Striker Reports Second Quarter Financial and Operation Results

- August 27th, 2015

Striker Exploration (TSXV:SKX) announced its financial and operational results for the three and six months period ended June 30, which showed a net of working capital of $8.3 million.

Striker Exploration (TSXV:SKX) announced its financial and operational results for the three and six months period ended June 30, which showed a net of working capital of $8.3 million.
As quoted in the press release:

The second quarter of 2015 saw continued efforts to work on expanding itself as a focused light oil growth exploration and production entity. Attention was given to expanding the Company’s light oil prospects and enhancing its positions in its operated core areas.

Highlights from the second quarter:

  • Achieved average sales of 2,384 boe/d (61% liquids), 4% above guidance of 2,300 boe/d;
  • Realized funds flow from operations of $3.6 million, or $0.13 per share;
  • Maintained balance sheet strength with debt, net of working capital of $8.3 million, representing 0.57x debt to annualized first half funds flow;
  • Expended $4.0 million, net of dispositions, on capital projects, acquisitions and dispositions. Of the total, $4.2 million was spent on a Belly River focused strategic acquisition in the Wilson Creek area adding 145 boe/d (70% liquids) and 38 gross (25 net) sections of land as detailed in the June 22, 2015 press release. Offsetting the total capital expenses was disposals of non-core lands and properties with proceeds of $0.5 million.

Click here to read the full Striker Exploration (TSXV:SKX) press release.

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