|By Marketwired .||
|November 30, 2012 03:09 AM EST||
CALGARY, ALBERTA -- (Marketwire) -- 11/30/12 -- Americas Petrogas Inc. ("Americas Petrogas" or the "Company") (TSX VENTURE:BOE) announces the Company continued to execute on its investment plan on its oil and gas properties in Argentina and its potash, phosphates, and other minerals project in the Sechura Desert, Bayovar, Peru.
Third Quarter Highlights and Recent Developments
-- For the third quarter of 2012, the Company continued to increase production and sell oil from two of its conventional blocks, Medanito Sur and Rinconada Norte, both operated by the Company. Production for the third quarter of 2012 averaged approximately 2,200 bopd (net), an increase of approximately 49% over the average daily production during the second quarter of 2012. Recently, average daily production has approximated 2,800 bopd (net), representing an increase of approximately 27% over the average daily production during the third quarter. -- Operating netback of $9,286,914 ($47.65 per barrel) during the three months ended September 30, 2012 compared to $1,094,599 ($28.65 per barrel) during the same period of 2011. This improvement of $8,192,315 represents an increase of 748%. See note (1) below. -- This quarter's net revenue increased by $11,179,380 compared to the third quarter of 2011, which is an increase of 632%. -- $69.8 million of consolidated cash, cash equivalents and short-term investments as of September 30, 2012. -- Construction of the Company's own production and processing facilities to handle up to 6,300 bopd of gross production is continuing and is expected to be completed before the end of 2012. -- Ten conventional wells were drilled in the third quarter. Of these ten wells, six are awaiting completion, two are on production, one is shut- in and one was abandoned. -- The Aguada Los Loros x-1 (ALL.x-1) unconventional, shale exploration well was drilled on the Los Toldos I block (98,300 gross acres or 398 square kilometers or 154 sections) to a total depth ("TD") of 3,217 meters or 10,554 feet and has been successfully cased and cemented. A complete suite of logs and conventional cores has been acquired. Casing has been successfully set to a TD of approximately 3,213 meters or 10,541 feet in preparation for a planned well test. The well drilled through 562 meters or 1843 feet of the primary target Vaca Muerta formation with oil and gas shows through most of the shale section. Hydrocarbon shows were also encountered in secondary targets such as the Agrio, Mulichinco, Quintuco and Tordillo. Analysis of the cores and cuttings is underway and leading towards developing a plan for future completion and testing. Americas Petrogas is the Operator holding a 45% working interest in the Los Toldos I block; ExxonMobil also holds a 45% working interest, with the remaining 10% held by Gas y Petroleo del Neuquen (G&P). -- The Los Toldos Este well (LTE.x-1) on the Los Toldos II block (38,400 gross acres or 155 square kilometers or 60 sections), which completed drilling earlier in 2012, intersected the Vaca Muerta formation (thickness 343 metres) as expected. The well was hydraulically stimulated with five stages in the Vaca Muerta formation in September. The initial flow rate of the Vaca Muerta formation, after the clean-up flow back, at depths between 2,795 to 3,065 metres was 797 barrels of oil equivalent per day (boepd) of which 694 barrels of oil per day (bopd) was high quality light sweet oil, 39.6 degrees API. The average flow rate for the initial 30 days was 309 boepd, of which there was 254 bopd. Two production flow tests were also conducted to determine the productivity of the perforated intervals. This, in addition to core and other studies, will help the broad evaluation of the future productivity and the potential of the well and the reservoir. Currently the well is shut-in for a pressure build-up test. Americas Petrogas is the Operator holding a 45% working interest in the Los Toldos II block; ExxonMobil also holds a 45% working interest, with the remaining 10% held by G&P. -- Drilling of a second unconventional, shale exploration well, Agua de Afuera (ADA.x-1), on Los Toldos II (operated by Americas Petrogas) is nearing TD, having begun in October 2012. The ADA.x-1 well, a vertical well, is planned for drilling to TD of approximately 3,350 metres (or 10,991 feet) with the principal target being the Vaca Muerta shale and potential to intersect other formations including the Mulichinco, Quintuco and Tordillo formations. -- On the Totoral block (Americas Petrogas - 90% working interest and operator), the Company has completed a three-stage hydraulic stimulation program and testing of the LHo.x-1 well is underway. -- On the Huacalera block (Americas Petrogas - 39% working interest and operated by Apache), the Hua.x-1 well, which completed drilling in the third quarter of 2011, is being prepared for a second hydraulic stimulation in the Vaca Muerta formation. -- The Company continues to advance on its potash and phosphates projects in Peru. Recently, the Company acquired an additional approximately 10,000 hectares (24,700 acres) of concession lands in the Sechura Desert with potential for phosphates and other minerals. Golder Associates Ltd. in Peru has been engaged to assist the Company towards completion of a resources assessment for phosphates. Ercosplan, the Company's consultant responsible for completing a Potash resources assessment, continues to advance and expects completion of the assessment before the end of 2012. -- After extensive surface sampling involving numerous trenches, the Company has begun a 20-borehole drilling program on its southeastern block at Bayovar to identify the presence and extent of evaporites, phosphates, gypsum and other brines. Completion of the drilling program is expected by the first quarter of 2013.
-- We are continuing the exploration, appraisal and development drilling in the conventional oil prospects in the Medanito Sur and Rinconada Norte blocks, where positive results have been experienced in the initial period of this program. Production, reserves and cash flow are expected to grow as a consequence of this active drilling program. -- We are working towards completion of our own production facilities to handle 6,300 bopd from Medanito Sur in order to reduce operating costs and free up some of the limitations of our third-party processors. -- We are continuing with our plans to drill unconventional wells (tight sands and shales), which primarily target the Vaca Muerta along with other conventional zones of interest, on our 90%-owned Totoral, Yerba Buena and Bajada Colorada blocks as well as our Los Toldos blocks with our joint venture partner, ExxonMobil, Huacalera block and Loma Ranqueles block.
"The Company is well positioned to increase production, enhance reserves, and deliver solid growth from its large asset portfolio of conventional and unconventional (tight oil, gas and condensate sands, shale oil and shale gas) lands through an aggressive drilling program during 2012 and into 2013." said Barclay Hambrook, President and Chief Executive Officer.
Financial and Operating Results
Copies of the Company's condensed interim consolidated financial statements and the related Management's Discussion and Analysis ("MD&A") for the quarter have been filed under the Company's profile at www.sedar.com and are also available on the Company's website at www.americaspetrogas.com. All amounts are in Canadian dollars unless otherwise stated.
Three months ended September 30 2012 2011 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Per Total Per barrel Total barrel -------------------------------------------------- Barrels of oil sold 194,884 38,203 Gross oil sales revenue $ 14,905,094 $ 76.48 $ 2,281,262 $ 59.71 Royalties (1,957,596) (10.05) (513,144) (13.43) Production costs (3,660,584) (18.78) (673,519) (17.63) ---------------------------------------------------------------------------- Operating netback(1) $ 9,286,914 $ 47.65 $ 1,094,599 $ 28.65 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Funds flow from operations(2) $ 4,628,895 $ (354,520) Per share - basic and diluted $ 0.02 $ (0.00) Weighted average number of common shares outstanding(3) Basic 209,172,505 186,258,816 Diluted 213,954,048 186,258,816 Nine months ended September 30 2012 2011 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Per Total Per barrel Total barrel -------------------------------------------------- Barrels of oil sold 477,505 128,465 Gross oil sales revenue $ 36,262,730 $ 75.94 $ 7,241,126 $ 56.36 Royalties (5,747,477) (12.04) (1,647,251) (12.82) Production costs (8,290,944) (17.36) (2,128,995) (16.57) ---------------------------------------------------------------------------- Operating netback(1) $ 22,224,309 $ 46.54 $ 3,464,880 $ 26.97 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Funds flow from operations(2) $ 10,070,739 $ (1,287,286) Per share - basic and diluted $ 0.05 $ (0.01) Weighted average number of common shares outstanding(3) Basic 203,474,945 177,966,944 Diluted 212,228,677 177,966,944 September 30, December 31, 2012 2011 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Cash and cash equivalents $ 19,628,724 $ 27,762,717 Short-term investments(4) $ 50,162,591 $ 28,768,630 Current assets $ 81,443,557 $ 60,771,658 Current liabilities $ 13,096,606 $ 28,829,896 Working capital(5) $ 68,346,951 $ 31,941,762 Long-term debt $ - $ - Notes: (1) "Operating netback" is a non-IFRS measure and is calculated as revenues from oil sales less royalties and production costs. Operating netback is used as an indicator of operating performance, profitability and liquidity. Operating netback does not have a standardized meaning prescribed by IFRS. It is unlikely for non-IFRS measures to be comparable to similar measures presented by other companies. See reconciliation above. (2) "Funds flow from operations" is an additional IFRS measure because it is presented in the consolidated statement of cash flows. Funds flow from operations and funds flow from operations per share are used to analyze operating performance and liquidity. Funds flow from operations is calculated as net cash generated from (used by) operating activities (as determined in accordance with IFRS) before changes in non-cash balance sheet operating items. Funds flow from operations per share is calculated by dividing funds flow from operations by the weighted average number of shares outstanding. Funds flow from operations should not be considered an alternative to, or more meaningful than net cash generated from (used by) operating activities as determined in accordance with IFRS. Funds flow from operations per share should not be considered an alternative to, or more meaningful than earnings (loss) per share as determined in accordance with IFRS. (3) Diluted weighted average number of common shares outstanding is computed by adjusting basic weighted average number of common shares outstanding for dilutive instruments. The number of shares included with respect to options, warrants and similar instruments is computed using the treasury stock method, which assumes any proceeds received by the Company upon exercise of the in-the-money instruments would be used to repurchase common shares at the average market price for the period. For the three and nine months ended September 30, 2012, 4,781,543 common shares and 8,753,732 common shares, respectively, were deemed to be issued for no consideration in respect of options. (4) Short-term investments are bank-sponsored investments and other high credit rating instruments which are current in nature, with an initial maturity greater than three months when purchased and which are not redeemable at face value on demand. (5) Working capital is a non-IFRS measure and is calculated as current assets less current liabilities. Working capital is used to assess liquidity and general financial strength. Working capital does not have a standardized meaning prescribed by IFRS. It is unlikely for non-IFRS measures to be comparable to similar measures presented by other companies. Working capital should not be considered an alternative to, or more meaningful than current assets or current liabilities as determined in accordance with IFRS.
For the three months ended September 30, 2012, the Company reported gross oil sales revenue of $14,905,094 and net oil sales revenue, after deducting royalties, of $12,947,498 compared to net oil sales revenues, after deducting royalties, of $1,768,118 for the third quarter of 2011 - this represents an increase in net oil sales revenues of 632%. The increase in oil sales in 2012 is a result of increased oil production and higher average sales prices.
The Company reported net loss attributable to owners of the Company was $3,314,583 or $0.02 per share for the three months ended September 30, 2012 compared to a net income of $2,052,831 or $0.01 per share for the same period of 2011. The net income for the three months ended September 30, 2011 can be attributed to a sizeable foreign exchange gain.
Operating Netback and Cash Flow
Operating netback for the current quarter was $9,286,914 compared to $1,094,599 during the same period of 2011. This improvement of $8,192,315 represents an increase of 748%.
With respect to funds flow from operations, the Company generated an inflow of $4,628,895 during the three months ended September 30, 2012 compared to an outflow of $354,520 during the same period of 2011. Funds flow from operations reflects cash flow from operating activities (as determined in accordance with IFRS) before changes in non-cash balance sheet operating items. Alternatively, it reflects net income (loss) on the statement of income (loss), adjusted for non-cash items of income (loss) including, but not limited to, depletion and depreciation, stock-based compensation and unrealized foreign exchange items.
During the nine months ended September 30, 2012, the Company generated $1.6 million of cash from operating activities (which includes changes in non-cash balance sheet operating items), compared to the same period of 2011 when the Company used $2.1 million in operating activities (which includes changes in non-cash balance sheet operating items). The cash inflow in 2012 is attributable primarily to increased gross profit from oil sales (excluding non-cash depletion and depreciation). With respect to investing activities, the Company spent $56.4 million on capital expenditures in the nine months ended September 30, 2012, compared to $12.8 million spent in the same period of 2011.
As of September 30, 2012, the Company has a cash position (including cash, cash equivalents and short-term investments) of $69.8 million. The increase in current assets, particularly short-term investments, reflects the completion of an equity financing of 20,217,000 common shares in the first quarter of 2012. Accounts receivable has increased as a result of increased oil sales. The Company's reported exploration and evaluation assets have increased in 2012, as a result of continuing activities in Argentina and Peru. The Company's reported property, plant and equipment has increased, net of depletion, primarily as a result of continued drilling on the Medanito Sur and Rinconada Norte blocks. During 2012, the Company settled US$18.95 million of promissory notes.
For further information regarding the Company's financial results, financial position and related changes, please see the consolidated financial statements and the related MD&A.
About Americas Petrogas Inc.
Americas Petrogas Inc. is a Canadian company whose shares trade on the TSX Venture Exchange under the symbol "BOE". Americas Petrogas has conventional and unconventional shale oil and gas and tight sands oil and gas interests in numerous blocks in the Neuquen Basin of Argentina. Americas Petrogas has joint venture partners, including ExxonMobil and Apache, on various blocks in the shale oil and gas corridor in the Neuquen Basin, Argentina. Americas Petrogas also owns an 80% interest in GrowMax Agri Corp., a private company involved in the exploration and potential development of a potash, phosphates and other minerals project in Peru. Indian Farmers Fertiliser Co-operative Limited (IFFCO) owns a 20% interest in GrowMax Agri Corp. For more information about Americas Petrogas Inc., please visit www.americaspetrogas.com.
This Press Release contains forward-looking information including, but not limited to, the Company's goals and growth, estimates of reserves, building of production and processing facilities in Argentina and timing thereof, completing and testing of the ALL.x-1 well on the Los Toldos I block, testing of the LTE.x-1 well on the Los Toldos II block, drilling of the ADA.x-1 well on the Los Toldos II block, testing of the LHo.x-1 well on the Totoral block, hydraulic stimulation of the Hua.x-1 well on the Huacalera block, completion of the 20-borehole drilling program in Peru, the preparation of resources assessments for potash and phosphates, the expected timing of completing a resources assessment for potash, expectations regarding operating costs, production, reserves and cash flow, and other exploration, development and production activities in respect of the projects in Argentina and Peru. Additional forward-looking information is contained in the Company's MD&A for this quarter and the Company's Annual MD&A for December 31, 2011, and reference should be made to the additional disclosures of the assumptions, risks and uncertainties relating to such forward-looking information in those MD&A documents.
Forward-looking information is based on management's expectations regarding the Company's future growth, results of operations, production, future capital and other expenditures (including the amount, nature and sources of funding thereof), competitive advantages, plans for and results of drilling activity (including the timing, location, depth and the number of wells), environmental matters, business prospects and opportunities and expectations with respect to general economic conditions. Such forward-looking information reflects management's current beliefs and assumptions and is based on information, including reserves information, currently available to management. Forward-looking information involves significant known and unknown risks and uncertainties. A number of factors could cause actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by the forward-looking information, including but not limited to, risks associated with the oil and gas industry (e.g. operational risks in development, exploration and production, delays or changes to plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of geological interpretations; the uncertainty of estimates and projections in relation to production, costs and expenses and health, safety and environment risks), the risk of commodity price and foreign exchange rate fluctuations, the uncertainty associated with negotiating with foreign governments and third parties located in foreign jurisdictions and the risk associated with international activity.
Although the forward-looking information contained herein is based upon assumptions which management believes to be reasonable, the Company cannot assure investors that actual results will be consistent with this forward-looking information. This forward-looking information is made as of the date hereof and the Company assumes no obligation to update or revise this information to reflect new events or circumstances, except as required by law. Because of the risks, uncertainties and assumptions inherent in forward-looking information, prospective investors in the Company's securities should not place undue reliance on this forward-looking information.
Any references in this Press Release to test rates, flow rates, initial test or production rates, and/or early production rates are useful in confirming the presence of hydrocarbons, however, such rates are not necessarily indicative of long-term performance or of ultimate recovery. Such rates may also include recovered "frac" fluids used in well completion stimulation. Readers are cautioned not to place reliance on such rates in calculating the aggregate production for the Company.
Where applicable, natural gas has been converted to barrels of oil equivalent ("BOE") based on 6 Mcf:1 BOE. The BOE rate is based on an energy equivalent conversion method primarily applicable at the burner tip and does not represent a value equivalent at the wellhead. Use of BOE in isolation may be misleading.
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