Oryx Petroleum Q3 Revenues Up 198 Percent Year-on-Year

Oryx Petroleum Corporation (TSX:OXC) has released its financial and operational results for the three and nine month periods that ended September 30, 2018. Results feature a 198 percent year-on-year revenue increase, as well as 104 percent production increase from the same period last year.

As quoted from the press release:

Financial Highlights:

• Total revenues of C$29.4 million on working interest sales of 430,900 barrels of oil (“bbl”) and an average realised sales price of C$61.33/bbl for Q3 2018
• 198 percent increase in revenues versus Q3 2017; 64 percent increase in revenues versus Q2 2018
• The corporation has received full payment in accordance with production sharing contract entitlements for all oil sale deliveries into the Kurdistan Region-Turkey Export Pipeline through August 2018. Oryx Petroleum’s entitlement share of amounts receivable from oil sale deliveries for the months of September and October 2018 is C$14.0 million
• Operating expenses of C$5.6 million (C$12.93/bbl) and an Oryx Petroleum Netback2 of C$23.83/bbl for Q3 2018
• 17 percent decrease in operating expenses per barrel versus Q3 2017; 7 percent decrease in operating expenses per barrel versus Q2 2018
• Oryx Petroleum Netback2 in Q3 2018 highest on record
• Net loss of C$5.2 million (C$0.01 per common share) in Q3 2018 versus net loss of C$5.9 million in Q3 2017 (C$0.01 per common share)
• Operating Funds Flow1 for Q3 2018 was positive C$8.4 million compared to negative C$0.6 million for Q3 2017 and positive C$4.1 million for Q2 2018
• Net cash generated in operating activities was C$4.9 million in Q3 2018 versus net cash used in operating activities of C$4.6 million in Q3 2017. Net cash used in operating activities for Q3 2018 was comprised of positive Operating Funds Flow1 of C$8.4 million partially offset by a C$3.5 million increase in non-cash working capital
• Net cash used in investing activities during Q3 2018 was C$9.2 million including payments related to drilling and facilities work in the Hawler license area and seismic interpretation costs in the AGC Central license area
• $C17.0 million of cash and cash equivalents as of September 30, 2018

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