Trilogy Energy Corp. Announces Financial and Operating Results for the Three and Nine Months-Ended September 30, 2014 and Updated 2014 Guidance
November 6, 2014
Trilogy Energy Corp. (TSX: TET) (“Trilogy”) is pleased to announce its financial and operating results for the three and nine months-ended September 30, 2014 and updated 2014 guidance.
Financial and Operating Highlights
- Reported sales volumes for the third quarter of 2014 were 13 percent higher at 35,125 Boe/d as compared to 31,211 Boe/d for the same quarter in 2013.
- Duvernay shale production in the quarter grew to approximately 5,000 Boe/d.
- Net capital expenditures totaled $81.1 million (year-to-date $367.3 million) as compared to $99.9 million (year-to-date $326.6 million) for the same periods in 2013
- In total 17 (11.8 net) wells were drilled in the quarter as compared to 21 (14.8 net) wells in the third quarter of 2013.
- Trilogy initiated marketing a significant portion of its Grande Prairie assets to a group of companies that have been active in the area.
- Funds flow from operations (1) increased 62 percent to $88 million as compared to $54.2 million for the same quarter in 2013.
- During the quarter Trilogy executed significant pipeline and fractionation commitments to secure additional firm service starting in 2016.
- Remaining debt capacity under Trilogy’s revolving credit facility as at September 30, 2014 was $265.7 million.
- Dividends declared to Shareholders totaled $13.2 million or 13 percent of cash flow from operating activities (year-to-date $39.6 million or 15 percent).
- Subsequent to the quarter, Trilogy and its lenders executed an amendment to the revolving credit facility agreement. The amendment, among other things, extended the maturity date to April 30, 2017 and reaffirmed its $725 million borrowing base.
(1) Refer to Non-GAAP measures in this release and MD&A
Read More: http://trilogyenergy.mwnewsroom.com/Files/9d/9d0ea3b4-d822-4a0a-a65e-fc4dd887b73f.pdf
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