Chinook Energy Inc. Reports Audited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2012; Provides Production and Cash Flow Guidance for 2013; Announces Departure of John Brussa from Board of Directors
For the year, the company reported petroleum and natural gas revenue, net of royalties of $181,802,000 compared to $202,762,000 a year ago. Cash flow was $78,696,000 or $0.37 per basic and diluted share compared to $85,004,000 or $0.40 per basic and diluted share a year ago. Net loss was $91,028,000 or $0.42 per basic and diluted share compared to $63,752,000 or $0.30 per basic and diluted share a year ago. Capital expenditures and business combinations were $109,657,000 compared to $119,701,000 a year ago.
For 2013, company's budgeted production is 9,500-10,200 barrels of oil equivalent per day comprised of approximately 39% oil, 7% natural gas liquids and 54% natural gas. Cash flow is expected to be $95-$100 million on capital expenditures of $102-$107 million with approximately 60% invested in Tunisia and 40% in Canada. Year end net debt is expected to be reduced to $60-$65 million on combined credit facilities of $161.5 million.
Due to the corporate governance policies of Chinook's major shareholder, Mr. John Brussa has decided not to stand for re-election in 2013 and leave the Chinook board of directors effective immediately.