KELT EXPLORATION LTD - KELTF STOCK NEWS

Kelt Exploration (TSX: KEL) released its financial and operational results for the three and six months ending June 30, 2024. Key financial highlights include:

Q2 2024 vs. Q2 2023:

• Petroleum and natural gas sales: CA$109.1M (-1%).
• Net income: CA$10.9M (-58%).
• Adjusted funds from operations: CA$42.5M (-28%).

H1 2024 vs. H1 2023:

• Sales: CA$235.5M (-6%).
• Net income: CA$22.8M (-46%).
• Adjusted funds from operations: CA$103.6M (-31%).

Operational highlights include a slight increase in average daily production to 30,693 BOE/d (+3%) with oil prices rising by 10% and NGL prices by 37%. Gas prices, however, fell by 36%. The company invested CA$73.8M in capital expenditures in Q2 2024, focusing on drilling and completing wells.

Kelt’s 2024 capital expenditure program remains unchanged at CA$325M, with significant upcoming operations planned, including the start-up of new gas plants and additional wells.

Kelt Exploration has announced the deferment of the start-up of certain natural gas wells to Q4 2024 due to weak gas prices at North American hubs. The company aims to take advantage of higher winter future strip prices. At its Wembley/Pipestone Division, Kelt has drilled six wells, with flow-testing underway, while eight more wells are scheduled for completion by year-end. In Pouce Coupe, Kelt has commenced a six-well program targeting the Charlie Lake formation with expected incremental output by December. The company has also hedged a portion of its gas and propane production to mitigate price volatility. Kelt reduced its 2024 AECO gas price forecast by 10% and STATION 2 gas price forecast by 14%, though it increased its WTI crude oil forecast by 2%. Consequently, Kelt's expected average production for 2024 has been revised to 34,000-36,000 BOE/d. Capital expenditures remain constant at $325 million, but the company expects to exit 2024 with production in the 45,000-50,000 BOE/d range.

Kelt Exploration reports financial and operating results for the first quarter of 2024. Petroleum and natural gas sales decreased by 9% compared to the same period in 2023. Adjusted funds from operations dropped by 34%, and net income decreased by 27%. Capital expenditures increased by 5% to $80.2 million. The company forecasts a capital expenditure budget of $325 million for 2024, aiming to increase production by 18-28% compared to 2023 levels. Average commodity price assumptions for 2024 are provided as well.

Kelt Exploration announces successful results of the Annual Meeting of Shareholders held on April 17, 2024. All matters were fully authorized and approved, including the fixing of the number of directors, the election of directors, and the appointment of auditors. Key details of the voting outcomes are provided in the press release.

Kelt Exploration Ltd. reports financial and operating results for Q4 and full year 2023, showcasing a 15% increase in average daily production, but a decrease in petroleum and natural gas sales. Adjusted funds from operations declined by 28% year-over-year, with a net income drop of 46%. Despite a 19% decrease in sales, Kelt maintains a strong financial position with a net debt to adjusted funds from operations ratio of 0.05 times.

Kelt Exploration Ltd. reports on its oil & gas reserves and production for the year ended December 31, 2023. The company saw increases in all categories of reserves compared to the previous year, with significant growth in proved developed producing reserves. Despite lower forecasted oil and gas prices, the value of reserves increased, leading to a 32% rise in net present value of proved plus probable reserves. Kelt's net asset value per share also saw a substantial increase, reaching $22.75. The company's production for 2023 showed a 12% increase from the previous year, with a focus on transitioning to development and multi-well pad drilling.

Kelt Exploration Ltd. (TSX: KEL) reports Q3 2023 financial and operational results, including a summary of financial highlights, operational highlights, and a 2024 budget plan. The report includes key SEO terms such as petroleum and natural gas sales, adjusted funds from operations, net debt, capital expenditures, and production guidance.

Kelt Exploration Ltd. expects to double its production capability over the next three years through new gas processing capacity. The company plans to increase firm service raw gas processing capacity in its Wembley/Pipestone Division from 37 MMcf per day to 109 MMcf per day. Kelt also anticipates increasing its overall raw gas processing capacity in the Pouce Coupe/Progress/Spirit River Division to 107 MMcf per day. However, the company will experience temporary production curtailments due to upcoming plant maintenance in the Oak and Wembley/Pipestone divisions. Kelt has appointed Jennifer Haskey as a new director, while Geri Greenall is retiring from the board.