UPDATE: Twin Butte Energy Jumps 3.5% As Announces Record 2012 Year End Results
Twin Butte Energy Ltd. (TBE.TO) said highlights of 2012 included: demonstrated a sustainable dividend paying model with a payout ratio of 91% and a payout ratio net of the DRIP, of 89%; record annual and quarterly production of 14,681 boe per day (an increase of 93% over 2011; or 28% on a per share basis) and 17,531 boe per day (an increase of 128% over Q4 2011); increased annual and quarterly liquids production weightings to 84% (increased from 61% in 2011) and 87% (increased from 64% in Q4 2011), respectively; generated record annual and quarterly funds flow of $136.0 million (122% increase over 2011) and $37.8 million (increase of 126% over Q4 2011). On a per share basis, funds flow increased by 49% year over year to $0.67, and by 31% when comparing fourth quarter 2012 to 2011, or $0.16 vs. $0.12 per share.
Outlook: "Twin Butte will continue to execute its business plan in 2013. We believe the combination of a sustainable dividend and moderate per share growth will continue to attract investor interest. We remain committed to continually enhance the company's asset quality through organic growth and strategic acquisitions.
"Twin Butte remains in an enviable position in that it has a strong balance sheet, a predictable production profile and a current inventory of over 700 net heavy oil drilling locations. These wells generate return on investment in the top 10 percentile of all plays in North America and the company believes its current sizable drilling inventory has the ability to fuel the company's dividend and moderate growth strategy for years to come.
"This will allow a sustained pace of repeatable development drilling and disciplined capital spending to maximize capital efficiencies, economic returns and minimize payout times, providing visible sustainability to Twin Butte's dividend and anticipated company growth. "
Twin Butte is a value oriented, intermediate producer with a drilling inventory focused on large original oil in-place conventional heavy oil exploitation.
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