Click here to close now.

SYS-CON MEDIA Authors: Pat Romanski, Marty Puranik, Marco Meinardi, Mike Kavis, Peter Silva

News Feed Item

CYGAM Announces 2013 Financial Results and Annual Filings

CALGARY, ALBERTA -- (Marketwired) -- 04/02/14 -- CYGAM Energy Inc. (TSX VENTURE: CYG) ("CYGAM", or the "Company"), an emerging oil and gas company with interests in Tunisia and Italy, has filed the annual consolidated financial statements, the related Management Discussion and Analysis ("MD&A") and additional information required to be filed pursuant to the requirements of the applicable securities laws. The Company has also filed its statement of reserves data and other oil and gas information as at December 31, 2013 pursuant to National Instrument 51-101. These filings may be viewed on the Company's web site (www.cygamenergy.com) or at www.sedar.com.

CYGAM's Q4 and annual results showed the impact of reduced production and oil sales arising from the TT Field that is contained within the Bir Ben Tartar ("BBT") Concession in the Sud Remada Permit.

Under the production sharing contract established for the Sud Remada Permit with the Tunisian state oil company, Enterprise Tunisienne d'Activities Petrolieres ("ETAP"), CYGAM holds a 14 percent working interest through its wholly owned subsidiary Rigo Oil Company Tunisia Ltd., in partnership with Storm Ventures International, a subsidiary of Chinook Energy Inc. ("Chinook"), who holds the remaining 86 percent working interest and operates.

Highlights of the quarter and year ended December 31, 2013


--  Gross production for the three months ended December 31, 2013 from the
    TT Field averaged 2,269 bopd (199 bopd CYGAM net, post ETAP); 2,596 bopd
    (228 bopd CYGAM net, post ETAP) for the year ended December 31, 2013;

--  Oil net revenue was $2,435,200 for the three months ended December 31,
    2013; $8,979,870 for the year ended December 31, 2013;

--  Operating netbacks for the three months ended December 31, 2013 were
    $72.38 per barrel (on revenue of $116.02 per barrel with operating costs
    of $43.64 per barrel); $75.13 per barrel (on revenue of $110.85 per
    barrel with operating costs of $35.72 per barrel) for the year ended
    December 31, 2013;

--  Net loss of $661,904 in the fourth quarter of 2013 compared to net
    income of $222,315 in the fourth quarter of 2012; for the year ended
    December 31, 2013, the net loss was $5,019,377 compared to net income in
    2012 of $1,131,795;

--  The December 31, 2013 results included impairment write downs of $2.4
    million relating to the Sud Tozeur permit in Tunisia, and $1.6 million
    relating to the Sud Remada permit in Tunisia and the CR148 (Aretusa),
    Civitaquana and Montalbano permits in Italy.

A more detailed discussion of the results is included in the MD&A and report to shareholders, available on the Company's web site or SEDAR.

SELECTED FINANCIAL INFORMATION


----------------------------------------------------------------------------
----------------------------------------------------------------------------
                              Three Months ended
                                 December 31,        Year ended December 31,
                                   2013        2012         2013        2012
----------------------------------------------------------------------------

Oil revenue - Tunisia      $  2,435,200 $ 2,977,392 $  8,979,870 $ 9,884,602
Other income                    (3,727)         898        2,428       2,440
----------------------------------------------------------------------------
                              2,431,472   2,978,290    8,982,298   9,887,042

Operating costs                 915,924     768,536    2,893,228   2,504,381
General and administrative      432,113     653,295    2,391,765   2,136,643
Stock based compensation         23,504     206,474      103,061     349,191
Financing costs                  44,873      18,979      142,849      59,925
Impairment write-down
 (recovery)                     635,255           -    4,082,557   (305,766)
Loss (gain) on sale of
 exploration assets                   -           -            -      72,114
Exploration expense              93,809           -      639,698     161,496
(Gain) on sale of building            -   (118,258)            -   (118,258)
Depletion and depreciation      947,898   1,226,949    3,748,515   3,895,521
----------------------------------------------------------------------------
                              3,093,377   2,755,975   14,001,674   8,755,247

Net income (loss)             (661,904)     222,315  (5,019,377)   1,131,795
----------------------------------------------------------------------------

  per share - basic and
   diluted                 $     (0.03) $         - $     (0.04) $      0.01

OPERATING


----------------------------------------------------------------------------
                             Three Months ended
                                December 31,         Year ended December 31,
                                  2013        2012         2013         2012
----------------------------------------------------------------------------

Oil revenues               $ 2,435,200 $ 3,917,130 $  8,979,870 $  9,884,602
Operating costs            $ (915,924) $ (996,225) $(2,893,228) $(2,504,381)
----------------------------------------------------------------------------
Net operating income       $ 1,519,275 $ 2,920,905 $  6,086,642 $  7,380,220

Depletion and depreciation $   947,898 $ 1,597,706 $  3,748,515 $  3,895,521

Revenue per boe            $    116.02 $    110.57 $     110.85 $     111.06
Operating costs per boe    $     43.64 $     28.12 $      35.72 $      28.14
----------------------------------------------------------------------------

Operating income per boe   $     72.38 $     82.45 $      75.14 $      82.92

----------------------------------------------------------------------------
----------------------------------------------------------------------------

1.  Net operating income and netback are non-IFRS measures. Net operating
    income and netback is defined as revenue less operating costs.
2.  Since ETAP pays all taxes and royalties from its share of production,
    net operating income is effectively after tax to the Company.

About CYGAM Energy Inc.

CYGAM is a Calgary based exploration company with extensive international exploration permits and a producing property in Tunisia. The main focus of CYGAM is the acquisition, exploration and development of international oil and gas permits, primarily in Italy, Tunisia and the Mediterranean Basin. CYGAM currently holds various interests in five exploratory permits in Italy plus three exploratory permits and the BBT Production Concession in Tunisia which together encompass a total of approximately 2.6 million gross acres.

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 release.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
The Workspace-as-a-Service (WaaS) market will grow to $6.4B by 2018. In his session at 16th Cloud Expo, Seth Bostock, CEO of IndependenceIT, will begin by walking the audience through the evolution of Workspace as-a-Service, where it is now vs. where it going. To look beyond the desktop we must understand exactly what WaaS is, who the users are, and where it is going in the future. IT departments, ISVs and service providers must look to workflow and automation capabilities to adapt to growing ...
PubNub on Monday has announced that it is partnering with IBM to bring its sophisticated real-time data streaming and messaging capabilities to Bluemix, IBM’s cloud development platform. “Today’s app and connected devices require an always-on connection, but building a secure, scalable solution from the ground up is time consuming, resource intensive, and error-prone,” said Todd Greene, CEO of PubNub. “PubNub enables web, mobile and IoT developers building apps on IBM Bluemix to quickly add sc...
Business and IT leaders today need better application delivery capabilities to support critical new innovation. But how often do you hear objections to improving application delivery like, “I can harden it against attack, but not on this timeline”; “I can make it better, but it will cost more”; “I can deliver faster, but not with these specs”; or “I can stay strong on cost control, but quality will suffer”? In the new application economy, these tradeoffs are no longer acceptable. Customers will ...
Sensor-enabled things are becoming more commonplace, precursors to a larger and more complex framework that most consider the ultimate promise of the IoT: things connecting, interacting, sharing, storing, and over time perhaps learning and predicting based on habits, behaviors, location, preferences, purchases and more. In his session at @ThingsExpo, Tom Wesselman, Director of Communications Ecosystem Architecture at Plantronics, will examine the still nascent IoT as it is coalescing, includin...
Data-intensive companies that strive to gain insights from data using Big Data analytics tools can gain tremendous competitive advantage by deploying data-centric storage. Organizations generate large volumes of data, the vast majority of which is unstructured. As the volume and velocity of this unstructured data increases, the costs, risks and usability challenges associated with managing the unstructured data (regardless of file type, size or device) increases simultaneously, including end-to-...
The excitement around the possibilities enabled by Big Data is being tempered by the daunting task of feeding the analytics engines with high quality data on a continuous basis. As the once distinct fields of data integration and data management increasingly converge, cloud-based data solutions providers have emerged that can buffer your organization from the complexities of this continuous data cleansing and management so that you’re free to focus on the end goal: actionable insight.
In the consumer IoT, everything is new, and the IT world of bits and bytes holds sway. But industrial and commercial realms encompass operational technology (OT) that has been around for 25 or 50 years. This grittier, pre-IP, more hands-on world has much to gain from Industrial IoT (IIoT) applications and principles. But adding sensors and wireless connectivity won’t work in environments that demand unwavering reliability and performance. In his session at @ThingsExpo, Ron Sege, CEO of Echelon...
As organizations shift toward IT-as-a-service models, the need for managing and protecting data residing across physical, virtual, and now cloud environments grows with it. CommVault can ensure protection &E-Discovery of your data – whether in a private cloud, a Service Provider delivered public cloud, or a hybrid cloud environment – across the heterogeneous enterprise. In his session at 16th Cloud Expo, Randy De Meno, Chief Technologist - Windows Products and Microsoft Partnerships, will disc...
The Internet of Things (IoT) is causing data centers to become radically decentralized and atomized within a new paradigm known as “fog computing.” To support IoT applications, such as connected cars and smart grids, data centers' core functions will be decentralized out to the network's edges and endpoints (aka “fogs”). As this trend takes hold, Big Data analytics platforms will focus on high-volume log analysis (aka “logs”) and rely heavily on cognitive-computing algorithms (aka “cogs”) to mak...
With several hundred implementations of IoT-enabled solutions in the past 12 months alone, this session will focus on experience over the art of the possible. Many can only imagine the most advanced telematics platform ever deployed, supporting millions of customers, producing tens of thousands events or GBs per trip, and hundreds of TBs per month. With the ability to support a billion sensor events per second, over 30PB of warm data for analytics, and hundreds of PBs for an data analytics arc...
Operational Hadoop and the Lambda Architecture for Streaming Data Apache Hadoop is emerging as a distributed platform for handling large and fast incoming streams of data. Predictive maintenance, supply chain optimization, and Internet-of-Things analysis are examples where Hadoop provides the scalable storage, processing, and analytics platform to gain meaningful insights from granular data that is typically only valuable from a large-scale, aggregate view. One architecture useful for capturing...
When it comes to the Internet of Things, hooking up will get you only so far. If you want customers to commit, you need to go beyond simply connecting products. You need to use the devices themselves to transform how you engage with every customer and how you manage the entire product lifecycle. In his session at @ThingsExpo, Sean Lorenz, Technical Product Manager for Xively at LogMeIn, will show how “product relationship management” can help you leverage your connected devices and the data th...
Hadoop as a Service (as offered by handful of niche vendors now) is a cloud computing solution that makes medium and large-scale data processing accessible, easy, fast and inexpensive. In his session at Big Data Expo, Kumar Ramamurthy, Vice President and Chief Technologist, EIM & Big Data, at Virtusa, will discuss how this is achieved by eliminating the operational challenges of running Hadoop, so one can focus on business growth. The fragmented Hadoop distribution world and various PaaS soluti...
HP and Aruba Networks on Monday announced a definitive agreement for HP to acquire Aruba, a provider of next-generation network access solutions for the mobile enterprise, for $24.67 per share in cash. The equity value of the transaction is approximately $3.0 billion, and net of cash and debt approximately $2.7 billion. Both companies' boards of directors have approved the deal. "Enterprises are facing a mobile-first world and are looking for solutions that help them transition legacy investme...
One of the biggest impacts of the Internet of Things is and will continue to be on data; specifically data volume, management and usage. Companies are scrambling to adapt to this new and unpredictable data reality with legacy infrastructure that cannot handle the speed and volume of data. In his session at @ThingsExpo, Don DeLoach, CEO and president of Infobright, will discuss how companies need to rethink their data infrastructure to participate in the IoT, including: Data storage: Understand...