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Marquee Energy Ltd. (TSXV:MQL) announced its financial and operational results for the three and six months period ended June 30, which showed a net loss of $4,750 and $8,881, respectively. The company also provided outlook for the remainder of 2015.
Marquee Energy Ltd. (TSXV:MQL) announced its financial and operational results for the three and six months period ended June 30, which showed a net loss of $4,750 and $8,881, respectively. The company also provided outlook for the remainder of 2015.
As quoted in the press release:
- Maintained Q2-2015 production of 5,118 boe/d (49% oil and NGLs) representing a 2% increase compared to Q2-2014. For the six months endedJune 30, 2015 production increased to 5,326 boe/d, an 18% increase over the comparable period in 2014.
- Improved balance sheet strength with second quarter exit net debt of $48.8 million, representing 1.9 times debt to annualized funds flow from operations. Q2-2015 exit net debt is down 23% from year end 2014 net debt of $63.1 million.
- Decreased Q2-2015 operating and transportation costs to $15.94/boe, a 14% improvement from the comparable period in 2014. Savings resulted from service cost reductions and a strong focus on operating efficiencies.
- Reduced general and administrative costs (“G&A”) costs to $3.59/boe, a 2% decrease from Q2-2014. For the six months ending June 30, 2015 G&A costs have declined to $3.47/boe, a decrease of 14% from the comparable period in 2014.
Outlook:
The Company has a strong balance sheet and a low cost oil focused asset base which allow Marquee to mitigate its exposure to volatility in commodity prices, while also positioning it for strong growth as commodity pricing improves. Marquee will continue its careful management of capital expenditures and maintenance of prudent debt levels. The Company has a hedging program in place to provide a base level of revenue surety to protect short-term capital programs.
Marquee is uniquely positioned at Michichi with a dominant operated land and infrastructure position, controlling the pace and development of theBanff/Detrital light oil play, while continuing to lower both capital and operating costs. The Company’s strong financial position provides for stability throughout the changing commodity environment.
Click here to read the full Marquee Energy Ltd. (TSXV:MQL) press release.