Twin Butte Energy Ltd. announced audited financial and operational results for the fourth quarter and twelve months ended December 31, 2015. For the quarter, the company reported funds flow of CAD 32,923,000 or CAD 0.09 per basic and diluted share against CAD 54,324,000 or CAD 0.16 per basic and diluted share a year ago. Petroleum and natural gas sales were CAD 45,162,000 against CAD 110,219,000 a year ago. Net loss was CAD 249,252,000 or CAD 0.70 per basic and diluted share against CAD 84,086,000 or CAD 0.24 per basic and diluted share a year ago. Capital expenditures were CAD 9,402,000 against CAD 34,128,000 a year ago.

For the year, the company reported funds flow of CAD 178,123,000 or CAD 0.50 per basic and diluted share against CAD 207,927,000 or CAD 0.60 per basic and diluted share a year ago. Petroleum and natural gas sales were CAD 240,770,000 against CAD 555,073,000 a year ago. Net loss was CAD 336,932,000 or CAD 0.95 per basic and diluted share against CAD 57,340,000 or CAD 0.17 per basic and diluted share a year ago. Capital expenditures were CAD 78,039,000 against CAD 137,627,000 a year ago. Net debt as on December 31, 2015 was CAD 287,874,000 compared to CAD 353,299,000 a year ago.

For the quarter, the company had production of medium & light crude oil of 7,460 bbl per day against 9,776 bbl per day a year ago. Heavy crude oil was 6,256 bbl per day against 8,553 bbl per day a year ago. Natural gas production was 9,557 Mcf per day against 13,849 Mcf per day a year ago. Natural gas liquids production was 135 bbl per day against negative 207 bbl per day a year ago. Fourth quarter of 2014 production averaged 15,444 boe/d, reaching to 90% from 89%.

For the year, the company had production of medium & light crude oil of 7,884 bbl per day against 11,185 bbl per day a year ago. Heavy crude oil production was 7,145 bbl per day against 7,870 bbl per day a year ago. Natural gas production was 11,290 Mcf per day against 12,616 Mcf per day a year ago. Natural gas liquids production was 141 bbl per day against 98 bbl per day a year ago. Production averaged 17,052boe/d.

The company has shut in additional volumes in the quarter primarily associated with non-core gas properties, with first quarter 2016 quarterly production expected to be just under 14,000 boe per day. Due to the current pricing environment and lack of liquidity no development projects have or will be undertaken in first quarter 2016.