Spyglass Resources Corp. announced earnings and production results for the fourth quarter and full year ended December 31, 2014. During the fourth quarter of 2014, capital expenditures (prior to dispositions) were $15.2 million. Funds flow from operations for the fourth quarter of 2014 was $11.9 million ($0.09 per share), reflecting lower crude oil pricing during the quarter. Net loss was $140,753,000 or $1.10 per share against $16,866,000 or $1.13 per share a year ago.

Capital expenditures (prior to dispositions) for 2014 were $77.5 million which included successfully drilling 20 (16.3 net) horizontal light oil wells in Southern and Central Alberta, 1 (1 net) natural gas well at Noel in northeast British Columbia and remediation of the Dixonville property following the pipeline incidents in 2014. Funds flow from operations in 2014 totaled $58.9 million or $0.46 per share compared to $60.6 million or $0.54 per share in 2013. The 2014 results were impacted by downtime at Dixonville that resulted in approximately $15 million less cash flow contributed by the Dixonville property than in 2013. Net loss of $155.8 million in 2014 is driven by non-cash impairment charges of $126.6 million and a valuation allowance taken against the deferred tax asset of $49.3 million; both charges reflecting the significant decline in commodity price forecasts. Net debt at December 31, 2014 was $193.8 million, comprised of $174.7 million in long-term bank debt and a $19.1 million working capital deficit, lower by $107 million as compared to net debt of $300.5 million at December 31, 2013. Loss per share was $1.22 against income of $0.39 a year ago.

Production for the fourth quarter of 2014 averaged 12,666 boe/d (45% oil and liquids), incorporating the impact of successful non-core asset dispositions (approximately 1,400 boe/d) and Dixonville downtime (approximately 850 boe/d) as compared to the same period in 2013.

Production for 2014 averaged 13,798 boe/d, a decrease from 15,215 boe/d in 2013 reflecting the company's 2014 disposition program and downtime at Dixonville partially offset by the successful light oil and natural gas drilling and optimization program.