Pinecrest Energy Inc. (PRY.TO) announced that it has filed on SEDAR its audited annual financial statements, related Management's Discussion and Analysis and Annual Information Form for the year ended December 31, 2012.
2012 HIGHLIGHTS:
- Increased proved plus probable reserves by 107% to 16.2 mmboe (99% oil) and proved reserves by 100% to 9.5 mmboe (99% oil). Proved reserves represent 58% of proved plus probable reserves as at December 31, 2012.
- Increased proved plus probable reserves per fully diluted share by 70% to 68 boe per 1,000 shares from 40 boe per 1,000 shares.
- Pinecrest's 2012 capital program added proved plus probable reserves at a cost of $23.64 per boe excluding future development capital and $33.37 per boe including FDC.
- Emphasizing the quality of the company's production base and the efficiency of its operations, Pinecrest continued to generate a top ranking operating netback of $66.01 per boe for the year ended December 31, 2012, despite a realized price decrease of 10%, compared to $69.46 per boe for the year ended December 2011. Operating netback for Q4 2012 was $65.71 per boe compared to $76.39 per boe for Q4 2011 and increased by 2% compared to $64.33 per boe in Q3 2012.
- Pinecrest achieved a finding, development and acquisition recycle ratio of 2.8 excluding FDC and 2.0 including FDC based on our 2012 operating netback of $66.01 per boe.
- Replaced 2012 production by greater than 4 times on a proved basis and 8 times on a proved plus probable basis.
- Maintained an attractive reserves life index of 12.7 years based on our Q4 2012 average production rate of 3,510 boe per day.
- Increased average production 133% to 3,142 boe per day (99% light oil) for the year ended December 31, 2012, from 1,348 boe per day for the year ended 2011. Average production increased by 58% for Q4 2012 to 3,510 boe per day (99% light oil) compared to Q4 2011 (2,225 boe per day), and increased by 28% over Q3 2012 (2,748 boe per day).
- Increased average production per share by 104%.
- Increased funds from operations by 130% to $71.8 million ($0.34 per basic and $0.30 per diluted shares outstanding) compared to $31.2 million ($0.17 per basic and $0.15 per diluted shares outstanding) for the year ended December 2011. Fourth quarter funds from operations increased by 41% to $20.7 million ($0.10 per basic and $0.09 per diluted shares outstanding) for Q4 2012 compared to $14.6 million ($0.07 per basic and diluted shares outstanding) during Q4 2011, and increased 38% in Q4 2012 compared to $15.0 million from Q3 2012;
- Pinecrest increased 2012 net income by 284% to a corporate record of $32.1 million ($0.15 per basic and $0.13 per diluted shares outstanding) compared to $8.4 million ($0.05 per basic and $0.04 per diluted shares outstanding) in 2011 and increased Q4 net income 115% to $12.5 million ($0.06 per basic and $0.05 per diluted shares outstanding) compared to $5.8 million in Q4 2011.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
