Tamarack Valley Energy Ltd Announces Executive Changes; Announces Unaudited Consolidated Earnings and Production Results for the First Quarter Ended March 31, 2014; Reiterates Production Guidance for the First Half and Full Year of 2014
The company announced unaudited consolidated earnings results for the first quarter ended March 31, 2014. For the quarter, the company reported total revenue of $24,498,255 against $12,922,879 a year ago. Funds from operations were $13,445,163 against $7,005,572 a year ago. Basic and diluted earnings per share were $0.03 against $0.01 a year ago. Net debt was $37,130,296 against $81,764,155 a year ago. Capital expenditures were $25,012,046 against $11,783,298 a year ago. The company reported net earnings of $1.79 million compared to $296,846 during the first quarter of 2013. Cash flow was $13.45 million or $0.25 per share against $7.01 million or $0.24 per share a year ago.
The company announced operating results for the first quarter ended March 31, 2014. For the quarter, the company reported average daily production of 42,411,701 bbl/d against 4,383,439 bbl/d a year ago. The company increased first quarter production 55% year-over-year to 4,182 boe per day from 2,701 boe per day during the same period last year. Increases in production were due to production from the Sure Energy Inc. acquisition completed in October 2013, and the successful 2013 drilling program, offset by expected declines from existing production.
The company reiterates its original average production forecast of 4,700 boe/d during the first half of 2014 and reiterates its annual average production between 5,300 and 5,500 boe/d for 2014.