PINECREST ENERGY INC Interim Condensed Consolidated Balance Sheets
(Canadian $000, Unaudited)
Note | September 30, 2015 | December 31, 2014 | |
ASSETS | $ 5,909 | $ 4,805 | |
Current assets | |||
Trade and other receivables | 16 | ||
Prepaids and deposits | 618 | 553 | |
Non-current assets | 6,527 | 5,358 | |
Exploration and evaluation assets | 5 | 3,786 | 3,633 |
Property, plant and equipment | 6 | 112,592 | 112,110 |
Total Assets | $ 122,905 | $ 121,101 | |
LIABILITIES | $ 15,261 | $ 10,290 | |
Current liabilities | |||
Trade and other payables | 15 | ||
Derivative liability associated with bank debt | 7 | 260 | - |
Bank debt | 7,15 | 101,955 | 110,570 |
Non-current liabilities | 117,476 | 120,860 | |
Decommissioning provision | 8 | 11,504 | 11,245 |
Total Liabilities | 128,980 | 132,105 | |
Shareholders' Equity (Deficit) | 284,183 | 281,308 | |
Share capital | 10 | ||
Warrants | 11 | 1,455 | 13,089 |
Contributed surplus | 12 | 18,631 | 5,283 |
Deficit | (310,344) | (310,684) | |
Total Shareholders' Deficit | (6,075) | (11,004) | |
Total Liabilities and Shareholders' Equity | $ 122,905 | $ 121,101 | |
The notes are an integral part of these interim condensed consolidated financial statements
Interim Condensed Consolidated Statements of Net Income and Comprehensive Income For the three and nine months ended September 30
(Canadian $000, except per share amounts, Unaudited)
Three months ended | Nine months ended | |
Note | 2015 2014 | 2015 2014 |
Revenue Petroleum and natural gas sales | $ 8,302 | $ 15,018 | $ 23,738 | $ 51,414 | |
Royalties | (884) | (3,069) | (2,153) | (9,389) | |
Petroleum and natural gas revenue | 7,418 | 11,949 | 21,585 | 42,025 | |
Other operating income | 125 | 190 | 468 | 488 | |
Gain (loss) on derivative financial instruments | 15 | - | 627 | - | (1,070) |
Total revenue and other operating income | 7,543 | 12,766 | 22,053 | 41,443 | |
Expenses Production | 3,481 | 4,830 | 9,786 | 13,880 | |
Transportation | 558 | 506 | 1,451 | 1,508 | |
Depletion and depreciation | 6 | 3,725 | 4,902 | 11,294 | 16,088 |
Impairment | 6 | 454 | - | 454 | - |
Exploration | 5 | 64 | - | 64 | - |
General and administrative | 951 | 812 | 3,103 | 4,207 | |
Transaction costs | 2,6 | 114 | - | 4,142 | - |
9,347 | 11,050 | 30,294 | 35,683 | ||
Operating income (loss) | (1,804) | 1,716 | (8,241) | 5,760 | |
Finance expense Interest expense | 7 | 1,884 | 1,501 | 5,575 | 4,543 |
Accretion on decommissioning provision | 8 | 158 | 164 | 470 | 469 |
Total finance expense | 2,042 | 1,665 | 6,045 | 5,012 | |
Gain on disposition | 2 | - | - | (13,878) | - |
Income (loss) before income tax | (3,846) | 51 | (408) | 748 | |
Income tax expense Deferred income tax expense | 9 | (748) | - | (748) | - |
(748) | - | (748) | - | ||
Net Income (Loss) and Comprehensive Income (Loss) | $ (3,098) | $ 51 | $ 340 | $ 748 | |
Income (loss) per share | 13 | ||||
Basic | $(0.16) | $0.02 | $0.03 | $0.34 | |
Diluted | $(0.16) | $0.02 | $0.03 | $0.34 |
The notes are an integral part of these interim condensed consolidated financial statements
Interim Condensed Consolidated Statements of Changes in Equity (Deficit)
For the three and nine months ended September 30
(Canadian $000, Unaudited)
Three months ended | Nine months ended | ||||
Note | 2015 | 2014 | 2015 | 2014 | |
Share Capital | 10 | $ 284,183 | $ 281,308 | $ 281,308 | $ 281,308 |
Balance, beginning of period | |||||
Common shares issued: | - | - | 853 | - | |
Capital reorganization | 2 | ||||
Private Placement | - | - | 2,994 | - | |
Premium on flow-through shares | - | - | (748) | - | |
Fair value of warrants | - | - | (729) | - | |
Business acquisition | 6 | - | - | 544 | - |
Share issue costs, net of tax | - | - | (39) | - | |
Balance, September 30 | 284,183 | 281,308 | 284,183 | 281,308 | |
Warrants | 11 | 1,455 | 5,283 | 5,283 | 5,283 |
Balance, beginning of period | |||||
Warrants cancelled pursuant to capital reorganization | 2 | - | - | (5,283) | - |
Warrants issued: | - | - | 98 | - | |
Capital reorganization | 2 | ||||
Business acquisition | 6 | - | - | 637 | - |
Fair value allocation of warrants | - | - | 729 | - | |
Warrant issue costs, net of tax | - | - | (9) | ||
Balance, September 30 | 1,455 | 5,283 | 1,455 | 5,283 | |
Contributed Surplus | 12 | 18,604 | 13,677 | 13,089 | 13,114 |
Balance, beginning of period | |||||
Capital reorganization | 2 | - | - | 5,283 | - |
Share-based payments | 27 | 101 | 259 | 664 | |
Cash settled equity instruments | - | (139) | - | (139) | |
Balance, September 30 | 18,631 | 13,639 | 18,631 | 13,639 | |
Deficit | (307,246) | (134,262) | (310,684) | (134,959) | |
Balance, beginning of period | |||||
Total comprehensive income | (3,098) | 51 | 340 | 748 | |
Balance, September 30 | (310,344) | (134,211) | (310,344) | (134,211) | |
Total Shareholders' Equity (Deficit) | $ (6,075) | $ 166,019 | $ (6,075) | $ 166,019 | |
The notes are an integral part of these interim condensed consolidated financial statements
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