Dundee Energy Limited Reports Audited Consolidated Earnings and Production Results for the Year Ended December 31, 2015
Revenues before royalty interests earned from oil and natural gas sales during the year ended December 31, 2015 were $29.6 million, compared with $46.2 million of revenues earned in the prior year, reflecting substantial decreases in the realized sales price for commodities compared with the prior year. Net loss attributable to owners of the parent for the year ended December 31, 2015 was $8.3 million or a loss of $0.04 per share. The net loss in the current year includes an impairment of $0.9 million against certain oil-based properties, reflecting a decrease in the value of estimated reserves relating to those properties. This compares with net earnings attributable to owners of the parent of $1.3 million or $0.01 per share generated in the prior year. Field level cash flows was $9,674,000 against $23,306,000 a year ago. In response to declining commodity prices for both crude oil and natural gas, the Corporation reduced its planned 2015 capital expenditure program significantly to $0.9 million.