Twin Butte Energy Ltd. Announces Financial and Production Results for the Second Quarter and Six Months Ended June 30, 2013; Provides Production Guidance for the Year of 2013
For the six months, the company reported petroleum and natural gas sales of $170.261 million against $142.670 million a year ago. Funds flow was $65.481 million or $0.26 per diluted share against $60.162 million or $0.32 per diluted share a year ago. Net loss was $35.715 million or $0.14 per diluted share against $44.323 million or $0.23 per diluted share a year ago. Capital expenditures were $34.496 million against $32.826 million a year ago. Net debt as on June 30, 2013 was $193.750 million against $124.459 million a year ago.
For the quarter, the company reported operating average daily production crude oil was 14,588 bbl per day against 11,415 bbl per day a year ago. Natural gas was 12,665 mcf per day against 15,063 mcf per day a year ago. Natural gas liquids were 150 bbl per day against 267 bbl per day a year ago. Barrels of oil equivalent were 16,849 boe per day against 14,193 boe per day a year ago.
For the six months, the company reported operating average daily production crude oil was 14,630 bbl per day against 10,801 bbl per day a year ago. Natural gas was 13,282 mcf per day against 15,601 mcf per day a year ago. Natural gas liquids were 206 bbl per day against 309 bbl per day a year ago. Barrels of oil equivalent were 17,050 boe per day against 13,710 boe per day a year ago.
The company remains on track to meet its previously reported operating and financial guidance of $112 million in cash flow and 16,100 - 16,400 boe per day of average production. The company's level of capital expenditures, which are currently forecast to be $70 million net, will be monitored and potentially increased should actual cash flow less dividends increase.