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Trilogy Energy Corp. Announces Financial and Operating Results for the Three and Six Months-Ended June 30, 2014

Press Release –

Calgary, Alberta

July 30, 2014

Ended June 30, 2014

Trilogy Energy Corp. (TSX: TET) (“Trilogy”) is pleased to announce its financial and operating results for the three and six months-ended June 30, 2014.

Financial and Operating Highlights

  • Reported sales volumes for the second quarter of 2014 were 9 percent higher at 36,187 Boe/d as compared to 33,135 Boe/d for the previous quarter.
  • Second quarter oil sales volumes increased 28 percent to 9,557 Bbl/d from 7,440 Bbl/d in the previous quarter. Oil and natural gas liquids sales volumes represented 41 percent of total sales volumes in the quarter as compared to 39 percent in the prior quarter.
  • Operating expenditures decreased 20 percent quarter over quarter from $36.5 million in the first quarter to $29.3 in the second quarter. On a per unit of production basis, operating costs decreased from $12.23/Boe in the first quarter to $8.89/Boe in the second quarter.
  • Net capital expenditures totaled $111.9 million as compared to $174.3 million for the prior quarter and $57 million for the second quarter of 2013.
  • Funds flow from operations (1) increased 26 percent to $102.2 million as compared to $81.2 million for the previous quarter (Q2 2013 -$88.1 million).
  • In total 16 (8.2 net) wells were drilled in the quarter as compared to 31 (24.1 net) wells drilled in the prior quarter and 10 (8.1 net) wells in the second quarter of 2013.
  • Positive Duvernay drilling and completion results for the 8 (5.2 net) horizontal wells drilled in the Kaybob area.
  • Remaining debt capacity under Trilogy’s revolving credit facility as at June 30, 2014 was $261.1 million.
  • Dividends declared to Shareholders totaled $13.2 million or 15 percent of cash flow from operating activities (prior quarter – $13.2 million or 17 percent).

(1) Refer to Non-GAAP measures in this release and MD&A

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