Click here to close now.

Welcome!

.NET Authors: Pat Romanski, Elizabeth White, Liz McMillan, Jaynesh Shah, Carmen Gonzalez

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
One of the biggest challenges when developing connected devices is identifying user value and delivering it through successful user experiences. In his session at Internet of @ThingsExpo, Mike Kuniavsky, Principal Scientist, Innovation Services at PARC, described an IoT-specific approach to user experience design that combines approaches from interaction design, industrial design and service design to create experiences that go beyond simple connected gadgets to create lasting, multi-device experiences grounded in people's real needs and desires.
The 4th International Internet of @ThingsExpo, co-located with the 17th International Cloud Expo - to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA - announces that its Call for Papers is open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than 20 years ago.
Wearable devices have come of age. The primary applications of wearables so far have been "the Quantified Self" or the tracking of one's fitness and health status. We propose the evolution of wearables into social and emotional communication devices. Our BE(tm) sensor uses light to visualize the skin conductance response. Our sensors are very inexpensive and can be massively distributed to audiences or groups of any size, in order to gauge reactions to performances, video, or any kind of presentation. In her session at @ThingsExpo, Jocelyn Scheirer, CEO & Founder of Bionolux, will discuss ho...
The true value of the Internet of Things (IoT) lies not just in the data, but through the services that protect the data, perform the analysis and present findings in a usable way. With many IoT elements rooted in traditional IT components, Big Data and IoT isn’t just a play for enterprise. In fact, the IoT presents SMBs with the prospect of launching entirely new activities and exploring innovative areas. CompTIA research identifies several areas where IoT is expected to have the greatest impact.
Can call centers hang up the phones for good? Intuitive Solutions did. WebRTC enabled this contact center provider to eliminate antiquated telephony and desktop phone infrastructure with a pure web-based solution, allowing them to expand beyond brick-and-mortar confines to a home-based agent model. It also ensured scalability and better service for customers, including MUY! Companies, one of the country's largest franchise restaurant companies with 232 Pizza Hut locations. This is one example of WebRTC adoption today, but the potential is limitless when powered by IoT.
Every day we read jaw-dropping stats on the explosion of data. We allocate significant resources to harness and better understand it. We build businesses around it. But we’ve only just begun. For big payoffs in Big Data, CIOs are turning to cognitive computing. Cognitive computing’s ability to securely extract insights, understand natural language, and get smarter each time it’s used is the next, logical step for Big Data.
The Internet of Things will greatly expand the opportunities for data collection and new business models driven off of that data. In her session at @ThingsExpo, Esmeralda Swartz, CMO of MetraTech, discussed how for this to be effective you not only need to have infrastructure and operational models capable of utilizing this new phenomenon, but increasingly service providers will need to convince a skeptical public to participate. Get ready to show them the money!
SYS-CON Events announced today that MetraTech, now part of Ericsson, has been named “Silver Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place on June 9–11, 2015, at the Javits Center in New York, NY. Ericsson is the driving force behind the Networked Society- a world leader in communications infrastructure, software and services. Some 40% of the world’s mobile traffic runs through networks Ericsson has supplied, serving more than 2.5 billion subscribers.
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!
17th Cloud Expo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Meanwhile, 94% of enterprises are using some form of XaaS – software, platform, and infrastructure as a service.
The Internet of Things is not new. Historically, smart businesses have used its basic concept of leveraging data to drive better decision making and have capitalized on those insights to realize additional revenue opportunities. So, what has changed to make the Internet of Things one of the hottest topics in tech? In his session at @ThingsExpo, Chris Gray, Director, Embedded and Internet of Things, discussed the underlying factors that are driving the economics of intelligent systems. Discover how hardware commoditization, the ubiquitous nature of connectivity, and the emergence of Big Data a...
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo in Silicon Valley. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 17th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The Internet of Things (IoT) is the most profound change in personal an...
All major researchers estimate there will be tens of billions devices - computers, smartphones, tablets, and sensors - connected to the Internet by 2020. This number will continue to grow at a rapid pace for the next several decades. With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo, June 9-11, 2015, at the Javits Center in New York City. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be
SYS-CON Events announced today that DragonGlass, an enterprise search platform, 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. After eleven years of designing and building custom applications, OpenCrowd has launched DragonGlass, a cloud-based platform that enables the development of search-based applications. These are a new breed of applications that utilize a search index as their backbone for data retrieval. They can easily adapt to new data sets and provide access to both structured and unstruc...
Container frameworks, such as Docker, provide a variety of benefits, including density of deployment across infrastructure, convenience for application developers to push updates with low operational hand-holding, and a fairly well-defined deployment workflow that can be orchestrated. Container frameworks also enable a DevOps approach to application development by cleanly separating concerns between operations and development teams. But running multi-container, multi-server apps with containers is very hard. You have to learn five new and different technologies and best practices (libswarm, sy...
As the Internet of Things unfolds, mobile and wearable devices are blurring the line between physical and digital, integrating ever more closely with our interests, our routines, our daily lives. Contextual computing and smart, sensor-equipped spaces bring the potential to walk through a world that recognizes us and responds accordingly. We become continuous transmitters and receivers of data. In his session at @ThingsExpo, Andrew Bolwell, Director of Innovation for HP's Printing and Personal Systems Group, discussed how key attributes of mobile technology – touch input, sensors, social, and ...
WebRTC defines no default signaling protocol, causing fragmentation between WebRTC silos. SIP and XMPP provide possibilities, but come with considerable complexity and are not designed for use in a web environment. In his session at @ThingsExpo, Matthew Hodgson, technical co-founder of the Matrix.org, discussed how Matrix is a new non-profit Open Source Project that defines both a new HTTP-based standard for VoIP & IM signaling and provides reference implementations.
SYS-CON Events announced today that the "First Containers & Microservices Conference" will take place June 9-11, 2015, at the Javits Center in New York City. The “Second Containers & Microservices Conference” will take place November 3-5, 2015, at Santa Clara Convention Center, Santa Clara, CA. Containers and microservices have become topics of intense interest throughout the cloud developer and enterprise IT communities.
Buzzword alert: Microservices and IoT at a DevOps conference? What could possibly go wrong? In this Power Panel at DevOps Summit, moderated by Jason Bloomberg, the leading expert on architecting agility for the enterprise and president of Intellyx, panelists will peel away the buzz and discuss the important architectural principles behind implementing IoT solutions for the enterprise. As remote IoT devices and sensors become increasingly intelligent, they become part of our distributed cloud environment, and we must architect and code accordingly. At the very least, you'll have no problem fil...
Almost everyone sees the potential of Internet of Things but how can businesses truly unlock that potential. The key will be in the ability to discover business insight in the midst of an ocean of Big Data generated from billions of embedded devices via Systems of Discover. Businesses will also need to ensure that they can sustain that insight by leveraging the cloud for global reach, scale and elasticity.