Welcome!

Microsoft Cloud Authors: Lori MacVittie, Elizabeth White, Yeshim Deniz, Serafima Al, Janakiram MSV

News Feed Item

Rooster Energy Ltd. Announces Third Quarter 2012 Financial Results

CALGARY, ALBERTA -- (Marketwire) -- 11/30/12 -- ROOSTER ENERGY LTD. (the "Company") (www.roosterenergyltd.com) (TSX VENTURE:COQ) is pleased to announce it has filed on SEDAR (www.sedar.com) its interim financial statements and related management discussion and analysis ("MD&A") for the three months and nine months ended September 30, 2012 ("Q3 2012"). Selected financial and operational information for Q3 2012 and subsequent thereto is outlined below and should be read in conjunction with the financial statements and related MD&A.

Our common stock trades on the TSX Venture Exchange under the ticker symbol "COQ". The Company conducts business primarily through its wholly owned subsidiaries, Rooster Energy, L.L.C., Rooster Petroleum, LLC, Rooster Oil & Gas, LLC, and PROBE RESOURCES US LTD.

HIGHLIGHTS

--  Q3 2012 Production 3,353 Barrels of Oil Equivalent Per Day (37%liquids) 
--  Q3 2012 EBITDA $8.6 Million and Net Income of $5.0 Million 
--  Established Term Financing of $22.5 Million with Sale of Senior Secured
    Notes 
--  Awarded 2 New Gulf of Mexico Lease Blocks from Central GOM Lease Sale 
--  2013 Capital Budget of $24 Million Approved 
--  Sale of the Interest in Ship Shoal Block 189 Field for $2.85 Million 

Robert P. Murphy, President & Chief Executive Officer, comments that "the Company's third quarter operating and financial results reflect the successful execution and implementation of our 2012 exploration and development program. Additionally, our balance sheet has strengthened considerably with the post Q3 2012 completion of our term financing, increased operating cash flow, and the sale of interest in Ship Shoal Block 189 Field. In 2013, our $24 million dollar capital budget as approved by the Board provides for the drilling of one development well and four exploratory wells. All five wells will be operated by the Company and will be located in the shallow waters of the Gulf of Mexico. The Company currently has two drilling rigs under contract and expects both to begin drilling by the end of 2012. We are excited about the Company's drilling program for 2013 and look forward to growing the Company's reserve and production base through the drill bit in 2013."

The Company's estimated 2013operating guidance and capital expenditures are listed on the table below:

                                                              Barrels of Oil
Operating Metrics                                                 Equivalent
----------------------------------------------------------------------------
Production (35% liquids)                                1,350,000- 1,450,000
Operating Expense                                    $          10.00-$12.00
DDA                                                  $           9.00-$11.00
G&A                                                  $            3.50-$4.00
                                                                            
Capital Expenditures                                 $                    MM
----------------------------------------------------------------------------
Development Program                                                      8.0
Exploratory Program                                                     14.0
G&G                                                                      2.0
                                            --------------------------------
2013 Capital Spending                                                     24
                                                                            
SUMMARY FINANCIAL RESULTS                                                   
                                                                            
                             For the three months       For the nine months 
                                            ended                     ended 
                        --------------------------  ------------------------
                                2012         2011         2012         2011 
                        -------------  -----------  -----------  -----------
Sales                                                                       
 Oil (Bbl)                   112,565       40,269      178,159      119,534 
 Natural gas (Mcf)         1,175,480      226,884    2,302,964      958,579 
 Oil (BOE/day) (a)             3,353          849        2,051        1,023 
                                                                            
Revenue                  $12,997,594  $ 4,697,918  $22,159,397  $16,059,699 
Total costs and expenses   7,504,688    4,305,459   19,220,541   13,242,992 
                        -------------  -----------  -----------  -----------
Operating income (loss)    5,492,906      392,459    2,938,856    2,816,707 
 Finance expenses (b)       (472,027)    (229,446)    (833,687)    (706,821)
                        -------------  -----------  -----------  -----------
Income                     5,020,879      163,013    2,105,169    2,109,886 
                        -------------  -----------  -----------  -----------
                        -------------  -----------  -----------  -----------
                                                                            
Income (loss) per share                                                     
 Basic                          0.05         0.00         0.02         0.02 
 Diluted                        0.05         0.00         0.02         0.02 
                                                                            
Capital expenditures     $   676,390  $ 6,283,303  $26,742,395  $ 6,463,252 
                                                                            
EBITDA (c)               $ 8,606,639  $ 1,079,153  $ 9,675,117  $ 6,217,584 
                                                                            
(a) Gas volumes are converted to BOE on the basis of 6 Mcfe per 1 barrel.   
(b) Finance expense includes accretion for asset retirement obligations.    
(c) EBITDA is a non-IFRS measure commonly used in the oil and gas industry. 
Such measures do not conform to IFRS and may not be comparable to those     
reported by other companies nor should they be viewed as an alternative to  
other measures of financial performance calculated in accordance with IFRS. 
The company defines EBITDA as net income before finance expense, taxes,     
depreciation, amortization, accretion, impairments, stock-based             
compensation, other non-cash expenses.                                      

ABOUT ROOSTER ENERGY LTD.

The Company is a Houston, Texas based independent oil and natural gas exploration and production company focused on the development of resources in the shallow waters of the Gulf of Mexico. At September 30, 2012, our primary assets consist of interests in twenty-five producing oil and/or natural gas wells and seventeen federal lease blocks. We are the operator of the majority of our properties and daily oil and gas production.

Investors are welcome to visit our website at www.roosterenergyltd.com.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the Companies securities in the United States. The Companies securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "US Securities Act) or any state securities laws and may not be offered or sold within the United States or to U.S. persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

Forward Looking Information and Statements

Certain statements and information in this press release may constitute "forward-looking information" or statements as such terms are used in applicable Canadian securities laws. Any statement that expresses, involves or includes expectations of future operations (including drill rig commitments and use of proceeds), commerciality of any hydrocarbon discovered, production rates, operating costs, commodity prices, administrative costs, commodity price risk and other components of cash flow and earnings, management activity, acquisitions and dispositions, capital spending, access to credit facilities taxes, regulatory changes, projections, objective, assumptions or future events that are not statements of historical fact should be viewed as "forward-looking statements". Events or circumstances may cause actual results to differ materially from those predicted, a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. These risks include, but are not limited to, the risks associated with the oil and gas industry, commodity prices, and exchange rate changes. Industry related risks could include, but are not limited to, operational risks in exploration, development and production, delays or changes in plans, risks associated with the uncertainty of reserve estimates, or reservoir performance, health and safety risks and the uncertainty of estimates and projections of production, costs and expenses. The reader is cautioned not to place undue reliance on any forward-looking statement in this press release. The Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law.

Financial outlook information contained in this press release about the Company's prospective cash flows and financial position is based on assumptions about future events, including economic conditions and proposed courses of action, based on management's assessment of the relevant information currently available. Readers are cautioned that any such financial outlook information contained herein should not be used for purposes other than for which it is disclosed herein.

Note Regarding BOEs

The term barrel of oil equivalent ("boe") may be misleading, particularly if used in isolation. A conversion ratio for gas of 6 mcf:1 boe is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly equivalency conversion ratio of 6:1, utilizing a conversion on a 6:1 basis is misleading as an indication of value.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICE PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE RELEASE.

Contacts:
Rooster Energy Ltd.
Jodi Helmer
Investor Relations
16285 Park Ten Place, Suite 120
Houston, Texas USA 77084
(832) 772-6313

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
Amazon started as an online bookseller 20 years ago. Since then, it has evolved into a technology juggernaut that has disrupted multiple markets and industries and touches many aspects of our lives. It is a relentless technology and business model innovator driving disruption throughout numerous ecosystems. Amazon’s AWS revenues alone are approaching $16B a year making it one of the largest IT companies in the world. With dominant offerings in Cloud, IoT, eCommerce, Big Data, AI, Digital Assista...
The Founder of NostaLab and a member of the Google Health Advisory Board, John is a unique combination of strategic thinker, marketer and entrepreneur. His career was built on the "science of advertising" combining strategy, creativity and marketing for industry-leading results. Combined with his ability to communicate complicated scientific concepts in a way that consumers and scientists alike can appreciate, John is a sought-after speaker for conferences on the forefront of healthcare science,...
In his session at Cloud Expo, Alan Winters, U.S. Head of Business Development at MobiDev, presented a success story of an entrepreneur who has both suffered through and benefited from offshore development across multiple businesses: The smart choice, or how to select the right offshore development partner Warning signs, or how to minimize chances of making the wrong choice Collaboration, or how to establish the most effective work processes Budget control, or how to maximize project result...
In his keynote at 19th Cloud Expo, Sheng Liang, co-founder and CEO of Rancher Labs, discussed the technological advances and new business opportunities created by the rapid adoption of containers. With the success of Amazon Web Services (AWS) and various open source technologies used to build private clouds, cloud computing has become an essential component of IT strategy. However, users continue to face challenges in implementing clouds, as older technologies evolve and newer ones like Docker c...
Personalization has long been the holy grail of marketing. Simply stated, communicate the most relevant offer to the right person and you will increase sales. To achieve this, you must understand the individual. Consequently, digital marketers developed many ways to gather and leverage customer information to deliver targeted experiences. In his session at @ThingsExpo, Lou Casal, Founder and Principal Consultant at Practicala, discussed how the Internet of Things (IoT) has accelerated our abilit...
When shopping for a new data processing platform for IoT solutions, many development teams want to be able to test-drive options before making a choice. Yet when evaluating an IoT solution, it’s simply not feasible to do so at scale with physical devices. Building a sensor simulator is the next best choice; however, generating a realistic simulation at very high TPS with ease of configurability is a formidable challenge. When dealing with multiple application or transport protocols, you would be...
Data is the fuel that drives the machine learning algorithmic engines and ultimately provides the business value. In his session at Cloud Expo, Ed Featherston, a director and senior enterprise architect at Collaborative Consulting, discussed the key considerations around quality, volume, timeliness, and pedigree that must be dealt with in order to properly fuel that engine.
Dion Hinchcliffe is an internationally recognized digital expert, bestselling book author, frequent keynote speaker, analyst, futurist, and transformation expert based in Washington, DC. He is currently Chief Strategy Officer at the industry-leading digital strategy and online community solutions firm, 7Summits.
Two weeks ago (November 3-5), I attended the Cloud Expo Silicon Valley as a speaker, where I presented on the security and privacy due diligence requirements for cloud solutions. Cloud security is a topical issue for every CIO, CISO, and technology buyer. Decision-makers are always looking for insights on how to mitigate the security risks of implementing and using cloud solutions. Based on the presentation topics covered at the conference, as well as the general discussions heard between sessio...
Detecting internal user threats in the Big Data eco-system is challenging and cumbersome. Many organizations monitor internal usage of the Big Data eco-system using a set of alerts. This is not a scalable process given the increase in the number of alerts with the accelerating growth in data volume and user base. Organizations are increasingly leveraging machine learning to monitor only those data elements that are sensitive and critical, autonomously establish monitoring policies, and to detect...
In his session at @ThingsExpo, Arvind Radhakrishnen discussed how IoT offers new business models in banking and financial services organizations with the capability to revolutionize products, payments, channels, business processes and asset management built on strong architectural foundation. The following topics were covered: How IoT stands to impact various business parameters including customer experience, cost and risk management within BFS organizations.
Recently, REAN Cloud built a digital concierge for a North Carolina hospital that had observed that most patient call button questions were repetitive. In addition, the paper-based process used to measure patient health metrics was laborious, not in real-time and sometimes error-prone. In their session at 21st Cloud Expo, Sean Finnerty, Executive Director, Practice Lead, Health Care & Life Science at REAN Cloud, and Dr. S.P.T. Krishnan, Principal Architect at REAN Cloud, discussed how they built...
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, provided an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life settl...
IoT solutions exploit operational data generated by Internet-connected smart “things” for the purpose of gaining operational insight and producing “better outcomes” (for example, create new business models, eliminate unscheduled maintenance, etc.). The explosive proliferation of IoT solutions will result in an exponential growth in the volume of IoT data, precipitating significant Information Governance issues: who owns the IoT data, what are the rights/duties of IoT solutions adopters towards t...
With tough new regulations coming to Europe on data privacy in May 2018, Calligo will explain why in reality the effect is global and transforms how you consider critical data. EU GDPR fundamentally rewrites the rules for cloud, Big Data and IoT. In his session at 21st Cloud Expo, Adam Ryan, Vice President and General Manager EMEA at Calligo, examined the regulations and provided insight on how it affects technology, challenges the established rules and will usher in new levels of diligence arou...
Organizations planning enterprise data center consolidation and modernization projects are faced with a challenging, costly reality. Requirements to deploy modern, cloud-native applications simultaneously with traditional client/server applications are almost impossible to achieve with hardware-centric enterprise infrastructure. Compute and network infrastructure are fast moving down a software-defined path, but storage has been a laggard. Until now.
DXWorldEXPO LLC announced today that All in Mobile, a mobile app development company from Poland, will exhibit at the 22nd International CloudEXPO | DXWorldEXPO. All In Mobile is a mobile app development company from Poland. Since 2014, they maintain passion for developing mobile applications for enterprises and startups worldwide.
Digital Transformation is much more than a buzzword. The radical shift to digital mechanisms for almost every process is evident across all industries and verticals. This is often especially true in financial services, where the legacy environment is many times unable to keep up with the rapidly shifting demands of the consumer. The constant pressure to provide complete, omnichannel delivery of customer-facing solutions to meet both regulatory and customer demands is putting enormous pressure on...
The best way to leverage your CloudEXPO | DXWorldEXPO presence as a sponsor and exhibitor is to plan your news announcements around our events. The press covering CloudEXPO | DXWorldEXPO will have access to these releases and will amplify your news announcements. More than two dozen Cloud companies either set deals at our shows or have announced their mergers and acquisitions at CloudEXPO. Product announcements during our show provide your company with the most reach through our targeted audienc...
IoT is at the core or many Digital Transformation initiatives with the goal of re-inventing a company's business model. We all agree that collecting relevant IoT data will result in massive amounts of data needing to be stored. However, with the rapid development of IoT devices and ongoing business model transformation, we are not able to predict the volume and growth of IoT data. And with the lack of IoT history, traditional methods of IT and infrastructure planning based on the past do not app...