Print    Close

Cuda Oil and Gas Inc. Announces Second Quarter Financial and Operating Results

Calgary, Alberta--(Newsfile Corp. - August 29, 2019) - Cuda Oil and Gas Inc. (TSXV: CUDA) ("Cuda" or the "Company") is pleased to announce its financial and operating results for the three and six months ended June 30, 2019. The unaudited interim condensed consolidated financial statements and related management's discussion and analysis ("MD&A") are available under the Company's profile on the SEDAR website at www.sedar.com. Selected financial and operating information for the three and six months ended June 30, 2019 appear below and should be read in conjunction with the related financial statements and MD&A.

Financial and Operational Results(1)


Three months ended
June 30
Six months ended
June 30

2019201820192018
OPERATING(1)



Production



Crude oil (bbls/d)3066133776
Natural gas (mcf/d)971,8191,6423,094
Natural gas liquids ("NGLs")(bbls/d)1172528
Total (boe/d)324382635619
 




Netbacks(2)($/boe)



Average realized price (boe)71.3621.5446.8321.40
Royalties and production taxes(20.57)(3.96)(12.24)(3.76)
Operating and transportation(26.48)(9.23)(17.20)(8.14)
Operating netback 24.318.3517.399.50
 




FINANCIAL(1) ($)



Revenue



Crude oil2,086,016427,7864,263,187965,529
Natural gas10,354230,799866,4381,152,790
NGLs5,28789,676257,623280,498
Total2,101,657748,2615,387,2482,398,817
 




Adjusted funds flows used in operations(2)(1,594,930)(999,211)(1,974,411)(579,100)
Net loss(24,860,766)(1,418,696)(28,070,444)(1,530,099)
Capital expenditures1,170,017185,6944,683,157670,861
 




 

Notes:

(1) Results contributed since the asset acquisitions in Wyoming, United States on August 14, 2018, and October 5, 2018.
(2) See "Non-GAAP Measures".

Second Quarter Highlights

About Cuda Oil and Gas Inc.

Cuda Oil and Gas Inc. is engaged in the business of exploring for, developing and producing oil and natural gas, and acquiring oil and natural gas properties across North America. The Cuda management team has worked closely together for over 20 years in both private and public company environments and has an established track record of delivering strong shareholder returns. Cuda will continue to implement its proven strategy of exploring, acquiring, and exploiting with a long-term focus on large, light oil resource- based assets across North America including significant operational experience in the United States. The Cuda management team brings a full spectrum of geotechnical, engineering, negotiating and financial experience to its investment decisions.

For further information please contact:

Glenn Dawson
President and Chief Executive Officer
Cuda Oil and Gas Inc.
(403) 454-0862

Non-GAAP Measures

This news release contains the terms "adjusted funds flow from (used in) operations", and "operating netback", which do not have standardized meanings prescribed by IFRS and therefore may not be comparable with the calculation of similar measures presented by other issuers.

Forward-Looking Information

This news release contains forward-looking information. All statements other than statements of historical fact included in this release are forward-looking statements that involve various risks and uncertainties and are based on forecasts of future operational or financial results, estimates of amounts not yet determinable and assumptions of management. In particular, this news release includes forward-looking information relating to the completion of the sale of the Quebec assets, the terms of the transaction and its impact on Cuda and the Company's exploration and development activities in Wyoming. Risk factors that could prevent forward-looking statements from being realized include market conditions, third party and regulatory approvals, ongoing permitting requirements, the actual results of current exploration and development activities, operational risks, risks associated with drilling and completions, uncertainty of geological and technical data, conclusions of economic evaluations and changes in project parameters as plans continue to be refined as well as future oil and gas prices. Although Cuda has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company disclaims any intention and has no obligation or responsibility, except as required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/47406