BNK Petroleum Inc. Announces 2nd Quarter 2011 Results
Geschrieben am 11-08-2011
Camarillo, California (ots/PRNewswire) -
All amounts are in U.S. Dollars unless otherwise indicated:
Second Quarter First Half
2011 2010 % 2011 2010 %
$ Thousands $407 ($2,720) P $292 ($2,431) P
$ per common share
assuming dilution - ($0.03) P $0.00 ($0.02) P
Capital Expenditures $7,434 $14,594 (49)% $11,744 $15,917 (26)%
(Boepd) 1,308 1,162 13% 1,318 1,124 17%
Price per Barrel $47.92 $36.46 31% $46.76 $41.74 12%
per Barrel $27.92 $18.40 52% $27.04 $21.68 25%
6/30/2011 12/31/2010 6/30/2010
Cash and Cash
Equivalents $56,353 $62,062 $20,102
Working Capital $56,419 $63,503 ($8,706)
BNK's President and Chief Executive Officer, Wolf Regener
"BNK earned a net profit of $407,000 in the second quarter of
2011 on a 53% increase in oil and gas revenues net of royalties.
Other income in the quarter was $2.2 million versus $.4 million in
the second quarter of 2010 which resulted from the sale of seismic
data in Oklahoma for $1.2 million, $.6 million in estimated
management fee income and $.4 million in gathering revenue.
The increase in oil and gas revenues resulted from the
combination of a 31% increase in average product prices in the
quarter coupled with a 13% increase in average daily production.
Average net-backs per barrel (per barrel product prices less
royalties and operating expenses) increased 52% in the quarter.
General and administrative expenses increased 93% or $1.8 million
in the comparative quarters due to increases in re-organization fees
of $ 370,000, higher stock based compensation expense of $325,000,
increased European accounting management and consulting fees of $
329,000 as well as increased travel costs of $204,000 and other
smaller cost items.
Cash and working capital remained strong at June 30, 2011
totaling $56.4 million and $56.4 million respectively.
Through the first half of 2011 BNK earned net income of $292,000
versus a loss of $2.4 million in the first half of 2010. Oil and gas
revenues increased $2.4 million or 36% aided by a 17% increase in
average production per day and a 12% increase in average product
The Company recently fracture stimulated two Woodford horizontal
wells in Oklahoma one of which is still in the early stages of
flowback. In addition the Company participated in a non-operated well
which was recently fracture stimulated. Accordingly recent production
increased to over 2,300 barrels a day and the Company is scheduling
fracture stimulations on two more horizontal wells by the end of the
In Poland the Company as Manager for Saponis Investments Sp z
o.o. finished drilling two wells (Wytowno S-1 and Lebork S-1) and
spud a third well (Starogard S-1) last month with total depth on that
well expected to be reached by the end of August 2011. Fracture
stimulation work on the first two wells is scheduled for
Based on the recent core analysis received from 3rd party
contractors on the Wytowno S-1 and Lebork S-1 wells the Company is
encouraged with the Lebork S-1 well looking particularly promising.
On its wholly owned Indiana concessions (Bytow, Trzebielino and
Darlowo) operations must be commenced to drill three wells by
September 2012 in order to continue to hold those concessions. The
Company is in process of determining drilling locations for these
wells and plans to begin shooting seismic data in the fourth quarter
of 2011 which will help to further define basin structure.
In Germany the Company has opened an office in Hannover and plans
to acquire seismic data on its six locations beginning in the fourth
quarter of this year.
In other areas of Europe the Company awaits the potential grant
of other concessions that it has applied for in addition to applying
for other concessions throughout the world."
SECOND QUARTER 2011 VERSUS SECOND QUARTER 2010 HIGHLIGHTS:
- Oil and gas revenues net of royalties increased 53%
- Average net-back per barrel increased 52% to $27.92 a barrel
- Cash and working capital at June 30, 2011 totaled $56.4 million
and $56.4 million respectively
- Average daily production increased 13% to 1,308 boepd
- Capital expenditures totaled $7.4 million of which $5.7 million
was in Oklahoma, $1.4 million was in Poland and $.3 million was in Spain
- Acquired a new concession in Spain totaling 61,470 acres
- As manager of Saponis completed drilling two wells in Poland and
prepared to spud a third well in July 2011
Second Quarter 2011 to Second Quarter 2010
Oil and gas revenues net of royalties totaled $4,634,000 in the
second quarter versus $3,022,000 in the second quarter of 2010. Oil
revenues increased $806,000 or 63% as oil production per day
increased 22% to 230 boepd while average oil prices increased $24.85
a barrel or 33% to $99.54 a barrel. Natural gas liquids (NGL's)
revenues increased $767,000 or 47% to $2,414,000 as NGL production
increased 6% to 564 boepd while NGL prices increased 38% to $47.04 a
barrel. Natural gas revenues increased $276,000 or 30% to $1,204,000
as average natural gas prices rose $.44 a barrel to $4.29 while
natural gas production increased 434 metric cubic feet per day
(mcf/d) to 3,083 or 16%.
Other income of $1,761,000 consisted of $1,176,000 from the sale
of seismic data in Oklahoma and $585,000 for management fees.
Exploration and evaluation expenses totaled $692,000 in the
quarter and relates to write-off of costs relating to Black Warrior
in Alabama of $591,000 and other European costs of $101,000
Production and operating expenses increased $233,000 to
$1,310,000 or 22% due to higher gathering and field maintenance
expenses due to increased production of 13% and the timing of repair
and maintenance costs
Depletion and depreciation expenses increased $417,000 or 46% to
$1,329,000 due to increased production, a higher reserve base on
which the reserve percentage is applied and increased depreciation
General and administrative expenses increased $1,787,000 or 93%
due to higher legal, other professional fees, stock based
compensation, travel and other costs.
Finance income increased to $856,000 from $337,000 or 154% due to
projected gains on the hedging of crude oil.
Finance expense decreased 84% to $261,000 due to a $1,112,000
currency loss in the second quarter of last year versus a $16,000
currency gain in the second quarter of 2011 coupled with lower
interest expense between quarters of $228,000
FIRST HALF 2011 VERSUS FIRST HALF 2010 HIGHLIGHTS
- Average production per day increased 17% to 1,318 boepd
- Oil and gas revenues net of royalties increased 36% to
$9,062,000 from $6,670,000 in the first half of 2010
- Average net-back per barrel increased 25% to $27.04 a barrel
- Earnings were $292,000 versus a loss of $2,431,000 in the first
half of 2010
- Cash from operations excluding changes in non-cash working
capital increased to $2,951,000 from $953,000
- Capital expenditures totaled $11,744,000 versus $3,917,000 in
2010 (excluding the $12,000,000 expenditure in the second quarter of
2010 to purchase the overriding royalty and the net profits interest
from its former lender which was recorded as an increase in property,
plant & equipment).
Oil and gas revenues net of royalties totaled $9,062,000 in the
first half of 2011 versus $6,670,000 in the first half of 2010. Oil
revenues increased $1,245,000 or 42% as oil production per day
increased 17% to 243 boepd while average oil prices increased $16.99
a barrel or 22% to $95.51 a barrel. Natural gas liquids (NGL's)
revenues increased $1,098,000 or 31% to $4,606,000 as NGL production
increased 13% to 557 boepd while NGL prices increased 17% to $45.69 a
barrel. Natural gas revenues increased $319,000 or 16% to $2,352,000
as average natural gas prices declined $.27 an mcf to $4.18 while
natural gas production increased 581 metric cubic feet per day
(mcf/d) to 3,107 or 23%.
Exploration and evaluation expenses declined $917,000 in the
comparative periods due to increased Black Warrior write-offs in the
first half of 2010.
Production and operating expenses increased 16% commensurate with
the 17% increase in production.
Depletion and depreciation expense increased $769,000 or 44% due
to increased production, a higher reserve base on which the depletion
rate is applied and increased depreciation primarily on European
General and administrative expenses increased $2,170,000 in the
comparative periods due to higher legal and other professional fees
(management fees, accounting and consulting fees), travel and other.
Finance income increased $621,000 as foreign currency gains
realized in the first half of 2011 due to the strong Canadian dollar
versus the US dollar were partially offset by unrealized and realized
hedging gains and an unrealized gain on broker warrant revaluation in
the first half of 2010.
Key Financial and operating data follow.
BNK PETROLEUM INC.
CONSOLIDATED BALANCE SHEETS
(Unaudited, Expressed in Thousands of United States Dollars)
June 30, December 31,
Cash and cash
equivalents $ 56,353 $ 62,062
Trade and other
receivables 15,588 18,398
prepaid expenses 935 757
Fair value of
contracts 215 322
Total current assets 73,091 81,539
and equipment 139,653 132,413
evaluation assets 4,738 2,345
Fair value of
contracts 81 -
Total non-current assets 144,472 134,758
Total assets $ 217,563 $ 216,297
Trade and other
payables $ 16,672 $ 18,036
Total current liabilities 16,672 18,036
borrowings 19,555 19,486
obligations 1,692 1,730
Warrant 347 205
Total non-current liabilities 21,594 21,421
Share capital 246,932 246,240
surplus 12,984 11,511
Deficit (80,619) (80,911)
Total equity 179,297 176,840
Total equity and liabilities $ 217,563 $ 216,297
BNK PETROLEUM INC.
CONSOLIDATED STATEMENT OF OPERATIONS, COMPREHENSIVE INCOME
(LOSS) AND DEFICIT
(Unaudited, expressed in Thousands of United States dollars,
except per share amounts)
Second Quarter First Half
2011 2010 2011 2010
Oil and natural gas revenue,
net of royalties $ 4,634 $ 3,022 $ 9,062 $ 6,670
Gathering income 449 412 950 1,942
Other income 1,761 - 1,791 -
6,844 3,434 11,803 8,612
Exploration and evaluation
expenditures 692 986 1,335 2,252
Production and operating expenses 1,310 1,077 2,613 2,260
Depletion and depreciation 1,329 912 2,518 1,749
General and administrative
expenses 3,701 1,914 5,726 3,556
7,032 4,889 12,192 9,817
(188) (1,455) (389) (1,205)
Finance income 856 337 1,394 773
Finance expense (261) (1,602) (713) (1,999)
Net finance income (loss) 595 (1,265) 681 (1,226)
Net income (loss) and comprehensive
income (loss) $ 407 $ (2,720) $ 292 $ (2,431)
Net income (loss) per share
Basic and Diluted $ 0.00 $ (0.03) $ 0.00 $ (0.02)
BNK Petroleum Inc.
Second Quarter 2011
($000 except as noted)
2nd Quarter First Half
2011 2010 2011 2010
Oil revenue before royalties $ 2,086 1,280 4,196 2,951
Gas revenue before royalties 1,204 928 2,352 2,033
NGL revenue before royalties 2,414 1,647 4,606 3,508
Oil and Gas revenue 5,704 3,855 11,154 8,492
Cash Flow provided (used) by
operating activities (3,670) (3,677) (827) (7,103)
Additions to property,
plant & equipment (7,434) (14,594) (11,744) (15,917)
Cash proceeds of stock options
exercised 47 - 429 -
Repayment of long-term debt - (4,761) - (6,084)
2nd Quarter First Half
2011 2010 2011 2010
Average natural gas production
(mcf/d) 3,083 2,649 3,107 2,526
Average NGL production (Boepd) 564 532 557 495
Average Oil production (Bopd) 230 188 243 208
Average production (Boepd) 1,308 1,162 1,318 1,124
Average natural gas price ($/mcf) $4.29 $3.85 $4.18 $4.45
Average NGL price ($/bbl) $47.04 $34.01 $45.69 $39.12
Average oil price ($/bbl) $99.54 $74.69 $95.51 $78.52
Average price per barrel $47.92 $36.46 $46.76 $41.74
Royalties per barrel 8.99 7.88 8.77 8.96
Operating expenses per barrel 11.01 10.18 10.95 11.10
Netback per barrel $27.92 $18.40 $27.04 $21.68
The information outlined above is extracted from and should be
read in conjunction with the Company's unaudited financial statements
for the three months ended June 30, 2011 and the related management's
discussion and analysis thereof, copies of which are available under
the Company's profile at http://www.sedar.com.
Netback per barrel and its components are calculated by dividing
revenue, royalties and operating expenses by the Company's sales
volume during the period. Netback per barrel is a non-IFRS measure
but it is commonly used by oil and gas companies to illustrate the
unit contribution of each barrel produced. This is a useful measure
for investors to compare the performance of one entity with another.
The non-IFRS measures referred to above do not have any standardized
meaning prescribed by IFRS and therefore may not be comparable to
similar measures used by other companies.
The Company also uses the "barrels" (bbls) or "barrels of oil
equivalent" (boe) reference in this report to reflect natural gas
liquids and oil production and sales. All boe conversions are derived
by converting gas to oil in the ratio of six thousand cubic feet of
gas to one barrel of oil, representing the approximate energy
Caution Regarding Forward-Looking Information
Certain statements contained in this news release constitute
"forward-looking information" as such term is used in applicable
Canadian securities laws, including information regarding the
proposed timing and expected results of exploratory work,
commencement of drilling, and concession applications.
Forward-looking information is based on plans and estimates of
management at the date the information is provided and certain
factors and assumptions of management, including that all required
permits and approvals, funding from co-venturers and the necessary
labor and equipment will be obtained, provided or available, as
applicable, when required. Forward looking information is subject to
a variety of risks and uncertainties and other factors that could
cause plans, estimates, timing and actual results to vary materially
from those projected in such forward-looking information. Factors
that could cause the forward-looking information in this news release
to change or to be inaccurate include, but are not limited to, the
risk that permits, approvals, equipment and/or funding are delayed or
available only on terms that are not acceptable to the Company,
political and currency risks and other risks associated with
exploration and development of oil and gas projects, including those
set forth in the Company's management's discussion and analysis and
annual information form filed under the Company's profile on
About BNK Petroleum Inc.
BNK Petroleum Inc. is an international oil and gas exploration
and production company focused on finding and exploiting large,
predominately unconventional oil and gas resource plays. Through
various affiliates and subsidiaries, the Company owns and operates
shale gas properties and concessions in the United States, Poland,
Germany and Spain. Additionally the Company is utilizing its
technical and operational expertise to identify and acquire
additional unconventional projects outside of North America. The
Company's shares are traded on the Toronto Stock Exchange under the
stock symbol BKX.
For further information:
Wolf E. Regener, President and Chief Executive Officer
ots Originaltext: BNK Petroleum Inc.
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