Kelt Reports Financial and Operating Results for the Three and Six Months Ended June 30, 2024
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 (TSX: KEL) ha rilasciato i suoi risultati finanziari e operativi per i tre e sei mesi terminati il 30 giugno 2024. I principali punti salienti finanziari includono:
Q2 2024 vs. Q2 2023:
- Vendite di petrolio e gas naturale: CA$109,1M (-1%).
- Utile netto: CA$10,9M (-58%).
- Fondi rettificati dalle operazioni: CA$42,5M (-28%).
H1 2024 vs. H1 2023:
- Vendite: CA$235,5M (-6%).
- Utile netto: CA$22,8M (-46%).
- Fondi rettificati dalle operazioni: CA$103,6M (-31%).
I punti salienti operativi includono un leggero aumento della produzione media giornaliera a 30.693 BOE/giorno (+3%), con i prezzi del petrolio in aumento del 10% e i prezzi degli NGL aumentati del 37%. Tuttavia, i prezzi del gas sono scesi del 36%. L'azienda ha investito CA$73,8M in spese in conto capitale nel Q2 2024, concentrandosi sulla perforazione e completamento dei pozzi.
Il programma di spese in conto capitale di Kelt per il 2024 rimane invariato a CA$325M, con operazioni significative in programma, inclusi l'avvio di nuovi impianti di gas e ulteriori pozzi.
Kelt Exploration (TSX: KEL) ha presentado sus resultados financieros y operativos para los tres y seis meses que terminaron el 30 de junio de 2024. Los principales puntos destacados financieros incluyen:
Q2 2024 vs. Q2 2023:
- Ventas de petróleo y gas natural: CA$109,1M (-1%).
- Ingreso neto: CA$10,9M (-58%).
- Fondos ajustados de las operaciones: CA$42,5M (-28%).
H1 2024 vs. H1 2023:
- Ventas: CA$235,5M (-6%).
- Ingreso neto: CA$22,8M (-46%).
- Fondos ajustados de las operaciones: CA$103,6M (-31%).
Los aspectos operativos destacados incluyen un ligero aumento en la producción diaria promedio a 30,693 BOE/día (+3%), con los precios del petróleo aumentando un 10% y los precios de los NGL aumentando un 37%. Sin embargo, los precios del gas cayeron un 36%. La empresa invirtió CA$73,8M en gastos de capital en el Q2 2024, enfocándose en perforación y finalización de pozos.
El programa de gastos de capital de Kelt para 2024 se mantiene sin cambios en CA$325M, con operaciones significativas programadas, incluidos el inicio de nuevas plantas de gas y pozos adicionales.
Kelt Exploration (TSX: KEL)는 2024년 6월 30일로 끝나는 3개월 및 6개월 재무 및 운영 결과를 발표했습니다. 주요 재무 하이라이트는 다음과 같습니다:
2024년 2분기 vs. 2023년 2분기:
- 석유 및 천연가스 판매: CA$109.1M (-1%).
- 순이익: CA$10.9M (-58%).
- 조정 운영 자금: CA$42.5M (-28%).
2024년 상반기 vs. 2023년 상반기:
- 판매: CA$235.5M (-6%).
- 순이익: CA$22.8M (-46%).
- 조정 운영 자금: CA$103.6M (-31%).
운영 하이라이트로는 평균 일일 생산량이 30,693 BOE/일로 약간 증가(+3%)했으며, 유가가 10% 상승하고 NGL 가격이 37% 상승했습니다. 그러나 가스 가격은 36% 하락했습니다. 이 회사는 2024년 2분기에 CA$73.8M을 자본 지출에 투자하여 시추 및 완공에 집중했습니다.
Kelt의 2024년 자본 지출 프로그램은 CA$325M으로 변동이 없으며, 새로운 가스 플랜트와 추가 유정의 가동을 포함한 중요한 운영이 예정되어 있습니다.
Kelt Exploration (TSX: KEL) a publié ses résultats financiers et opérationnels pour les trois et six mois se terminant le 30 juin 2024. Les principaux faits saillants financiers comprennent :
Q2 2024 vs. Q2 2023 :
- Ventes de pétrole et de gaz naturel : CA$109,1M (-1%).
- Revenu net : CA$10,9M (-58%).
- Fonds ajustés issus des opérations : CA$42,5M (-28%).
H1 2024 vs. H1 2023 :
- Ventes : CA$235,5M (-6%).
- Revenu net : CA$22,8M (-46%).
- Fonds ajustés issus des opérations : CA$103,6M (-31%).
Les faits saillants opérationnels incluent une légère augmentation de la production quotidienne moyenne à 30 693 BOE/jour (+3%), avec des prix du pétrole en hausse de 10% et des prix des NGL en hausse de 37%. Cependant, les prix du gaz ont chuté de 36%. L'entreprise a investi CA$73,8M dans des dépenses d'investissement au Q2 2024, en se concentrant sur le forage et l'achèvement de puits.
Le programme de dépenses d'investissement de Kelt pour 2024 reste inchangé à CA$325M, avec des opérations importantes prévues, y compris le démarrage de nouvelles usines de gaz et des puits supplémentaires.
Kelt Exploration (TSX: KEL) hat seine finanziellen und operativen Ergebnisse für die drei und sechs Monate, die am 30. Juni 2024 endeten, veröffentlicht. Die wichtigsten finanziellen Highlights umfassen:
Q2 2024 vs. Q2 2023:
- Umsätze aus Erdöl und Erdgas: CA$109,1M (-1%).
- Nettoeinkommen: CA$10,9M (-58%).
- Bereinigte Mittel aus Betrieben: CA$42,5M (-28%).
H1 2024 vs. H1 2023:
- Umsätze: CA$235,5M (-6%).
- Nettoeinkommen: CA$22,8M (-46%).
- Bereinigte Mittel aus Betrieben: CA$103,6M (-31%).
Die operativen Highlights umfassen einen leichten Anstieg der durchschnittlichen täglichen Produktion auf 30.693 BOE/Tag (+3%), wobei die Ölpreise um 10% und die NGL-Preise um 37% gestiegen sind. Die Gaspreise sind jedoch um 36% gefallen. Das Unternehmen investierte im Q2 2024 CA$73,8M in Investitionsausgaben und konzentrierte sich auf das Bohren und Fertigstellen von Bohrlöchern.
Das Investitionsprogramm von Kelt für 2024 bleibt unverändert bei CA$325M, mit bedeutenden bevorstehenden Operationen, einschließlich der Inbetriebnahme neuer Gasanlagen und zusätzlicher Bohrlöcher.
- Oil prices increased by 10% year-over-year to $102.52 per barrel.
- NGL prices rose by 37% year-over-year to $55.85 per barrel.
- Average daily production increased by 3% to 30,693 BOE/d.
- Net income decreased by 58% to CA$10.9M in Q2 2024.
- Adjusted funds from operations decreased by 28% to CA$42.5M in Q2 2024.
- Gas prices fell by 36% year-over-year to $1.65 per Mcf.
- Cash provided by operating activities decreased by 32% to CA$46.4M in Q2 2024.
Calgary, Alberta--(Newsfile Corp. - August 8, 2024) - Kelt Exploration Ltd. (TSX: KEL) ("Kelt" or the "Company") reports its financial and operating results to shareholders for the three and six months ended June 30, 2024.
The Company's financial results are summarized as follows:
FINANCIAL HIGHLIGHTS | Three months ended June 30 | Six months ended June 30 | | |||||||||||||||
(CA$ thousands, except as otherwise indicated) | 2024 | 2023 | % | 2024 | 2023 | % | ||||||||||||
| ||||||||||||||||||
Petroleum and natural gas sales | 109,093 | 110,061 | -1 | 235,484 | 249,632 | -6 | ||||||||||||
Cash provided by operating activities | 46,419 | 68,163 | -32 | 108,912 | 168,323 | -35 | ||||||||||||
Adjusted funds from operations (1) | 42,457 | 58,810 | -28 | 103,633 | 150,810 | -31 | ||||||||||||
Basic ($/ common share) (1) | 0.22 | 0.31 | -29 | 0.53 | 0.78 | -32 | ||||||||||||
Diluted ($/ common share) (1) | 0.21 | 0.30 | -30 | 0.52 | 0.77 | -32 | ||||||||||||
| ||||||||||||||||||
Net income and comprehensive income | 10,905 | 25,799 | -58 | 22,752 | 42,135 | -46 | ||||||||||||
Basic ($/ common share) | 0.06 | 0.13 | -54 | 0.12 | 0.22 | -45 | ||||||||||||
Diluted ($/ common share) | 0.05 | 0.13 | -62 | 0.11 | 0.22 | -50 | ||||||||||||
| ||||||||||||||||||
Capital expenditures, net of A&D (1) | 73,810 | 45,035 | 64 | 153,991 | 121,664 | 27 | ||||||||||||
Total assets | 1,328,148 | 1,174,609 | 13 | 1,328,148 | 1,174,609 | 13 | ||||||||||||
Bank debt | 12,611 | - | - | 12,611 | - | - | ||||||||||||
Net debt (surplus) (1) | 63,084 | (18,580 | ) | -440 | 63,084 | (18,580 | ) | -440 | ||||||||||
Shareholders' equity | 1,033,204 | 948,215 | 9 | 1,033,204 | 948,215 | 9 | ||||||||||||
| ||||||||||||||||||
Weighted average shares outstanding (000s) | ||||||||||||||||||
Basic | 195,566 | 192,538 | 2 | 195,110 | 192,300 | 1 | ||||||||||||
Diluted | 199,620 | 196,366 | 2 | 198,957 | 195,842 | 2 | ||||||||||||
(1) Refer to advisories regarding Non-GAAP and Other Financial Measures. |
Financial Statements
Kelt's unaudited consolidated interim financial statements and related notes for the quarter ended June 30, 2024 will be available to the public on SEDAR+ at www.sedarplus.ca and will also be posted on the Company's website at www.keltexploration.com on August 8, 2024.
Kelt's operating results for the second quarter ended June 30, 2024 are summarized as follows:
OPERATIONAL HIGHLIGHTS | Three months ended June 30 | Six months ended June 30 | ||||||||||||||||
(CA$ thousands, except as otherwise indicated) | 2024 | 2023 | % | 2024 | 2023 | % | ||||||||||||
| ||||||||||||||||||
Average daily production | ||||||||||||||||||
Oil (bbls/d) | 7,599 | 8,158 | -7 | 8,178 | 7,956 | 3 | ||||||||||||
NGLs (bbls/d) | 3,069 | 3,588 | -14 | 3,283 | 4,105 | -20 | ||||||||||||
Gas (mcf/d) | 120,148 | 107,752 | 12 | 122,040 | 112,214 | 9 | ||||||||||||
Combined (BOE/d) | 30,693 | 29,705 | 3 | 31,801 | 30,763 | 3 | ||||||||||||
Production per million common shares (BOE/d) (1) | 157 | 154 | 2 | 163 | 160 | 2 | ||||||||||||
| ||||||||||||||||||
Net realized prices, before derivative financial instruments (1) | ||||||||||||||||||
Oil ($/bbl) | 102.52 | 92.98 | 10 | 95.90 | 96.05 | - | ||||||||||||
NGLs ($/bbl) | 55.85 | 40.67 | 37 | 53.89 | 49.53 | 9 | ||||||||||||
Gas ($/mcf) | 1.65 | 2.57 | -36 | 2.30 | 3.33 | -31 | ||||||||||||
| ||||||||||||||||||
Operating netbacks ($/BOE) (1) | ||||||||||||||||||
Petroleum and natural gas sales | 39.06 | 40.72 | -4 | 40.69 | 44,83 | -9 | ||||||||||||
Cost of purchases | (1.61 | ) | (0.91 | ) | 77 | (1.61 | ) | (1.25 | ) | 29 | ||||||||
Combined net realized price, before derivative financial instruments (1) | 37.45 | 39.81 | -6 | 39.08 | 43.58 | -10 | ||||||||||||
Realized gain (loss) on financial instruments | (0.27 | ) | (1.17 | ) | -77 | (0.13 | ) | 2.95 | -104 | |||||||||
Combined net realized price, after derivative financial instruments (1) | 37.18 | 38.64 | -4 | 38.95 | 46.53 | -16 | ||||||||||||
Royalties | (6.17 | ) | (2.76 | ) | 124 | (5.58 | ) | (4.63 | ) | 21 | ||||||||
Production expense | (10.87 | ) | (9.79 | ) | 11 | (10.64 | ) | (10.59 | ) | - | ||||||||
Transportation expense | (3.59 | ) | (3.54 | ) | 1 | (3.52 | ) | (3.27 | ) | 8 | ||||||||
Operating netback (1) | 16.55 | 22.55 | -27 | 19.21 | 28.04 | -31 | ||||||||||||
| ||||||||||||||||||
Land holdings | ||||||||||||||||||
Gross acres | 793,318 | 799,239 | -1 | 793,318 | 799,239 | -1 | ||||||||||||
Net acres | 581,056 | 582,828 | - | 581,056 | 582,828 | - | ||||||||||||
(1) Refer to advisories regarding Non-GAAP and Other Financial Measures. |
Message to Shareholders
During the second quarter of 2024, Kelt recorded positive earnings for the fifteenth consecutive quarter. Net income was
Kelt's average production for the three months ended June 30, 2024 was 30,693 BOE per day, up
Production for the three months ended June 30, 2024 was weighted
Kelt's realized average oil price during the second quarter of 2024 was
For the three months ended June 30, 2024, petroleum and natural gas sales were
Net capital expenditures incurred during the three months ended June 30, 2024 were
Capital Program - Second Half of 2024
As previously disclosed, Kelt elected to defer the start-up of certain gassier wells in its drilling portfolio to November/December 2024.
Kelt's planned 2024 capital expenditure program remains unchanged at
Kelt's remaining capital expenditures planned for 2024 during the second half of the year of
At Wembley/Pipestone, the Company has drilled 13 of its 14-well Montney program for 2024. Six of these wells have been completed and fracing operations for the remaining eight wells are planned in the second half of the year.
At Wembley/Pipestone, Kelt is preparing to add significant volumes as it awaits construction completion of a new third-party gas plant where the Company has 50 MMcf per day of raw gas firm service processing. Start-up of the new gas plant is expected prior to the end of 2024.
At Pouce Coupe/Progress/Spirit River, two of its 6-well Charlie Lake program have been drilled. The remaining four wells are expected to be drilled by the end of the third quarter and fracing operations for all six wells are planned in the second half of the year.
At Pouce Coupe West, Kelt has three DUCs that it expects to complete in the fourth quarter of 2024.
At Oak/Flatrock, the Company has three DUCs that it expects to complete during the second half of 2024.
With the start-up of 26 new wells, Kelt expects to bring a significant amount of production on stream prior to the end of the year providing the Company with the ability to show significant production growth.
Management looks forward to updating shareholders with 2024 third quarter results on or about November 7, 2024.
Changes in forecasted commodity prices and variances in production estimates can have a significant impact on estimated funds from operations and profit. Please refer to the advisories regarding forward-looking statements and to the cautionary statement below.
The information set out herein is "financial outlook" within the meaning of applicable securities laws. The purpose of this financial outlook is to provide readers with disclosure regarding Kelt's reasonable expectations as to the anticipated results of its proposed business activities for the calendar year 2024. Readers are cautioned that this financial outlook may not be appropriate for other purposes.
Advisory Regarding Forward-Looking Statements
This press release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of and of the words "will", "expects", "believe", "plans", potential", "forecasts" and similar expressions are intended to identify forward-looking statements. In particular, this press release contains forward-looking statements pertaining to the following: Kelt's expected price realizations and future commodity prices; its expected oil and NGLs weighting; the start-up date of the postponed wells; the cost and timing of future capital expenditures and expected results; the expected timing of wells bring brought on-production; the expected timing of production additions from capital expenditures; the ability to show significant production growth; the expected reductions in drill and complete costs; obtaining and the expected timing around third party additional processing capacity; and the Company's expected future financial position and operating results.
Certain information with respect to Kelt contained herein, including management's assessment of future plans and operations, contains forward-looking statements. These forward-looking statements are based on assumptions and are subject to numerous risks and uncertainties, many of which are beyond Kelt's control, including the impact of general economic conditions, industry conditions, volatility of commodity prices, currency exchange rate fluctuations, imprecision of reserve estimates, environmental risks, competition from other explorers, stock market volatility and ability to access sufficient capital. As a result, Kelt's actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any events anticipated by the forward-looking statements will transpire or occur.
In addition, the reader is cautioned that historical results are not necessarily indicative of future performance. The forward-looking statements contained herein are made as of the date hereof and the Company does not intend, and does not assume any obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise unless expressly required by applicable securities laws.
Certain information set out herein may be considered as "financial outlook" within the meaning of applicable securities laws. The purpose of this financial outlook is to provide readers with disclosure regarding Kelt's reasonable expectations as to the anticipated results of its proposed business activities for the periods indicated. Readers are cautioned that the financial outlook may not be appropriate for other purposes.
Non-GAAP and Other Key Financial Measures
This press release contains certain non-GAAP financial measures and other specified financial measures, as described below, which do not have standardized meanings prescribed by GAAP and do not have standardized meanings under the applicable securities legislation. As these non-GAAP, and other specified financial measures are commonly used in the oil and gas industry, the Company believes that their inclusion is useful to investors. The reader is cautioned that these amounts may not be directly comparable to measures for other companies where similar terminology is used.
Non-GAAP Financial Measures
Net realized price
Net realized price is a non-GAAP measure and is calculated by dividing the Company's P&NG sales after cost of purchases by the Company's production and reflects Kelt's realized selling prices plus the net benefit of oil blending and third-party natural gas sales. In addition to using its own production, the Company may purchase butane and crude oil from third parties for use in its blending operations, with the objective of selling the blended oil product at a premium. Marketing revenue from the sale of third-party volumes is included in P&NG sales as reported in the Consolidated Statement of Net Income and Comprehensive Income in accordance with GAAP. Given the Company's per unit operating statistics disclosed throughout this press release are calculated based on Kelt's production volumes, and excludes the sale of third-party marketing volumes, management believes that disclosing its net realized prices based on P&NG sales after cost of purchases is more appropriate and useful, because the cost of third-party volumes purchased to generate the incremental marketing revenue has been deducted.
Combined net realized prices referenced throughout this press release are before derivative financial instruments, except as otherwise indicated as being after derivative financial instruments.
Operating income and operating netback
Operating income is a non-GAAP measure calculated by deducting royalties, production expenses and transportation expenses from petroleum and natural gas sales, net of the cost of purchases and after realized gains or losses on derivative financial instruments. The Company also presents operating income on a per BOE basis, referred to as "operating netback" or "operating income per BOE", which allows management to better analyze performance against prior periods, on a comparable basis, and is a key industry performance measure of operational efficiency.
See the "Adjusted Funds from Operations" section of Kelt's Management's Discussion and Analysis as at and for the three months ended March 31, 2024, which provides a reconciliation of the operating netback from P&NG sales, which is a GAAP measure.
Capital expenditures
"Capital expenditures, before A&D" and "Capital expenditures, net of A&D" are measures the Company uses to monitor its investment in exploration and evaluation, investment in property plant and equipment, and net investment in acquisition and disposition activities. The most directly comparable GAAP measure is Cash used in investing activities, and is calculated as follows:
Three months ended June 30 | Six months ended June 30 | |||||||||||
(CA$ thousands, except as otherwise indicated) | 2024 | 2023 | 2024 | 2023 | ||||||||
Cash provided by investing activities | 61,222 | 68,467 | 137,611 | 114,548 | ||||||||
Change in non-cash investing working capital | 12,588 | (23,432 | ) | 16,380 | 7,116 | |||||||
Capital expenditures, net of A&D | 73,810 | 45,035 | 153,991 | 121,664 | ||||||||
Property acquisitions | (104 | ) | (144 | ) | (773 | ) | (92 | ) | ||||
Capital expenditures, before A&D | 73,706 | 44,891 | 153,218 | 121,572 |
Capital Management Measures:
Funds from operations and adjusted funds from operations
Management considers funds from operations and adjusted funds from operations as a key capital management measure as it demonstrates the Company's ability to meet its financial obligations and cash flow available to fund its capital program. Funds from operations and adjusted funds from operations are not standardized measures and therefore may not be comparable with the calculation of similar measures by other entities. The most comparable GAAP measure is "Cash provided by operating activities". Funds from operations and adjusted funds from operations are calculated as follows:
Three months ended June 30, | Six months ended June 30, | |||||||||||||
(CA$ thousands, except as otherwise indicated) | 2024 | 2023 | 2024 | 2023 | ||||||||||
Cash provided by operating activities | 46,419 | 68,163 | 108,912 | 168,323 | ||||||||||
Change in non-cash working capital | (5,001 | ) | (9,924 | ) | (7,267 | ) | (18,751 | ) | ||||||
Funds from operations | 41,418 | 58,239 | 101,645 | 149,572 | ||||||||||
Settlement of decommissioning obligations | 1,039 | 571 | 1,988 | 1,238 | ||||||||||
Adjusted funds from operations | 42,457 | 58,810 | 103,633 | 150,810 |
Net debt (surplus) and net debt (surplus) to adjusted funds from operations ratio
Management considers net debt (surplus) and a net debt (surplus) to adjusted funds from operations ratio as key capital management measures to assess the Company's liquidity at a point in time and to monitor its capital structure and short-term financing requirements. The "net debt (surplus) to adjusted funds from operations ratio" is also indicative of the "net debt to cash flow ratio" calculation used to determine the applicable margin for a quarter under the Company's Credit Facility agreement (though the calculation may not always be a precise match, it is representative).
"Net debt (surplus)" is equal to bank debt, accounts payable and accrued liabilities, net of cash and cash equivalents, accounts receivables and accrued sales and prepaid expenses and deposits. The Company believes that using a "Net debt (surplus)" non-GAAP measure, which excludes non-cash derivative financial instruments, non-cash lease liabilities, and non-cash decommissioning obligations, provides investors with more useful information to understand the Company's cash liquidity risk.
Net debt (surplus) is calculated as follows:
June 30, 2024 | June 30, 2023 | |||||
Bank debt | 12,611 | - | ||||
Accounts payable and accrued liabilities | 98,651 | 72,222 | ||||
Cash and cash equivalents | (511 | ) | (43,061 | ) | ||
Accounts receivable and accrued sales | (42,250 | ) | (41,599 | ) | ||
Prepaid expenses and deposits | (5,417 | ) | (6,142 | ) | ||
Net debt (surplus) | 63,084 | (18,580 | ) |
Supplementary Financial Measures
"Production per common share" is calculated by dividing total production by the basic weighted average number of common shares outstanding, as determined in accordance with GAAP.
P&NG sales, cost of purchases, gain (loss) on derivative financial instruments, royalties, revenue after royalties and derivative financial instruments, production expenses, transportation expenses, financing expenses, gross and net G&A expenses, realized gain (loss) on foreign exchange, other income (expense), share based compensation expense and depletion and depreciation on a $/BOE basis is calculated by dividing the amounts by the Company's total production over the period.
Adjusted funds from operations per share (basic and diluted), and net income and comprehensive income per share (basic and diluted) is calculated by dividing the amounts by the basic weighted average common shares outstanding.
Measurements
All dollar amounts are referenced in thousands of Canadian dollars, except when noted otherwise. This press release contains various references to the abbreviation BOE which means barrels of oil equivalent. Where amounts are expressed on a BOE basis, natural gas volumes have been converted to oil equivalence at six thousand cubic feet per barrel and sulphur volumes have been converted to oil equivalence at 0.6 long tons per barrel. The term BOE may be misleading, particularly if used in isolation. A BOE conversion ratio of six thousand cubic feet per barrel is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead and is significantly different than the value ratio based on the current price of crude oil and natural gas. This conversion factor is an industry accepted norm and is not based on either energy content or current prices. Such abbreviation may be misleading, particularly if used in isolation. References to "oil" in this press release include crude oil and field condensate. References to "natural gas liquids" or "NGLs" include pentane, butane, propane, and ethane. References to "liquids" include field condensate and NGLs. References to "gas" in this discussion include natural gas and sulphur.
Abbreviations
A&D | Acquisitions and Dispositions |
P&NG | Petroleum and Natural Gas |
MD&A | Management's Discussion and Analysis |
TSX | the Toronto Stock Exchange |
KEL | trading symbol for Kelt Exploration Ltd. on the TSX |
GAAP | Generally Accepted Accounting Principles |
SEDAR+ | the System for Electronic Document Analysis and Retrieval |
bbls | barrels |
bbls/d | barrels per day |
Mcf | thousand cubic feet |
Mcf/d | thousand cubic feet per day |
MMcf | million cubic feet |
MMcf/d | million cubic feet per day |
Oil | includes crude oil and field condensate combined |
BOE | barrel of oil equivalent |
BOE/d | barrel of oil equivalent per day |
NGLs | natural gas liquids |
For further information, please contact:
Kelt Exploration Ltd., Suite 300, 311 - 6th Avenue SW, Calgary, Alberta, Canada T2P 3H2
David J. Wilson, President and Chief Executive Officer (403) 201-5340, or
Sadiq H. Lalani, Vice President and Chief Financial Officer (403) 215-5310.
Or visit our website at www.keltexploration.com.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/219199
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