Bonavista Energy Corporation reported unaudited earnings and production results for the third quarter and nine months ended Sept. 30, 2016. In the third quarter, the company posted a net loss of CAD 29,386,000 or CAD 0.11 basic per share, compared to CAD 216,187,000 or CAD 0.99 basic per share reported in the same period last year. Production revenues were CAD 108,206,000 against CAD 148,342,000 reported last year. Funds from operations were CAD 66,812,000 or CAD 0.26 basic per share against CAD 96,407,000 or CAD 0.44 basic per share a year ago. Adjusted net loss was CAD 19,227,000 or CAD 0.08 basic per share against CAD 203,707,000 or CAD 0.94 basic per share a year ago.

For the nine months, the company reported a net loss of CAD 83,977,000 or CAD 0.35 basic per share compared to CAD 296,929,000 or CAD 1.37 basic per share a year ago. Production revenues were CAD 303,592,000 against CAD 462,739,000 a year ago. Funds from operations were CAD 185,649,000 or CAD 0.8 basic per share against CAD 289,559,000 or CAD 1.33 basic per share a year ago. Adjusted net loss was CAD 38,596,000 or CAD 0.17 basic per share against CAD 252,841,000 or CAD 1.16 basic per share a year ago.

For the year 2017 Board of Directors has approved a preliminary 2017 E&D capital budget of between CAD 280 and CAD 300 million, drilling between 55 and 65 net wells. Company anticipate corporate production in January 2017 to be equal to production a year earlier despite net capital spending for the year being equal to zero. This progress has undoubtedly established a solid foundation for Bonavista to build upon in 2017 and beyond.

For the quarter, the company reported total oil equivalent of 64,160 boe per day against 78,599 per day a year ago.

For the nine months, the company reported total oil equivalent of 68,285 boe per day against 79,094 per day a year ago.

At the same time, Bonavista plans to spend about 24% less in the year 2016 budget, projected to be in the CAD 210 million-to-CAD 240 million range, with a total of 50 to 60 wells planned. With current production at 71,000 boe per day, company anticipate 2016 production to average approximately 68,500 boe per day and capital expenditures, net of A&D, to be zero for the year. Company are forecasting to generate funds from operations of approximately CAD 265 million resulting in year-end debt for 2016 totaling CAD 882 million down from CAD 1.3 billion at year-end 2015. Clearly, 2016 has been a year of distinct and successful transition to a position of greater balance sheet flexibility and hence, greater opportunity as enter 2017.