interoperable and composable platform that connects any device to any application. It helps systems integrators and the solution providers build new and innovative products and service for industries requiring monitoring or intelligence from devices and sensors.
Apr. 24, 2015 11:00 AM EDT Reads: 2,056
Wearable technology was dominant at this year’s International Consumer Electronics Show (CES) , and MWC was no exception to this trend. New versions of favorites, such as the Samsung Gear (three new products were released: the Gear 2, the Gear 2 Neo and the Gear Fit), shared the limelight with new wearables like Pebble Time Steel (the new premium version of the company’s previously released smartwatch) and the LG Watch Urbane. The most dramatic difference at MWC was an emphasis on presenting wearables as fashion accessories and moving away from the original clunky technology associated with t...
Apr. 24, 2015 11:00 AM EDT Reads: 1,996