Ellora Energy Announces Fourth Quarter and Year-End 2009 Results
DENVER, April 29 /PRNewswire/ -- Ellora Energy Inc. (Ellora) today announced its fourth quarter and full year 2009 financial and operating results.
Highlights
- Finalized joint venture agreement with Chesapeake Energy covering approximately 4,330 deep net acres in Shelby County, Texas
- Reduced bank debt by $46 million in 2009, a function of positive free cash flow from operations and cash proceeds of $10.8 million from joint ventures and the first quarter convertible preferred stock offering
- Generated a 20% increase in 2009 production to 44.4 million cubic feet equivalent per day (MMcfe/d)
- Closed the sale of substantially all of the Company's southwest Kansas (Hugoton Field) and southeast Colorado properties for $247 million cash on February 1, 2010
- Reduced 2009 cash general and administrative costs by 15%
Three Months Ended December 31, 2009
For the three month period ending December 31, 2009, Ellora Energy reported net income of $3.5 million compared to net income of $1.2 million for the corresponding 2008 period. Revenues for the three month period were $27.1 million compared to $28.9 million for the comparable 2008 period. Equivalent oil and gas production for the quarter was down 11% from the comparable 2008 period while the unhedged realized price per Mcfe was up 10% and the hedged price was up approximately 14%.
EBITDAX and EBITDA (non GAAP measures) for the fourth quarter of 2009 were $14.4 million and $15.2 million respectively, compared to $16.0 and $12.7 million for the year ago period. EBITDAX and EBITDA for the three month period in 2009 were reduced by a one time charge of $6.6 million for public offering and other transaction costs.
Production for the quarter ended December 31, 2009 decreased 11% to 41.5 million cubic feet equivalent per day (MMcfe/d). Natural gas production totaled 27.8 MMcf/d, split between the Company's Kansas/Colorado and Texas/Louisiana properties by 51% and 49%, respectively. Oil production totaled 2,272 barrels of oil per day (Bopd), substantially all from Kansas.
The average realized price for oil and gas, on an equivalent basis, was $6.65 per thousand cubic feet equivalent (Mcfe) for 2009, up 10% from the prior year period. Realized prices for oil and natural gas were $68.39/bbl and $4.33/Mcf for the quarter, up 42% and down 14% from the prior year, respectively. Hedges in place improved the overall price realization from $6.65/Mcfe to $8.55/Mcfe and added $7.2 million to reported EBITDAX and cash flow from operations for the quarter.
Unit lease operating expense for the quarter was $1.57/Mcfe ($1.80/Mcfe including production taxes), down 37% from 2008 as workover expense decreased and in spite of production being down 11%. Cash general and administrative (G&A) costs were $1.21/Mcfe (G&A was $1.44/Mcfe including non-cash compensation costs), up 7% from the prior year due primarily to legal and certain other costs related to our ongoing assessment of strategic alternatives. In addition, we incurred a one time charge of $6.6 million for public offering and other transaction costs during the fourth quarter of 2009.
The unit depreciation, depletion and amortization (DD&A) cost was $2.42/Mcfe, compared to $3.05/Mcfe for the 2008 period, following an impairment charge taken in the second quarter of 2009. Exploration expense was positive by $800,000 due to an out-of-period seismic reimbursement, with no dry hole costs, and interest expense was $1.4 million. Total capital invested for drilling during the quarter was $2.2 million compared to $21.3 million in the corresponding year-ago period and we spent $3.7 million on lease acquisition compared to $4.7 million in the corresponding year-ago period.
Ellora participated in 10 gross (8.2 net) wells in the fourth quarter 2009, compared to 22 gross (20.3 net) wells in the fourth quarter of 2008.
Strong Cash Flow, Debt Reduction Continue
Ellora's fourth quarter cash flow from operations was $13.8 million, well above capital expenditures of $6.0 million, adding to the strong free cash flow generation performance of the prior nine months. Free cash flow and proceeds from the Chesapeake joint venture allowed for the reduction of $12 million in bank debt. For the year, the company reduced bank debt by $46 million, a function of positive free cash flow from operations and cash proceeds of $10.8 million from joint ventures and the first quarter convertible preferred stock offering.
Steve Enger, President and Chief Operating Officer of Ellora, said, "Despite a challenging commodity price environment for gas, we were able to generate positive free cash flow in the fourth quarter and throughout the year. Supplemented by strong hedges and proceeds from a financing and joint ventures, we are very pleased at the $46 million in debt reduction achieved in 2009, putting us in a very strong position entering 2010."
New Haynesville/Bossier Shale Joint Venture with Chesapeake
Late in the fourth quarter, Ellora finalized an agreement with Chesapeake Energy covering approximately 4,330 deep net acres in Shelby County, Texas. Under the terms of the agreement, Ellora received a cash payment together with a five-well carry for a retained 35% working interest. There is a continuous drilling provision of 180 days with the first well expected to spud in the second quarter of 2010. Importantly, the agreement also resulted in the settlement of lawsuits between Ellora, Chesapeake, and local landowners that had been previously disclosed in the company's filing with the SEC.
T. Scott Martin, Chairman and Chief Executive Officer commented, "We are very pleased to have resolved these lawsuits expeditiously and in a manner that provides Ellora shareholders value for our Haynesville acreage and a definitive plan to develop not only the acreage that was involved in the suit but additional acreage we hold in the area that otherwise would have been at risk of expiration. Combined with the joint ventures with EOG, we have succeeded in retaining acreage and obtaining ongoing commitments to timely development of our Haynesville/Bossier acreage. In 2010 we expect to participate in at least three to five more joint venture Haynesville wells drilled on our acreage."
Texas/Louisiana Year-End Reserves Up From Mid-Year
Ellora's year-end reserves using SEC guidelines, excluding the properties in Kansas and Colorado sold on February 1, 2010, were 61 billion cubic feet of natural gas equivalent (Bcfe), including 17 Bcfe from the Haynesville and Bossier formations. Proved Developed Producing (PDP) reserves accounted for 48% of the total and 99% were natural gas. Total proved reserves of 61 Bcfe were up from 46 Bcfe at June 30, 2009 for Texas/Louisiana only, with NYMEX gas prices essentially flat for that comparison, representing reserve growth of 33%. Proved reserves from our Texas/Louisiana properties at December 31, 2009 were lower than year-end 2008 proved reserves of 107 Bcfe primarily as the result of the NYMEX benchmark gas price dropping from $5.71 per million British Thermal Units (MMBtu) at year-end 2008 to $3.87 /MMBtu for the year–end 2009 assessment. The reserve estimates using SEC guidelines were prepared by the Company's independent reserve engineer, Ryder Scott Company.
Using market based pricing (NYMEX strip prices as of April 23, 2010), Texas/Louisiana proved reserves increased from 75 Bcfe at mid-year 2009 to 115 Bcfe at year-end 2009, including 18 Bcfe from the Haynesville/Bossier.
Year Ended December 31, 2009
For the year ended December 31, 2009, Ellora Energy reported a net loss of $70.3 million compared to net income of $16.7 million for the same period a year ago. Total revenues for 2009 were $93.3 million compared to $142.0 million for the previous year. EBITDAX and EBITDA for 2009 were $56.9 million and $45.2 million respectively, well in excess of capital spending for the year. EBITDAX and EBITDA for the year ended December 31, 2009 were reduced by a one time charge of $6.6 million for public offering and other transaction costs. Capital expenditures for the year were $28.3 million including $8.4 million for undeveloped leasehold acquisition. In addition, we received $10.8 million in proceeds from our joint venture arrangements.
Decreased revenues were primarily the result of average prices for oil and natural gas that were lower by 35% and 55%, respectively, as compared to the prior year. The net loss for the year also reflects a non-cash impairment charge of $88.9 million taken in the second quarter of 2009 as a result of the decline in commodity prices and the resultant decrease in the carrying value of some of our proved properties.
Production for the year ended December 31, 2009 increased 20% to 44.4 million cubic feet equivalent per day (MMcfe/d). Natural gas production totaled 29.3 MMcf/d, split between the Company's Kansas/Colorado and Texas/Louisiana properties by 51% and 49%, respectively. Oil production totaled 2,512 barrels of oil per day (Bopd), substantially all from Kansas.
The average realized price for oil and gas, on an equivalent basis, was $5.32 per thousand cubic feet equivalent (Mcfe) for 2009, down 43% from the year prior. Realized prices for oil and natural gas were $53.48/bbl and $3.47/Mcf for the year, down 35% and 55% from the prior year, respectively. Hedges in place improved the overall price realization from $5.32/Mcfe to $6.72/Mcfe and added $22.7 million to reported EBITDAX and cash flow from operations for the year.
Unit lease operating expense for the year was $1.57/Mcfe ($1.78/Mcfe including production taxes), down 20% from 2008 as production volumes increased and workover expense decreased. Cash general and administrative (G&A) costs were $1.02/Mcfe (G&A was $1.20/Mcfe including non-cash compensation costs), down 30% from the prior year due to staff reductions, other cost cutting measurements undertaken during the year and increased production. In addition, a one time charge of $6.6 million for public offering and other transaction costs was reflected in the fourth quarter of 2009.
The unit depreciation, depletion and amortization (DD&A) cost was $3.06/Mcfe, compared to $2.87/Mcfe for 2008. Exploration expense was $11.6 million, including $2.3 million of dry hole costs, and interest expense was $5.8 million. Total capital invested for drilling during the year was $19.6 million compared to $93.7 million in the corresponding year-ago period.
Ellora participated in 45 gross (39.3 net) wells in 2009, compared to 80 gross (74.8 net) wells in 2008. Of these 40 gross (38.5 net) wells were in Kansas and 5 gross (0.8 net) were in East Texas/ Louisiana. Of the wells drilled in 2009 in Kansas, 19 gross (18.2 net) were successful, including two drilled to complete the line-drive waterflood pattern in the existing Southwest Lemon Victory Waterflood Unit. In the East Texas/Louisiana area we participated in 3 gross (0.8 net) joint venture wells all drilled to the Haynesville formation and all were successful. Total capital invested for drilling and lease acquisition during 2009 was $28 million compared to $113.6 million for 2008. Ellora invested $19.6 million in drilling and completion operations and $8.4 million for lease acquisition in 2009. Lease acquisitions in the Haynesville/Bossier shale play accounts for the majority of the Company's lease acquisition activity The company held interests in 49,000 net (62,300 gross) acres in this play at year-end, primarily in Shelby County, Texas.
We currently have hedge contracts in place covering approximately 9.8 MMcf/d of natural gas through December 31, 2010. The contracts consist of two collars and one swap with a weighted average floor and ceiling prices of $6.11/Mcf and $6.72/Mcf, respectively. We have no hedges in place beyond 2010.
Recent Events
As previously announced, on February 1, 2010 we closed the sale of substantially all of our southwest Kansas (Hugoton Field) and southeast Colorado properties to an undisclosed buyer for $247 million cash, which permitted us to fully repay our total outstanding loan amount under our bank credit agreement and retain a significant amount of cash for general corporate purposes. The borrowing base under the Company's bank line is currently $40.0 million, all of which is available.
In addition, in January of 2010 the company withdrew its registration statement with the SEC as we continue to evaluate strategic alternatives.
ABOUT ELLORA ENERGY
Ellora Energy Inc. is an independent oil and gas exploration and production company headquartered in Boulder, Colorado. Ellora has oil and gas assets principally located in East Texas/Louisiana in the James Lime, Haynesville and Bossier shale plays.
Forward-Looking Statements
Certain statements included in this press release may be considered forward-looking, which may be characterized by words such as "plan", "expect", project", "intend", believe", and "anticipate". Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements, and therefore these statements should not be read as guarantees of future performance or results. All forward-looking statements are based on the Company's current beliefs as well as assumptions made by and information currently available to Ellora. Actual events may differ materially from current expectations, and Ellora disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Investor Relations |
|
+1-303-444-8881 |
|
ELLORA ENERGY INC. |
YEAR TO DATE CASH FLOW STATEMENTS |
YEAR TO DATE CASH FLOW STATEMENTS |
|||||||||||||||||||||
3/31/2009 |
6/30/2009 |
9/30/2009 |
12/31/2009 |
3/31/2008 |
6/30/2008 |
9/30/2008 |
12/31/2008 |
||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES |
|||||||||||||||||||||||
Net income |
$ (7,435,000) |
$ (69,933,000) |
$ (73,885,000) |
$ (70,371,000) |
$ (4,199,000) |
$ (16,026,000) |
$ 15,445,000 |
$ 16,681,000 |
|||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: |
|||||||||||||||||||||||
Depreciation, depletion and amortization |
13,458,000 |
29,644,000 |
40,387,000 |
49,596,000 |
7,306,000 |
15,525,000 |
25,514,000 |
38,607,000 |
|||||||||||||||
Amortization of debt issue costs |
253,000 |
507,000 |
762,000 |
3,915,000 |
74,000 |
245,000 |
498,000 |
750,000 |
|||||||||||||||
Unrealized (gain) loss on hedging activities |
(888,000) |
116,000 |
8,447,000 |
14,521,000 |
8,559,000 |
35,677,000 |
(9,911,000) |
(15,344,000) |
|||||||||||||||
Unrealized (gain) loss on embedded derivative |
1,801,000 |
3,602,000 |
5,404,000 |
- |
- |
- |
- |
||||||||||||||||
Deferred income taxes |
(4,412,000) |
(41,514,000) |
(43,860,000) |
(51,497,000) |
(2,628,000) |
(10,033,000) |
9,668,000 |
10,441,000 |
|||||||||||||||
Exploration and impairment |
4,647,000 |
3,731,000 |
3,683,000 |
1,877,000 |
(1,267,000) |
(912,000) |
759,000 |
366,000 |
|||||||||||||||
Impairment of proved properties |
- |
88,879,000 |
88,879,000 |
88,879,000 |
- |
- |
- |
- |
|||||||||||||||
Non-cash compensation expense |
585,000 |
1,170,000 |
2,060,000 |
2,924,000 |
691,000 |
1,475,000 |
2,121,000 |
2,710,000 |
|||||||||||||||
(Gain) loss on sale of equipment |
- |
1,000 |
1,000 |
(1,000) |
- |
(91,000) |
(91,000) |
(91,000) |
|||||||||||||||
Changes in operating assets and liabilities: |
|||||||||||||||||||||||
Accounts receivable |
3,906,000 |
(1,240,000) |
2,009,000 |
125,000 |
(916,000) |
(2,934,000) |
(1,358,000) |
(1,047,000) |
|||||||||||||||
Prepaid and other current assets |
(231,000) |
239,000 |
(78,000) |
452,000 |
(151,000) |
(1,161,000) |
(3,529,000) |
(5,441,000) |
|||||||||||||||
Income taxes payable |
- |
545,000 |
539,000 |
(290,000) |
(290,000) |
(290,000) |
(290,000) |
||||||||||||||||
Accounts payable and accrued expenses |
(5,972,000) |
(4,356,000) |
(3,940,000) |
(5,886,000) |
2,594,000 |
7,851,000 |
7,434,000 |
5,718,000 |
|||||||||||||||
Oil and gas revenues payable |
234,000 |
589,000 |
(909,000) |
1,006,000 |
563,000 |
1,844,000 |
1,040,000 |
5,689,000 |
|||||||||||||||
Net cash provided by operating activities |
4,145,000 |
9,634,000 |
27,703,000 |
41,483,000 |
10,336,000 |
31,170,000 |
47,300,000 |
58,749,000 |
|||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES |
|||||||||||||||||||||||
Proceeds from sale of equipment |
- |
- |
7,000 |
8,000 |
- |
248,000 |
248,000 |
248,000 |
|||||||||||||||
Proceeds from sale of proved property |
900,000 |
900,000 |
- |
- |
- |
||||||||||||||||||
Drilling capital expenditures |
(10,858,000) |
(12,404,000) |
(17,378,000) |
(19,621,000) |
(26,240,000) |
(51,661,000) |
(72,469,000) |
(93,742,000) |
|||||||||||||||
Proceeds from farmout agreement |
- |
2,000,000 |
2,800,000 |
7,008,000 |
- |
- |
- |
- |
|||||||||||||||
Unproved property acquisition |
(2,061,000) |
(3,969,000) |
(4,670,000) |
(8,356,000) |
(1,596,000) |
(4,198,000) |
(15,103,000) |
(19,851,000) |
|||||||||||||||
Pipeline capital expenditures |
(73,000) |
(56,000) |
(56,000) |
(88,000) |
(233,000) |
(311,000) |
(314,000) |
(420,000) |
|||||||||||||||
Purchase of other property and equipment |
(94,000) |
(196,000) |
(199,000) |
(197,000) |
(266,000) |
(232,000) |
(495,000) |
(686,000) |
|||||||||||||||
Net cash used in investing activities |
(13,086,000) |
(14,625,000) |
(18,596,000) |
(20,346,000) |
(28,335,000) |
(56,154,000) |
(88,133,000) |
(114,451,000) |
|||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES |
|||||||||||||||||||||||
Proceeds from sale of Ellora Energy Inc. preferred stock |
39,968,000 |
39,761,000 |
39,761,000 |
39,761,000 |
- |
- |
- |
||||||||||||||||
Proceeds from long-term debt under credit agreement |
5,250,000 |
8,000,000 |
8,000,000 |
8,000,000 |
24,000,000 |
33,750,000 |
46,250,000 |
64,750,000 |
|||||||||||||||
Principal payments of long-term debt under credit agreement |
(39,000,000) |
(39,000,000) |
(42,000,000) |
(54,000,000) |
- |
- |
- |
||||||||||||||||
Loan origination fees |
(10,000) |
(47,000) |
(65,000) |
(66,000) |
- |
(3,157,000) |
(3,206,000) |
(3,208,000) |
|||||||||||||||
Purchase of Ellora Energy Inc. common stock |
- |
(1,000,000) |
(1,964,000) |
(3,189,000) |
- |
- |
- |
||||||||||||||||
Restricted stock used for tax withholdings |
(2,000) |
(74,000) |
(359,000) |
(366,000) |
- |
- |
(410,000) |
(413,000) |
|||||||||||||||
Net cash provided by financing activities |
6,206,000 |
7,640,000 |
3,373,000 |
(9,860,000) |
24,000,000 |
30,593,000 |
42,634,000 |
61,129,000 |
|||||||||||||||
INCREASE IN CASH |
(2,735,000) |
2,649,000 |
12,480,000 |
11,277,000 |
6,001,000 |
5,609,000 |
1,801,000 |
5,427,000 |
|||||||||||||||
CASH, |
beginning of period |
10,078,000 |
10,078,000 |
10,078,000 |
10,078,000 |
4,651,000 |
4,651,000 |
4,651,000 |
4,651,000 |
||||||||||||||
CASH, |
end of period |
$ 7,343,000 |
$ 12,727,000 |
$ 22,558,000 |
$ 21,355,000 |
$ 10,652,000 |
$ 10,260,000 |
$ 6,452,000 |
$ 10,078,000 |
||||||||||||||
ELLORA ENERGY INC. |
|||||||||||||||||||||||
QUARTERLY CASH FLOW STATEMENTS |
QUARTERLY CASH FLOW STATEMENTS |
||||||||||||||||||||||
3/31/2009 |
6/30/2009 |
9/30/2009 |
12/31/2009 |
3/31/2008 |
6/30/2008 |
9/30/2008 |
12/31/2008 |
||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES |
|||||||||||||||||||||||
Net income |
$ (7,435,000) |
$ (62,498,000) |
$ (3,952,000) |
$ 3,514,000 |
$ (4,199,000) |
$ (11,827,000) |
$ 31,471,000 |
$ 1,236,000 |
|||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: |
|||||||||||||||||||||||
Depreciation, depletion and amortization |
13,458,000 |
16,186,000 |
10,743,000 |
9,209,000 |
7,306,000 |
8,219,000 |
9,989,000 |
13,093,000 |
|||||||||||||||
Amortization of debt issue costs |
253,000 |
254,000 |
255,000 |
3,153,000 |
74,000 |
171,000 |
253,000 |
252,000 |
|||||||||||||||
Unrealized (gain) loss on hedging activities |
(888,000) |
1,004,000 |
8,331,000 |
6,074,000 |
8,559,000 |
27,118,000 |
(45,588,000) |
(5,433,000) |
|||||||||||||||
Unrealized (gain) loss on embedded derivative |
- |
1,801,000 |
1,801,000 |
1,802,000 |
- |
- |
- |
- |
|||||||||||||||
Deferred income taxes |
(4,412,000) |
(37,102,000) |
(2,346,000) |
(7,637,000) |
(2,628,000) |
(7,405,000) |
19,701,000 |
773,000 |
|||||||||||||||
Exploration and impairment |
4,647,000 |
(916,000) |
(48,000) |
(1,806,000) |
(1,267,000) |
355,000 |
1,671,000 |
(393,000) |
|||||||||||||||
Impairment of proved properties |
- |
88,879,000 |
- |
- |
- |
- |
- |
- |
|||||||||||||||
Non-cash compensation expense |
585,000 |
585,000 |
890,000 |
864,000 |
691,000 |
784,000 |
646,000 |
589,000 |
|||||||||||||||
(Gain) loss on sale of equipment |
- |
1,000 |
- |
(2,000) |
- |
(91,000) |
- |
- |
|||||||||||||||
Changes in operating assets and liabilities: |
|||||||||||||||||||||||
Accounts receivable |
3,906,000 |
(5,146,000) |
3,249,000 |
(1,884,000) |
(916,000) |
(2,018,000) |
1,576,000 |
311,000 |
|||||||||||||||
Prepaid and other current assets |
(231,000) |
470,000 |
(317,000) |
530,000 |
(151,000) |
(1,010,000) |
(2,368,000) |
(1,912,000) |
|||||||||||||||
Income taxes payable |
- |
- |
545,000 |
(6,000) |
(290,000) |
- |
- |
- |
|||||||||||||||
Accounts payable and accrued expenses |
(5,972,000) |
1,616,000 |
416,000 |
(1,946,000) |
2,594,000 |
5,257,000 |
(417,000) |
(1,716,000) |
|||||||||||||||
Oil and gas revenues payable |
234,000 |
355,000 |
(1,498,000) |
1,915,000 |
563,000 |
1,281,000 |
(804,000) |
4,649,000 |
|||||||||||||||
Net cash provided by operating activities |
4,145,000 |
5,489,000 |
18,069,000 |
13,780,000 |
10,336,000 |
20,834,000 |
16,130,000 |
11,449,000 |
|||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES |
|||||||||||||||||||||||
Proceeds from sale of equipment |
- |
- |
7,000 |
1,000 |
- |
248,000 |
- |
- |
|||||||||||||||
Proceeds from sale of proved property |
- |
- |
900,000 |
- |
- |
- |
- |
- |
|||||||||||||||
Drilling capital expenditures |
(10,858,000) |
(1,546,000) |
(4,974,000) |
(2,243,000) |
(26,240,000) |
(25,421,000) |
(20,808,000) |
(21,273,000) |
|||||||||||||||
Proceeds from farmout agreement |
- |
2,000,000 |
800,000 |
4,208,000 |
- |
- |
- |
- |
|||||||||||||||
Unproved property acquisition |
(2,061,000) |
(1,908,000) |
(701,000) |
(3,686,000) |
(1,596,000) |
(2,602,000) |
(10,905,000) |
(4,748,000) |
|||||||||||||||
Pipeline capital expenditures |
(73,000) |
17,000 |
- |
(32,000) |
(233,000) |
(78,000) |
(3,000) |
(106,000) |
|||||||||||||||
Purchase of other property and equipment |
(94,000) |
(102,000) |
(3,000) |
2,000 |
(266,000) |
34,000 |
(263,000) |
(191,000) |
|||||||||||||||
Net cash used in investing activities |
(13,086,000) |
(1,539,000) |
(3,971,000) |
(1,750,000) |
(28,335,000) |
(27,819,000) |
(31,979,000) |
(26,318,000) |
|||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES |
|||||||||||||||||||||||
Proceeds from sale of Ellora Energy Inc. preferred stock |
39,968,000 |
(207,000) |
- |
- |
- |
- |
- |
- |
|||||||||||||||
Proceeds from long-term debt under credit agreement |
5,250,000 |
2,750,000 |
- |
- |
24,000,000 |
9,750,000 |
12,500,000 |
18,500,000 |
|||||||||||||||
Principal payments of long-term debt under credit agreement |
(39,000,000) |
- |
(3,000,000) |
(12,000,000) |
- |
- |
- |
- |
|||||||||||||||
Loan origination fees |
(10,000) |
(37,000) |
(18,000) |
(1,000) |
- |
(3,157,000) |
(49,000) |
(2,000) |
|||||||||||||||
Purchase of Ellora Energy Inc. common stock |
- |
(1,000,000) |
(964,000) |
(1,225,000) |
- |
- |
- |
- |
|||||||||||||||
Restricted stock used for tax withholdings |
(2,000) |
(72,000) |
(285,000) |
(7,000) |
- |
- |
(410,000) |
(3,000) |
|||||||||||||||
Net cash provided by financing activities |
6,206,000 |
1,434,000 |
(4,267,000) |
(13,233,000) |
24,000,000 |
6,593,000 |
12,041,000 |
18,495,000 |
|||||||||||||||
INCREASE IN CASH |
(2,735,000) |
5,384,000 |
9,831,000 |
(1,203,000) |
6,001,000 |
(392,000) |
(3,808,000) |
3,626,000 |
|||||||||||||||
CASH, |
beginning of month |
10,078,000 |
7,343,000 |
12,727,000 |
22,558,000 |
4,651,000 |
10,652,000 |
10,260,000 |
6,452,000 |
||||||||||||||
CASH, |
end of period |
$ 7,343,000 |
$ 12,727,000 |
$ 22,558,000 |
$ 21,355,000 |
$ 10,652,000 |
$ 10,260,000 |
$ 6,452,000 |
$ 10,078,000 |
||||||||||||||
2009 Historical YTD & QTD Income Statements |
||||||||||||||||||
ELLORA ENERGY INC. |
YEAR TO DATE INCOME STATEMENTS |
YEAR TO DATE INCOME STATEMENTS |
||||||||||||||||
3/31/2009 |
6/30/2009 |
9/30/2009 |
12/31/2009 |
3/31/2008 |
6/30/2008 |
9/30/2008 |
12/31/2008 |
|||||||||||
REVENUE: |
||||||||||||||||||
Oil and gas sales |
$16,926,000 |
$38,191,000 |
$60,887,000 |
$86,249,000 |
$25,853,000 |
$61,926,000 |
$99,305,000 |
$125,237,000 |
||||||||||
Gas aggregation and pipeline sales |
1,745,000 |
3,596,000 |
5,342,000 |
7,046,000 |
3,655,000 |
9,220,000 |
13,648,000 |
16,656,000 |
||||||||||
Gain (loss) on sale of equipment |
- |
(1,000) |
(1,000) |
1,000 |
- |
91,000 |
91,000 |
91,000 |
||||||||||
Total revenue |
18,671,000 |
41,786,000 |
66,228,000 |
93,296,000 |
29,508,000 |
71,237,000 |
113,044,000 |
141,984,000 |
||||||||||
COSTS AND EXPENSES: |
||||||||||||||||||
Lease operating expense |
6,791,000 |
14,172,000 |
19,516,000 |
25,520,000 |
4,671,000 |
9,653,000 |
15,890,000 |
26,570,000 |
||||||||||
Production taxes |
883,000 |
1,606,000 |
2,504,000 |
3,392,000 |
1,168,000 |
2,687,000 |
4,323,000 |
5,111,000 |
||||||||||
Gas aggregation and pipeline cost of sales |
1,787,000 |
3,593,000 |
5,249,000 |
7,031,000 |
3,266,000 |
7,827,000 |
11,701,000 |
14,613,000 |
||||||||||
Depreciation, depletion and amortization |
13,458,000 |
29,644,000 |
40,387,000 |
49,596,000 |
7,306,000 |
15,525,000 |
25,514,000 |
38,607,000 |
||||||||||
Exploration |
7,082,000 |
8,239,000 |
12,440,000 |
11,638,000 |
2,493,000 |
4,423,000 |
7,962,000 |
11,292,000 |
||||||||||
Impairment of proved properties |
88,879,000 |
88,879,000 |
88,879,000 |
- |
- |
- |
- |
|||||||||||
Public offering and other transaction costs |
- |
- |
- |
6,642,000 |
- |
- |
- |
- |
||||||||||
General and administrative |
4,644,000 |
9,326,000 |
14,009,000 |
19,499,000 |
6,081,000 |
11,633,000 |
16,766,000 |
22,214,000 |
||||||||||
Total costs and expenses |
34,645,000 |
155,459,000 |
182,984,000 |
212,197,000 |
24,985,000 |
51,748,000 |
82,156,000 |
118,407,000 |
||||||||||
OPERATING INCOME |
(15,974,000) |
(113,673,000) |
(116,756,000) |
(118,901,000) |
4,523,000 |
19,489,000 |
30,888,000 |
23,577,000 |
||||||||||
OTHER INCOME AND (EXPENSE): |
||||||||||||||||||
Realized gain (loss) on hedging activities |
4,928,000 |
7,217,000 |
15,487,000 |
22,713,000 |
(995,000) |
(6,447,000) |
(10,034,000) |
(3,705,000) |
||||||||||
Unrealized gain (loss) on hedging activities |
888,000 |
(116,000) |
(8,447,000) |
(14,521,000) |
(8,559,000) |
(35,677,000) |
9,911,000 |
15,344,000 |
||||||||||
Unrealized gain (loss) on embedded derivative |
- |
(1,801,000) |
(3,602,000) |
(5,404,000) |
- |
- |
- |
- |
||||||||||
Interest income and other |
- |
2,000 |
2,000 |
36,000 |
18,000 |
22,000 |
23,000 |
26,000 |
||||||||||
Interest expense |
(1,689,000) |
(3,076,000) |
(4,429,000) |
(5,791,000) |
(1,814,000) |
(3,446,000) |
(5,675,000) |
(8,120,000) |
||||||||||
TOTAL OTHER INCOME AND (EXPENSE) |
4,127,000 |
2,226,000 |
(989,000) |
(2,967,000) |
(11,350,000) |
(45,548,000) |
(5,775,000) |
3,545,000 |
||||||||||
INCOME (LOSS) BEFORE TAXES |
(11,847,000) |
(111,447,000) |
(117,745,000) |
(121,868,000) |
(6,827,000) |
(26,059,000) |
25,113,000 |
27,122,000 |
||||||||||
DEFERRED INCOME TAX (BENEFIT) |
(4,412,000) |
(41,514,000) |
(43,860,000) |
(51,497,000) |
(2,628,000) |
(10,033,000) |
9,668,000 |
10,441,000 |
||||||||||
NET INCOME (LOSS) |
$(7,435,000) |
$(69,933,000) |
$ (73,885,000) |
$ (70,371,000) |
$(4,199,000) |
$(16,026,000) |
$ 15,445,000 |
$ 16,681,000 |
||||||||||
Basic Income (Loss) Per Share |
$(0.16) |
$(1.54) |
$(1.62) |
$(1.53) |
$(0.09) |
$(0.35) |
$0.34 |
$0.37 |
||||||||||
Diluted Income (Loss) Per Share |
$(0.16) |
$(1.54) |
$(1.62) |
$(1.53) |
$(0.09) |
$(0.35) |
$0.33 |
$0.36 |
||||||||||
Weighted Average Common Stock Outstanding - Basic |
45,491,665 |
45,504,757 |
45,700,157 |
45,856,834 |
45,304,950 |
45,365,466 |
45,403,198 |
45,425,687 |
||||||||||
Weighted Average Common Stock Outstanding - Diluted |
45,491,665 |
45,504,757 |
45,700,157 |
45,856,834 |
45,304,950 |
45,365,466 |
46,180,243 |
46,652,804 |
||||||||||
Effective tax rate |
37.2% |
37.2% |
37.2% |
42.3% |
38.5% |
38.5% |
38.5% |
38.5% |
||||||||||
RECONCILIATION OF NET INCOME TO EBITDAX AND EBITDA |
||||||||||||||||||
Net income (loss) |
$(7,435,000) |
$(69,933,000) |
$(73,885,000) |
$(70,371,000) |
$(4,199,000) |
$(16,026,000) |
$15,445,000 |
$16,681,000 |
||||||||||
Unrealized (gain) loss on hedging activities |
(888,000) |
116,000 |
8,447,000 |
14,521,000 |
8,559,000 |
35,677,000 |
(9,911,000) |
(15,344,000) |
||||||||||
Unrealized (gain) loss on embedded derivative |
- |
1,801,000 |
3,602,000 |
5,404,000 |
- |
- |
- |
- |
||||||||||
Income tax expense (benefit) |
(4,412,000) |
(41,514,000) |
(43,860,000) |
(51,497,000) |
(2,628,000) |
(10,033,000) |
9,668,000 |
10,441,000 |
||||||||||
Interest expense |
1,689,000 |
3,076,000 |
4,429,000 |
5,791,000 |
1,814,000 |
3,446,000 |
5,675,000 |
8,120,000 |
||||||||||
Depreciation, depletion and amortization |
13,458,000 |
29,644,000 |
40,387,000 |
49,596,000 |
7,306,000 |
15,525,000 |
25,514,000 |
38,607,000 |
||||||||||
Exploration |
7,082,000 |
8,239,000 |
12,440,000 |
11,638,000 |
2,493,000 |
4,423,000 |
7,962,000 |
11,292,000 |
||||||||||
Impairment of proved properties |
- |
88,879,000 |
88,879,000 |
88,879,000 |
- |
- |
- |
- |
||||||||||
Non cash compensation expense |
585,000 |
1,170,000 |
2,060,000 |
2,924,000 |
691,000 |
1,475,000 |
2,121,000 |
2,710,000 |
||||||||||
EBITDAX |
$10,079,000 |
$21,478,000 |
$42,499,000 |
$56,885,000 |
$14,036,000 |
$34,487,000 |
$56,474,000 |
$72,507,000 |
||||||||||
Less: exploration and impairment |
(7,082,000) |
(8,239,000) |
(12,440,000) |
(11,638,000) |
(2,493,000) |
(4,423,000) |
(7,962,000) |
(11,292,000) |
||||||||||
EBITDA |
$2,997,000 |
$13,239,000 |
$30,059,000 |
$45,247,000 |
$11,543,000 |
$30,064,000 |
$48,512,000 |
$61,215,000 |
||||||||||
ELLORA ENERGY INC. |
||||||||||||||||||
QUARTERLY INCOME STATEMENTS |
QUARTERLY INCOME STATEMENTS |
|||||||||||||||||
3/31/2009 |
6/30/2009 |
9/30/2009 |
12/31/2009 |
3/31/2008 |
6/30/2008 |
9/30/2008 |
12/31/2008 |
|||||||||||
REVENUE: |
||||||||||||||||||
Oil and gas sales |
$ 16,926,000 |
$ 21,265,000 |
$ 22,696,000 |
$ 25,362,000 |
$ 25,853,000 |
$ 36,073,000 |
$ 37,379,000 |
$ 25,932,000 |
||||||||||
Gas aggregation and pipeline sales |
1,745,000 |
1,851,000 |
1,746,000 |
1,704,000 |
3,655,000 |
5,565,000 |
4,428,000 |
3,008,000 |
||||||||||
Gain on sale of equipment |
- |
(1,000) |
- |
2,000 |
- |
91,000 |
- |
- |
||||||||||
Total revenue |
18,671,000 |
23,115,000 |
24,442,000 |
27,068,000 |
29,508,000 |
41,729,000 |
41,807,000 |
28,940,000 |
||||||||||
COSTS AND EXPENSES: |
||||||||||||||||||
Lease operating expense |
6,791,000 |
7,381,000 |
5,344,000 |
6,004,000 |
4,671,000 |
4,982,000 |
6,237,000 |
10,680,000 |
||||||||||
Production taxes |
883,000 |
723,000 |
898,000 |
888,000 |
1,168,000 |
1,519,000 |
1,636,000 |
788,000 |
||||||||||
Gas aggregation and pipeline cost of sales |
1,787,000 |
1,806,000 |
1,656,000 |
1,782,000 |
3,266,000 |
4,561,000 |
3,874,000 |
2,912,000 |
||||||||||
Depreciation, depletion and amortization |
13,458,000 |
16,186,000 |
10,743,000 |
9,209,000 |
7,306,000 |
8,219,000 |
9,989,000 |
13,093,000 |
||||||||||
Exploration and impairment |
7,082,000 |
1,157,000 |
4,201,000 |
(802,000) |
2,493,000 |
1,930,000 |
3,539,000 |
3,330,000 |
||||||||||
Impairment of proved properties |
- |
88,879,000 |
- |
- |
- |
- |
- |
- |
||||||||||
Public offering and other transaction costs |
- |
- |
- |
6,642,000 |
- |
- |
- |
- |
||||||||||
General and administrative |
4,644,000 |
4,682,000 |
4,683,000 |
5,490,000 |
6,081,000 |
5,552,000 |
5,133,000 |
5,448,000 |
||||||||||
Total costs and expenses |
34,645,000 |
120,814,000 |
27,525,000 |
29,213,000 |
24,985,000 |
26,763,000 |
30,408,000 |
36,251,000 |
||||||||||
OPERATING INCOME |
(15,974,000) |
(97,699,000) |
(3,083,000) |
(2,145,000) |
4,523,000 |
14,966,000 |
11,399,000 |
(7,311,000) |
||||||||||
OTHER INCOME AND (EXPENSE): |
||||||||||||||||||
Realized gain (loss) on hedging activities |
4,928,000 |
2,289,000 |
8,270,000 |
7,226,000 |
(995,000) |
(5,452,000) |
(3,587,000) |
6,329,000 |
||||||||||
Unrealized gain (loss) on hedging activities |
888,000 |
(1,004,000) |
(8,331,000) |
(6,074,000) |
(8,559,000) |
(27,118,000) |
45,588,000 |
5,433,000 |
||||||||||
Unrealized gain (loss) on embedded derivative |
- |
(1,801,000) |
(1,801,000) |
(1,802,000) |
- |
- |
- |
- |
||||||||||
Interest income and other |
- |
2,000 |
- |
34,000 |
18,000 |
4,000 |
1,000 |
3,000 |
||||||||||
Interest expense |
(1,689,000) |
(1,387,000) |
(1,353,000) |
(1,362,000) |
(1,814,000) |
(1,632,000) |
(2,229,000) |
(2,445,000) |
||||||||||
TOTAL OTHER INCOME AND (EXPENSE) |
4,127,000 |
(1,901,000) |
(3,215,000) |
(1,978,000) |
(11,350,000) |
(34,198,000) |
39,773,000 |
9,320,000 |
||||||||||
INCOME (LOSS) BEFORE TAXES |
(11,847,000) |
(99,600,000) |
(6,298,000) |
(4,123,000) |
(6,827,000) |
(19,232,000) |
51,172,000 |
2,009,000 |
||||||||||
DEFERRED INCOME TAX (BENEFIT) |
(4,412,000) |
(37,102,000) |
(2,346,000) |
(7,637,000) |
(2,628,000) |
(7,405,000) |
19,701,000 |
773,000 |
||||||||||
NET INCOME (LOSS) |
$ (7,435,000) |
$ (62,498,000) |
$ (3,952,000) |
$ 3,514,000 |
$ (4,199,000) |
$ (11,827,000) |
$ 31,471,000 |
$ 1,236,000 |
||||||||||
Basic Income (Loss) Per Share |
$ (0.16) |
$ (1.37) |
$ (0.09) |
$ 0.08 |
$ (0.09) |
$ (0.26) |
$ 0.69 |
$ 0.03 |
||||||||||
Diluted Income (Loss) Per Share |
$ (0.16) |
$ (1.37) |
$ (0.09) |
$ 0.08 |
$ (0.09) |
$ (0.26) |
$ 0.69 |
$ 0.03 |
||||||||||
Weighted Average Common Stock Outstanding - Basic |
45,491,665 |
45,498,211 |
45,602,457 |
45,778,496 |
45,304,950 |
45,335,208 |
45,384,332 |
45,414,443 |
||||||||||
Weighted Average Common Stock Outstanding - Diluted |
45,491,665 |
45,498,211 |
45,602,457 |
45,778,496 |
45,304,950 |
45,335,208 |
45,772,855 |
46,416,524 |
||||||||||
Effective tax rate |
37.2% |
37.25% |
37.25% |
185.23% |
38.49% |
38.50% |
38.50% |
38.48% |
||||||||||
RECONCILIATION OF NET INCOME TO EBITDAX AND EBITDA |
||||||||||||||||||
Net income (loss) |
$ (7,435,000) |
$ (62,498,000) |
$ (3,952,000) |
$ 3,514,000 |
$ (4,199,000) |
$ (11,827,000) |
$ 31,471,000 |
$ 1,236,000 |
||||||||||
Unrealized (gain) loss on hedging activities |
(888,000) |
1,004,000 |
8,331,000 |
6,074,000 |
8,559,000 |
27,118,000 |
(45,588,000) |
(5,433,000) |
||||||||||
Unrealized (gain) loss on embedded derivative |
- |
1,801,000 |
1,801,000 |
1,802,000 |
- |
- |
- |
- |
||||||||||
Income tax expense (benefit) |
(4,412,000) |
(37,102,000) |
(2,346,000) |
(7,637,000) |
(2,628,000) |
(7,405,000) |
19,701,000 |
773,000 |
||||||||||
Interest expense |
1,689,000 |
1,387,000 |
1,353,000 |
1,362,000 |
1,814,000 |
1,632,000 |
2,229,000 |
2,445,000 |
||||||||||
Depreciation, depletion and amortization |
13,458,000 |
16,186,000 |
10,743,000 |
9,209,000 |
7,306,000 |
8,219,000 |
9,989,000 |
13,093,000 |
||||||||||
Exploration |
7,082,000 |
1,157,000 |
4,201,000 |
(802,000) |
2,493,000 |
1,930,000 |
3,539,000 |
3,330,000 |
||||||||||
Impairment of proved properties |
- |
88,879,000 |
- |
- |
- |
- |
- |
- |
||||||||||
Non cash compensation expense |
585,000 |
585,000 |
890,000 |
864,000 |
691,000 |
784,000 |
646,000 |
589,000 |
||||||||||
EBITDAX |
$ 10,079,000 |
$ 11,399,000 |
$ 21,021,000 |
$ 14,386,000 |
$ 14,036,000 |
$ 20,451,000 |
$ 21,987,000 |
$ 16,033,000 |
||||||||||
Less: exploration and impairment |
(7,082,000) |
(1,157,000) |
(4,201,000) |
802,000 |
(2,493,000) |
(1,930,000) |
(3,539,000) |
(3,330,000) |
||||||||||
EBITDA |
$ 2,997,000 |
$ 10,242,000 |
$ 16,820,000 |
$ 15,188,000 |
$ 11,543,000 |
$ 18,521,000 |
$ 18,448,000 |
$ 12,703,000 |
||||||||||
ELLORA ENERGY INC. AND SUBSIDIARIES |
||||||||||
ASSETS |
31-Dec-08 |
31-Mar-09 |
30-Jun-09 |
30-Sep-09 |
31-Dec-09 |
|||||
Current Assets: |
||||||||||
Cash |
$ 10,078,000 |
$ 7,343,000 |
$ 12,727,000 |
$ 22,558,000 |
$ 21,355,000 |
|||||
Accounts receivable: |
||||||||||
Oil and gas sales |
10,002,000 |
6,756,000 |
9,978,000 |
8,388,000 |
10,624,000 |
|||||
Joint interest billings |
1,250,000 |
590,000 |
2,514,000 |
855,000 |
503,000 |
|||||
Derivative asset |
15,344,000 |
16,232,000 |
15,412,000 |
7,637,000 |
2,704,000 |
|||||
Oil and gas equipment inventory |
3,616,000 |
3,500,000 |
1,714,000 |
1,262,000 |
1,128,000 |
|||||
Prepaids and other current assets |
3,414,000 |
3,404,000 |
3,426,000 |
4,200,000 |
1,243,000 |
|||||
Total current assets |
43,704,000 |
37,825,000 |
45,771,000 |
44,900,000 |
37,557,000 |
|||||
Property and Equipment: |
||||||||||
Oil and gas properties, successful efforts method: |
||||||||||
Proved properties |
390,843,000 |
396,562,000 |
399,370,000 |
403,297,000 |
406,993,000 |
|||||
Unproved properties |
65,675,000 |
67,504,000 |
67,576,000 |
67,363,000 |
66,912,000 |
|||||
Pipeline properties |
20,087,000 |
20,160,000 |
20,143,000 |
20,143,000 |
20,175,000 |
|||||
Furniture and equipment |
6,334,000 |
6,369,000 |
6,460,000 |
6,447,000 |
6,429,000 |
|||||
Total property and equipment |
482,939,000 |
490,595,000 |
493,549,000 |
497,250,000 |
500,509,000 |
|||||
Less accumulated depletion and depreciation |
(84,900,000) |
(98,218,000) |
(203,193,000) |
(213,846,000) |
(222,967,000) |
|||||
Net property and equipment |
398,039,000 |
392,377,000 |
290,356,000 |
283,404,000 |
277,542,000 |
|||||
Deferred Tax Asset |
- |
- |
12,358,000 |
11,076,000 |
16,437,000 |
|||||
Other Long-Term Assets |
3,312,000 |
3,069,000 |
2,852,000 |
3,012,000 |
2,361,000 |
|||||
Total Assets |
$ 445,055,000 |
$ 433,271,000 |
$ 351,337,000 |
$ 342,392,000 |
$ 333,897,000 |
|||||
LIABILITIES AND STOCKHOLDERS’ EQUITY |
||||||||||
Current Liabilities: |
||||||||||
Accounts payable |
$ 18,948,000 |
$ 12,170,000 |
$ 14,083,000 |
$ 13,252,000 |
$ 10,549,000 |
|||||
Long-term debt--current portion |
14,750,000 |
- |
- |
- |
||||||
Accrued expenses |
636,000 |
321,000 |
317,000 |
280,000 |
390,000 |
|||||
Production taxes payable |
418,000 |
430,000 |
411,000 |
389,000 |
359,000 |
|||||
Oil and gas revenues payable |
11,254,000 |
11,488,000 |
11,843,000 |
10,345,000 |
12,260,000 |
|||||
Deferred income taxes |
5,716,000 |
6,047,000 |
5,741,000 |
2,845,000 |
1,007,000 |
|||||
Derivative liability |
- |
- |
184,000 |
740,000 |
1,881,000 |
|||||
Total current liabilities |
51,722,000 |
30,456,000 |
32,579,000 |
27,851,000 |
26,446,000 |
|||||
Long-Term Debt |
160,000,000 |
141,000,000 |
143,750,000 |
140,750,000 |
128,750,000 |
|||||
Deferred Income Taxes |
29,112,000 |
24,369,000 |
- |
- |
- |
|||||
Asset Retirement Obligations |
4,026,000 |
4,135,000 |
4,276,000 |
4,372,000 |
4,178,000 |
|||||
Embedded Derivative for Preferred Stock Conversion Feature |
- |
6,996,000 |
8,797,000 |
10,598,000 |
12,400,000 |
|||||
Stockholders’ Equity: |
||||||||||
Preferred stock, $.001 par value, 10,000,000 shares authorized |
- |
1,000 |
1,000 |
1,000 |
1,000 |
|||||
Common stock, $.001 par value, 125,000,000 shares authorized |
45,000 |
45,000 |
46,000 |
46,000 |
46,000 |
|||||
Additional paid-in capital |
149,417,000 |
182,971,000 |
181,088,000 |
181,926,000 |
181,714,000 |
|||||
Retained earnings |
50,733,000 |
43,298,000 |
(19,200,000) |
(23,152,000) |
(19,638,000) |
|||||
Total stockholders’ equity |
200,195,000 |
226,315,000 |
161,935,000 |
158,821,000 |
162,123,000 |
|||||
Total Liabilities and Stockholders’ Equity |
$ 445,055,000 |
$ 433,271,000 |
$ 351,337,000 |
$ 342,392,000 |
$ 333,897,000 |
|||||
ELLORA ENERGY INC. |
YEAR TO DATE OPERATING METRICS |
YEAR TO DATE OPERATING METRICS |
||||||||||||||
3/31/2009 |
6/30/2009 |
9/30/2009 |
12/31/2009 |
3/31/2008 |
6/30/2008 |
9/30/2008 |
12/31/2008 |
|||||||||
Oil production - Bbl |
229,000 |
477,000 |
708,000 |
917,000 |
87,000 |
186,000 |
358,000 |
605,000 |
||||||||
Gas production - Mcf |
2,697,000 |
5,454,000 |
8,150,000 |
10,709,000 |
2,308,000 |
4,678,000 |
7,026,000 |
9,831,000 |
||||||||
Mcfe |
4,071,000 |
8,316,000 |
12,398,000 |
16,211,000 |
2,830,000 |
5,794,000 |
9,174,000 |
13,461,000 |
||||||||
Oil sales |
$ 7,581,000 |
$ 20,609,000 |
$ 34,751,000 |
$ 49,045,000 |
$ 7,983,000 |
$ 19,939,000 |
$ 38,089,000 |
$ 49,984,000 |
||||||||
Gas sales |
$ 9,345,000 |
$ 17,582,000 |
$ 26,136,000 |
$ 37,204,000 |
$ 17,870,000 |
$ 41,987,000 |
$ 61,216,000 |
$ 75,253,000 |
||||||||
$ 16,926,000 |
$ 38,191,000 |
$ 60,887,000 |
$ 86,249,000 |
$ 25,853,000 |
$ 61,926,000 |
$ 99,305,000 |
$ 125,237,000 |
|||||||||
Realized price per Bbl - unhedged |
$ 33.10 |
$ 43.21 |
$ 49.08 |
$ 53.48 |
$ 91.76 |
$ 107.20 |
$ 106.39 |
$ 82.62 |
||||||||
Realized price per Mcf - unhedged |
$ 3.46 |
$ 3.22 |
$ 3.21 |
$ 3.47 |
$ 7.74 |
$ 8.98 |
$ 8.71 |
$ 7.65 |
||||||||
Realized price per Mcfe - unhedged |
$ 4.16 |
$ 4.59 |
$ 4.91 |
$ 5.32 |
$ 9.14 |
$ 10.69 |
$ 10.82 |
$ 9.30 |
||||||||
Realized price per Mcfe - hedged |
$ 5.37 |
$ 5.46 |
$ 6.16 |
$ 6.72 |
$ 8.78 |
$ 9.58 |
$ 9.73 |
$ 9.03 |
||||||||
Oil production (Bbl/d) |
2,544 |
2,635 |
2,593 |
2,512 |
956 |
1,022 |
1,307 |
1,653 |
||||||||
Gas production (Mcf/d) |
29,967 |
30,133 |
29,853 |
29,340 |
25,363 |
25,703 |
25,642 |
26,861 |
||||||||
Total equivalent production (Mcfe/d) |
45,233 |
45,945 |
45,414 |
44,414 |
31,099 |
31,835 |
33,482 |
36,779 |
||||||||
Unit metrics ($/Mcfe) |
||||||||||||||||
Total revenue |
$ 4.59 |
$ 5.02 |
$ 5.34 |
$ 5.76 |
$ 10.43 |
$ 12.29 |
$ 12.32 |
$ 10.55 |
||||||||
Lease operating expense |
$ 1.67 |
$ 1.70 |
$ 1.57 |
$ 1.57 |
$ 1.65 |
$ 1.67 |
$ 1.73 |
$ 1.97 |
||||||||
Production taxes |
$ 0.22 |
$ 0.19 |
$ 0.20 |
$ 0.21 |
$ 0.41 |
$ 0.46 |
$ 0.47 |
$ 0.38 |
||||||||
Depreciation, depletion and amortization |
$ 3.31 |
$ 3.56 |
$ 3.26 |
$ 3.06 |
$ 2.58 |
$ 2.68 |
$ 2.78 |
$ 2.87 |
||||||||
Exploration and other |
$ 1.74 |
$ 0.99 |
$ 1.00 |
$ 0.72 |
$ 0.88 |
$ 0.76 |
$ 0.87 |
$ 0.84 |
||||||||
General and administrative - Cash |
$ 1.00 |
$ 0.98 |
$ 0.96 |
$ 1.02 |
$ 1.90 |
$ 1.75 |
$ 1.60 |
$ 1.45 |
||||||||
General and administrative - Non Cash |
$ 0.14 |
$ 0.14 |
$ 0.17 |
$ 0.18 |
$ 0.24 |
$ 0.25 |
$ 0.23 |
$ 0.20 |
||||||||
EBITDA |
$ 0.74 |
$ 1.59 |
$ 2.42 |
$ 2.79 |
$ 4.08 |
$ 5.19 |
$ 5.29 |
$ 4.55 |
||||||||
EBITDAX |
$ 2.48 |
$ 2.58 |
$ 3.43 |
$ 3.51 |
$ 4.96 |
$ 5.95 |
$ 6.16 |
$ 5.39 |
||||||||
Net Income (loss) |
$ (1.83) |
$ (8.41) |
$ (5.96) |
$ (4.34) |
$ (1.48) |
$ (2.77) |
$ 1.68 |
$ 1.24 |
||||||||
Cash flow from operations |
$ 1.02 |
$ 1.16 |
$ 2.23 |
$ 2.56 |
$ 3.65 |
$ 5.38 |
$ 5.16 |
$ 4.36 |
||||||||
ELLORA ENERGY INC. |
QUARTERLY OPERATING METRICS |
QUARTERLY OPERATING METRICS |
||||||||||||||
3/31/2009 |
6/30/2009 |
9/30/2009 |
12/31/2009 |
3/31/2008 |
6/30/2008 |
9/30/2008 |
12/31/2008 |
|||||||||
Oil production - Bbl |
229,000 |
248,000 |
231,000 |
209,000 |
87,000 |
99,000 |
172,000 |
247,000 |
||||||||
Gas production - Mcf |
2,697,000 |
2,757,000 |
2,696,000 |
2,559,000 |
2,308,000 |
2,370,000 |
2,348,000 |
2,805,000 |
||||||||
Mcfe |
4,071,000 |
4,245,000 |
4,082,000 |
3,813,000 |
2,830,000 |
2,964,000 |
3,380,000 |
4,287,000 |
||||||||
Oil sales |
$ 7,581,000 |
$ 13,028,000 |
$ 14,142,000 |
$ 14,294,000 |
$ 7,983,000 |
$ 11,956,000 |
$ 18,150,000 |
$ 11,895,000 |
||||||||
Gas sales |
$ 9,345,000 |
$ 8,237,000 |
$ 8,554,000 |
$ 11,068,000 |
$ 17,870,000 |
$ 24,117,000 |
$ 19,229,000 |
$ 14,037,000 |
||||||||
Oil & gas sales |
$ 16,926,000 |
$ 21,265,000 |
$ 22,696,000 |
$ 25,362,000 |
$ 25,853,000 |
$ 36,073,000 |
$ 37,379,000 |
$ 25,932,000 |
||||||||
Realized price per Bbl - unhedged |
$ 33.10 |
$ 52.53 |
$ 61.22 |
$ 68.39 |
$ 91.76 |
$ 120.77 |
$ 105.52 |
$ 48.16 |
||||||||
Realized price per Mcf - unhedged |
$ 3.46 |
$ 2.99 |
$ 3.17 |
$ 4.33 |
$ 7.74 |
$ 10.18 |
$ 8.19 |
$ 5.00 |
||||||||
Realized price per Mcfe - unhedged |
$ 4.16 |
$ 5.01 |
$ 5.56 |
$ 6.65 |
$ 9.14 |
$ 12.17 |
$ 11.06 |
$ 6.05 |
||||||||
Realized price per Mcfe - hedged |
$ 5.37 |
$ 5.55 |
$ 7.59 |
$ 8.55 |
$ 8.78 |
10.33 |
10.00 |
7.53 |
||||||||
Oil production (Bbl/d) |
2,544 |
2,725 |
2,511 |
2,272 |
956 |
1,088 |
1,870 |
2,685 |
||||||||
Gas production (Mcf/d) |
29,967 |
30,297 |
29,304 |
27,815 |
25,363 |
26,044 |
25,522 |
30,489 |
||||||||
Total equivalent production (Mcfe/d) |
45,233 |
46,648 |
44,370 |
41,446 |
31,099 |
32,571 |
36,739 |
46,598 |
||||||||
Unit metrics ($/Mcfe) |
||||||||||||||||
Total revenue |
$ 4.59 |
$ 5.45 |
$ 5.99 |
$ 7.10 |
$ 10.43 |
$ 14.08 |
$ 12.37 |
$ 6.75 |
||||||||
Lease operating expense |
$ 1.67 |
$ 1.74 |
$ 1.31 |
$ 1.57 |
$ 1.65 |
$ 1.68 |
$ 1.85 |
$ 2.49 |
||||||||
Production taxes |
$ 0.22 |
$ 0.17 |
$ 0.22 |
$ 0.23 |
$ 0.41 |
$ 0.51 |
$ 0.48 |
$ 0.18 |
||||||||
Depreciation, depletion and amortization |
$ 3.31 |
$ 3.81 |
$ 2.63 |
$ 2.42 |
$ 2.58 |
$ 2.77 |
$ 2.96 |
$ 3.05 |
||||||||
Exploration and other |
$ 1.74 |
$ 0.27 |
$ 1.03 |
$ (0.21) |
$ 0.88 |
$ 0.65 |
$ 1.05 |
$ 0.78 |
||||||||
General and administrative - Cash |
$ 1.00 |
$ 0.97 |
$ 0.93 |
$ 1.21 |
$ 1.90 |
$ 1.61 |
$ 1.33 |
$ 1.13 |
||||||||
General and administrative - Non Cash |
$ 0.14 |
$ 0.14 |
$ 0.22 |
$ 0.23 |
$ 0.24 |
$ 0.26 |
$ 0.19 |
$ 0.14 |
||||||||
EBITDA |
$ 0.74 |
$ 2.41 |
$ 4.12 |
$ 3.98 |
$ 4.08 |
$ 6.25 |
$ 5.46 |
$ 2.96 |
||||||||
EBITDAX |
$ 2.48 |
$ 2.69 |
$ 5.15 |
$ 3.77 |
$ 4.96 |
$ 6.90 |
$ 6.51 |
$ 3.74 |
||||||||
Net Income (loss) |
$ (1.83) |
$ (14.72) |
$ (0.97) |
$ 0.92 |
$ (1.48) |
$ (3.99) |
$ 9.31 |
$ 0.29 |
||||||||
Cash flow from operations |
$ 1.02 |
$ 1.29 |
$ 4.43 |
$ 3.61 |
$ 3.65 |
$ 7.03 |
$ 4.77 |
$ 2.67 |
||||||||
SOURCE Ellora Energy Inc.
WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?
Newsrooms &
Influencers
Digital Media
Outlets
Journalists
Opted In
Share this article