|By Marketwired .||
|August 22, 2013 06:03 PM EDT||
CALGARY, ALBERTA -- (Marketwired) -- 08/22/13 -- Anterra Energy Inc. ("Anterra" or the "Company") (TSX VENTURE:AE.A)(OTCQX:ATERF) is pleased to announce financial and operating results for the three and six months ended June 30, 2013. Selected information is outlined below and should be read in conjunction with the Company's unaudited consolidated financial statements and related management discussion and analysis available on SEDAR at www.sedar.com or the Company's website at www.anterraenergy.com.
Overall operational and financial results for the second quarter of 2013 were significantly impacted by the acquisition of Terrex Energy Inc. ("Terrex") which closed on March 14, 2013. Sales volumes and oil and gas revenue for the second quarter of 2013 increased 71% and 82% respectively over the second quarter of 2012. Q2 2013 oil and gas revenue totaled $2.5 million on average daily sales volumes of 427 boe/d as compared to oil and gas revenue of $1.4 million on average sales volumes of 250 boe/d in Q2 2013. Total revenue for the second quarter, including midstream revenue, was $3.1 million as compared to $2.0 million in the second quarter of 2012. Revenue for the six months ended June 30, 2013, totaled $5.7 million as compared to $3.6 million for the six months ended June 30, 2012.
Higher than normal general and administrative and operating expenses were primarily responsible for a loss of $1.2 million reported for the second quarter. Significant, largely one-time costs associated with financing and acquisition activities, including regulatory reporting requirements contributed to high general and administrative expenses, and an extensive workover and well reactivation program added to operating costs. The loss of $0.2 million reported for the six months ended June 30, 2013, reflects the gain of $1.2 million recognized on the Terrex acquisition resulting from the estimated fair value of the net assets acquired being in excess of the consideration paid. The gain was recognized in the first quarter of 2013.
At June 30, 2013, the Company had drawn $6.3 million of its approved $20 million credit facilities.
"Activities during the first half of 2013 have resulted in Anterra being well positioned to realize on opportunities currently available in the Canadian oil and gas market," commented Dr. Fang, Anterra's CEO. "Our ability to access capital, combined with the availability of accretive acquisitions will permit us to continue to build our asset base, increase production, and add to our inventory of development opportunities."
About Anterra Energy Inc.
Anterra is an independent, oil focused junior exploration and production company with an expanding presence in the Western Canadian Sedimentary Basin. The Company is actively engaged in the acquisition, development and production of oil and natural gas complemented by the operation of fee-based midstream facilities. Anterra is headquartered in Calgary, Alberta, is listed and trades on the TSX-V under the symbol "AE.A" and trades on OTCQX International under the symbol "ATERF". Additional information is available on the Company's website at www.anterraenergy.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this News Release.
Certain information in this News Release constitutes forward-looking statements or information (collectively referred to herein as "forward-looking statements") within the meaning of applicable securities legislation. Forward-looking statements are usually identified by the words "believe", "anticipate", "expect", "plan", "estimate", "target", "continue", "could", "intend", "may", "potential", "predict", "should", "will", "objective", "project", "forecast", "goal", "guidance", "outlook", "effort", "seeks", "schedule" or expressions of a similar nature suggesting future outcome or statements regarding an outlook. In particular, forward-looking statements include:
Statements relating to Anterra's ability to access capital and continue to build its asset base and increase production.
Forward-looking statements are not guarantees of future performance and the reader should not place undue reliance on these forward-looking statements as there can be no assurances that the assumptions, plans, initiatives or expectations upon which they are based will occur. In addition, forward-looking statements are subject to known and unknown risks, uncertainties and other factors that could cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by forward-looking statements. Such factors include, among others: general economic and business conditions; the price of and demand for oil and natural gas and their effect on the economics of oil and gas exploration; fluctuations in currency and interest rates and their effect on projected profitability of the Company's operations; the ability of the Company to implement its business strategy, including exploration and development plans; the impact of competition and in particular the ability of the Company to maintain its land position in a competitive leasing environment; the availability and cost of seismic, drilling, completions and other equipment; the Company's ability to secure adequate transportation and markets for any oil or gas discovered; drilling and operating hazards and other difficulties inherent in the exploration for and production and sale of oil and natural gas; the availability and cost of financing; the success of any exploration and development undertaken; actions by governmental authorities; and, changes in government regulations and the expenditures required to comply with them (including, but not limited to, the changes in taxes or the royalty or other share of production taken by governmental authorities). Should one or more of these risks or uncertainties materialize, or should any of the Company's assumptions prove incorrect, actual results may vary in material respects from those projected in the forward-looking statements. Readers are cautioned that the foregoing list of risks, uncertainties and other factors is not exhaustive. Unpredictable or unknown factors not discussed could also have material adverse effects on forward-looking statements. The impact of any one factor on a particular forward-looking statement is not determinable with certainty as such factors are dependent on other factors, and the Company's course of action would depend on its assessment of the future considering all information then available. All forward-looking statements in this News Release are expressly qualified in their entirety by these cautionary statements. Except as required by law, the Company assumes no obligation to update forward-looking statements should circumstances or management's estimates or opinions change.
Certain natural gas volumes have been converted to barrels of oil equivalent ("boe") using six thousand cubic feet ("mcf") of gas equal to one barrel ("bbl") of oil unless otherwise stated. This conversion ratio is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Such disclosure of boes may be misleading, particularly if used in isolation.