Welcome!

Microsoft Cloud Authors: Janakiram MSV, Yeshim Deniz, David H Deans, Andreas Grabner, Stackify Blog

News Feed Item

Lynden Energy Reports Financial Results for the Three Months Ended September 30, 2012

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.

Operations Highlights

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.

About Lynden

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.

Contacts:
Lynden Energy Corp.
(604) 629-2991
(604) 602-9311 (FAX)
www.lyndenenergy.com

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

@ThingsExpo Stories
SYS-CON Events announced today that Evatronix will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Evatronix SA offers comprehensive solutions in the design and implementation of electronic systems, in CAD / CAM deployment, and also is a designer and manufacturer of advanced 3D scanners for professional applications.
As businesses evolve, they need technology that is simple to help them succeed today and flexible enough to help them build for tomorrow. Chrome is fit for the workplace of the future — providing a secure, consistent user experience across a range of devices that can be used anywhere. In her session at 21st Cloud Expo, Vidya Nagarajan, a Senior Product Manager at Google, will take a look at various options as to how ChromeOS can be leveraged to interact with people on the devices, and formats th...
SYS-CON Events announced today that Taica will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Taica manufacturers Alpha-GEL brand silicone components and materials, which maintain outstanding performance over a wide temperature range -40C to +200C. For more information, visit http://www.taica.co.jp/english/.
SYS-CON Events announced today that SourceForge has been named “Media Sponsor” of SYS-CON's 21st International Cloud Expo, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. SourceForge is the largest, most trusted destination for Open Source Software development, collaboration, discovery and download on the web serving over 32 million viewers, 150 million downloads and over 460,000 active development projects each and every month.
Enterprises have taken advantage of IoT to achieve important revenue and cost advantages. What is less apparent is how incumbent enterprises operating at scale have, following success with IoT, built analytic, operations management and software development capabilities – ranging from autonomous vehicles to manageable robotics installations. They have embraced these capabilities as if they were Silicon Valley startups. As a result, many firms employ new business models that place enormous impor...
SYS-CON Events announced today that TidalScale will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. TidalScale is the leading provider of Software-Defined Servers that bring flexibility to modern data centers by right-sizing servers on the fly to fit any data set or workload. TidalScale’s award-winning inverse hypervisor technology combines multiple commodity servers (including their ass...
As popularity of the smart home is growing and continues to go mainstream, technological factors play a greater role. The IoT protocol houses the interoperability battery consumption, security, and configuration of a smart home device, and it can be difficult for companies to choose the right kind for their product. For both DIY and professionally installed smart homes, developers need to consider each of these elements for their product to be successful in the market and current smart homes.
SYS-CON Events announced today that MIRAI Inc. will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. MIRAI Inc. are IT consultants from the public sector whose mission is to solve social issues by technology and innovation and to create a meaningful future for people.
In his Opening Keynote at 21st Cloud Expo, John Considine, General Manager of IBM Cloud Infrastructure, will lead you through the exciting evolution of the cloud. He'll look at this major disruption from the perspective of technology, business models, and what this means for enterprises of all sizes. John Considine is General Manager of Cloud Infrastructure Services at IBM. In that role he is responsible for leading IBM’s public cloud infrastructure including strategy, development, and offering ...
As hybrid cloud becomes the de-facto standard mode of operation for most enterprises, new challenges arise on how to efficiently and economically share data across environments. In his session at 21st Cloud Expo, Dr. Allon Cohen, VP of Product at Elastifile, will explore new techniques and best practices that help enterprise IT benefit from the advantages of hybrid cloud environments by enabling data availability for both legacy enterprise and cloud-native mission critical applications. By rev...
SYS-CON Events announced today that Dasher Technologies will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Dasher Technologies, Inc. ® is a premier IT solution provider that delivers expert technical resources along with trusted account executives to architect and deliver complete IT solutions and services to help our clients execute their goals, plans and objectives. Since 1999, we'v...
SYS-CON Events announced today that NetApp has been named “Bronze Sponsor” of SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. NetApp is the data authority for hybrid cloud. NetApp provides a full range of hybrid cloud data services that simplify management of applications and data across cloud and on-premises environments to accelerate digital transformation. Together with their partners, NetApp emp...
SYS-CON Events announced today that TidalScale, a leading provider of systems and services, will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. TidalScale has been involved in shaping the computing landscape. They've designed, developed and deployed some of the most important and successful systems and services in the history of the computing industry - internet, Ethernet, operating s...
Join IBM November 1 at 21st Cloud Expo at the Santa Clara Convention Center in Santa Clara, CA, and learn how IBM Watson can bring cognitive services and AI to intelligent, unmanned systems. Cognitive analysis impacts today’s systems with unparalleled ability that were previously available only to manned, back-end operations. Thanks to cloud processing, IBM Watson can bring cognitive services and AI to intelligent, unmanned systems. Imagine a robot vacuum that becomes your personal assistant tha...
SYS-CON Events announced today that Massive Networks, that helps your business operate seamlessly with fast, reliable, and secure internet and network solutions, has been named "Exhibitor" of SYS-CON's 21st International Cloud Expo ®, which will take place on Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. As a premier telecommunications provider, Massive Networks is headquartered out of Louisville, Colorado. With years of experience under their belt, their team of...
Widespread fragmentation is stalling the growth of the IIoT and making it difficult for partners to work together. The number of software platforms, apps, hardware and connectivity standards is creating paralysis among businesses that are afraid of being locked into a solution. EdgeX Foundry is unifying the community around a common IoT edge framework and an ecosystem of interoperable components.
Infoblox delivers Actionable Network Intelligence to enterprise, government, and service provider customers around the world. They are the industry leader in DNS, DHCP, and IP address management, the category known as DDI. We empower thousands of organizations to control and secure their networks from the core-enabling them to increase efficiency and visibility, improve customer service, and meet compliance requirements.
SYS-CON Events announced today that IBM has been named “Diamond Sponsor” of SYS-CON's 21st Cloud Expo, which will take place on October 31 through November 2nd 2017 at the Santa Clara Convention Center in Santa Clara, California.
Amazon is pursuing new markets and disrupting industries at an incredible pace. Almost every industry seems to be in its crosshairs. Companies and industries that once thought they were safe are now worried about being “Amazoned.”. The new watch word should be “Be afraid. Be very afraid.” In his session 21st Cloud Expo, Chris Kocher, a co-founder of Grey Heron, will address questions such as: What new areas is Amazon disrupting? How are they doing this? Where are they likely to go? What are th...
In a recent survey, Sumo Logic surveyed 1,500 customers who employ cloud services such as Amazon Web Services (AWS), Microsoft Azure, and Google Cloud Platform (GCP). According to the survey, a quarter of the respondents have already deployed Docker containers and nearly as many (23 percent) are employing the AWS Lambda serverless computing framework. It’s clear: serverless is here to stay. The adoption does come with some needed changes, within both application development and operations. Tha...