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Petroshale announces financial and operating results for the third quarter of 2018 and executive appointment

PetroShale Inc. has announced its financial and operating results for the three and nine month periods ending September 30, 2018. In addition, the Company announces the appointment of Mr. Caleb Morgret as Chief Financial Officer (CFO), who will assume the role from Mr. David Rain, who is retiring effective November 30, 2018. 

THIRD QUARTER 2018 HIGHLIGHTS

  • Production averaged 6,797 barrels of oil equivalent per day (85% liquids), which is 259% higher than the third quarter of 2017 and 7% higher than the second quarter of 2018.
  • Revenue totaled $40.1 million, an increase of 450% over the third quarter of 2017 and 11% over the second quarter of 2018, driven by higher production and realized prices.
  • Adjusted EBITDA increased to $22.0 million, which is 645% higher than the third quarter of 2017 and 8% higher than the second quarter of 2018.
  • Operating netback, prior to the impact of hedging, was $41.28 per boe, an increase of 81% over the third quarter of 2017 and 1% over the previous quarter.
  • Capital expenditures totaled $167.6 million in the first nine months of 2018 with approximately $93.5 million (56%) directed towards acquisitions and $74.1 million (44%) for drilling and completions activities on 10.4 net wells.
  • Closed a strategic acquisition of assets within PetroShale's North Dakota Bakken core area for US$51.7 million, including approximately 550 boepd of low decline light oil production and approximately 1,980 net acres in three 100% operated drilling units which are largely undeveloped.
  • Funded the Acquisition with proceeds of a concurrent $46.0 million "bought deal" equity financing, a $12.5 million private placement financing, and a draw under the Company's senior credit facility of US$10.5 million.
  • Increased PetroShale's borrowing base under our senior credit facility to US$92 million upon closing of the Acquisition and following the senior lenders' semi-annual review of the Company's borrowing base in November, increased it further to US$125 million.

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Oil and gas price forecasts tempered; DBRS sees no impact on credit ratings

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Average January rig count for Canada sees increase: Baker Hughes

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Suncor Energy reports fourth quarter 2018 results

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