Spry announces release of year end financial and operating results
HIGHLIGHTS - Our average production rate for the fiscal year increased 23 percent to 1,672 boes per day, up from 1,357 boes per day. - Although commodity prices on a boe basis were 12 percent lower, production growth and realized gains on financial instruments led to an increase in our funds flow from operations of 20 percent to $17.8 million for the current fiscal year, as compared to $14.8 million for the previous year. - Cash based expenditures for the year were $17.0 million as compared to our budget of $24 million. Spending was scaled back in response to the economic downturn and collapse in crude oil and natural gas commodity prices. - We drilled 16 (12.5 net) wells, that resulted in seven (7.0 net) natural gas wells, eight (5.0 net) oil wells and one (0.5 net) dry holes. All but two gas wells have been placed on-stream either prior to or subsequent to year end. - Our year-end proved plus probable reserves decreased eight percent from 5,747,000 to 5,273,000 boes due in part to our reduction in capital expenditures and negative technical revisions. - Proved plus probable finding and on-stream costs (including future capital) were $26.21 per boe before technical revisions and $138.93 per boe after technical revisions. - We have approved a base budget for our fiscal year ended June 30, 2010 with approximately $24 million of planned capital expenditures that includes a drilling program of 17 wells. Three months ended Year ended Year ended June 30, June 30, June 30, 2009 2009 2008 Financial ($ thousands except per share amounts) Petroleum and natural gas revenue 4,388 28,662 26,445 Funds from operations 3,250 17,821 14,827 Basic per share 0.16 0.90 1.01 Diluted per share 0.16 0.88 0.98 Net earnings (loss) (3,627) 3,212 3,071 Basic per share (0.18) 0.16 0.21 Diluted per share (0.18) 0.16 0.20 Capital expenditures, cash based 4,496 16,990 16,489 Business combinations - - 41,528 Working capital deficit, before bank debt 1,269 1,269 4,688 Bank debt 8,510 8,510 7,480 Shares outstanding at year end (000s) 19,894 19,894 19,812 Weighted average shares outstanding (000s) Basic 19,920 19,869 14,705 Diluted 19,920 20,157 15,183 Operations Reserves, proved plus probable Crude oil & liquids (mbbls) 2,799 2,760 Natural gas (mmcf) 14,843 17,923 Total (mboes) 5,273 5,747 Production Light/medium oil (bbls/d) 361 426 142 Heavy oil (bbls/d) 155 242 232 Natural gas (mcf/d) 5,168 6,021 5,900 Total (boes/d) 1,378 1,672 1,357 Prices Light/medium oil ($/bbl) 60.26 67.84 91.62 Heavy oil ($/bbl) 54.95 57.61 60.98 Natural gas ($/mcf) 3.46 5.92 7.61 Total ($/boe) 34.95 46.95 53.07 Royalty income ($/boe) 0.04 0.03 0.17 Royalties ($/boe) (1.91) (6.94) (10.23) Financial instruments ($/boe) 15.36 10.99 1.82 Operating expenses ($/boe) (15.48) (13.44) (10.20) Transportation expenses ($/boe) (1.42) (1.37) (1.23) General & administrative expenses, cash based ($/boe) (4.09) (4.17) (3.84) Interest income (expense), net ($/boe) (0.71) (0.68) 0.28 Options surrendered for cash ($/boe) (0.11) (1.71) - Abandonment costs incurred ($/boe) (0.71) (0.45) - Cash flow netback ($/boe) 25.92 29.21 29.84
Our year-end consolidated financial statements and Management's Discussion and Analysis have been filed on SEDAR. These documents, along with a complete copy of our annual report for the year ended
For further information: Kenneth J. Bowie, President & CEO, (403) 984-6352
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