Arrow Exploration Announces 2019 Year-End Audited Financial Statements and MD&A, and Filing of 2019 Year-End Reserve Report
Source
Company Press Release
Company
Arrow Exploration Corp.
Tags
Corporate: Corporate Results, Guidance, Overview/Strategy, Country: Canada, Financial - Costs & Metrics: Capital Expenditures
Date
June 02, 2020
ARROW Exploration Corp. (“Arrow” or the “Company”) (TSXV: AXL) is pleased to announce the filing of its 2019 year-end audited Financial Statements and MD&A, and the filing of its 2019 year-end reserve report, all of which are available on SEDAR (sedar.com ).
FINANCIAL AND OPERATING HIGHLIGHTS
(in United States dollars, except as otherwise noted)
Three months ended December 31, 2019
Year ended December 31, 2019
Three months ended December 31, 2018
Year ended December 31, 2018
Total natural gas and crude oil revenues, net of royalties
5,585,531
25,440,370
5,911,425
6,077,423
Funds flow from (used in) operations (1)
(165,879
)
3,281,216
(855,321
)
(2,671,986
)
Per share – basic ($) and diluted ($)
(0.00
)
0.05
(0.01
)
(0.04
)
Net income (loss)
(2,089,036
)
(5,976,895
)
1,242,936
(665,123
)
Per share – basic ($) and diluted ($)
(0.03
)
(0.09
)
$0.02
($0.01
)
Adjusted EBITDA (1)
(126,893
)
5,206,566
1,120,369
(693,687
)
Weighted average shares outstanding – basic and diluted
68,674,602
68,674,602
68,674,602
68,674,602
Common shares end of period
68,674,602
68,674,602
68,674,602
68,674,602
Capital expenditures
(171,138
)
9,414,464
7,007,580
7,007,580
Cash and cash equivalents
1,085,655
1,085,655
1,994,233
1,994,233
Current Assets
7,811,889
7,811,889
8,599,160
8,599,160
Current liabilities
10,675,530
10,675,530
17,157,942
17,157,942
Working capital (deficit) (1)
(2,863,641
)
(2,863,641
)
(8,558,782
)
(8,558,782
)
Long-term portion of restricted cash (2)
449,288
449,288
3,154,839
3,154,839
Total assets
72,750,706
72,750,706
76,962,315
76,962,315
Operating
Natural gas and crude oil production, before royalties
Natural gas (Mcf/d)
531
623
733
734
Natural gas liquids (bbl/d)
6
6
7
7
Crude oil (bbl/d)
1,502
1,671
1,553
1,547
Total (boe/d)
1,595
1,781
1,682
1,676
Operating netbacks ($/boe) (1)
Natural gas ($/Mcf)
$0.25
($0.43
)
($1.97
)
($1.92
)
Crude oil ($/bbl)
$13.95
$21.22
$19.15
$19.22
Total ($/boe)
$13.14
$19.86
$16.88
$16.96
(1)Non-IFRS measures – see “Non-IFRS Measures” section within the MD&A (2)Long term restricted cash not included in working capital
Marshall Abbott, CEO of Arrow commented, “2019 represented the first full year of operations for Arrow as a new company. The Company made a significant commercial discovery in May 2019 on its Tapir Block, through successfully drilling the Rio Cravo Este-1 (RCE-1) well. We have identified two additional RCE well locations on the Tapir Block. On our LLA-23 block, production rates over the past several months have been negatively impacted by significantly lower oil prices, in addition to well-specific issues which Arrow’s new management team intends on addressing contingent on the availability of additional capital. Production at Ombu (Arrow holds 10%) remains shut-in pending the recovery of oil prices and the resolution of community issues.”
Mr. Abbott continued, “The Company wishes to extend our gratitude to all of its stakeholders for their continued support of Arrow during these exceptionally challenging times for our industry. Arrow’s management and Board, including myself, are committed to creating value from the Company’s significant asset base.”
2019 Year-End Reserves
Arrow has filed, on SEDAR, the Company’s Statement of Reserves Data and Other Oil and Gas Information, Report on Reserves Data by Independent Qualified Reserves Evaluator, and Report of Management and Directors on Oil and Gas Disclosure for the year ended December 31, 2019, as required by section 2.1 of National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities (together, the “Reserve Report”).
To recap, the Company’s Year-End 2019 Company Gross Reserves Highlights include:
4.10 MMboe of Proved Reserves
10.32 MMboe of Proved plus Probable Reserves
Proved Reserves estimated net present value before income taxes of US $34.7 million calculated at a 10% discount rate
Proved plus Probable Reserves estimated net present value before income taxes of US $86.7 million calculated at a 10% discount rate
Reserve Life Index of 7.0 for Proved Reserves and 17.7 for Proved plus Probable Reserves based on average fourth quarter 2019 corporate production of 1,595 boe/d
Proved plus Probable Reserve Replacement Ratio of 154% and F&D costs of US $9.47/boe
Arrow refers readers to the Company’s press release of April 14, 2020 for additional details, as well as to the Reserve Report filed on SEDAR.
Source: EvaluateEnergy®
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