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Briko Energy First Quarter 2021 Results

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   |    Thursday,May 27,2021

Briko Energy Corp. reported its Q1 2021 results.

Highlights:

  • Average daily production of 467 boe per day for the three months ended March 31, 2021 compared to 568 boe per day for the three months ended March 31, 2020.
  • Operating netback of $8.11 per boe for the three months ended March 31, 2021 compared to $6.74 per boe for the three months ended March 31, 2020.
  • Adjusted funds flow for the three months ended March 31, 2021 of $190,000 ($0.02/share) compared to $187,000 (0.02/share) for the three months ended March 31, 2020.
  • Net income for the three months ended March 31, 2021 of $82,000.
  • Net working capital at March 31, 2021 of $792,000.
  • Maintained a strong Liability Management Rating (“LMR”) of 6.23 at May 1, 2021.

Guidance

Briko’s production for the second quarter of 2021 is estimated to be in the range of 600 – 650 boe/d. Average production for 2021 is expected to be in the range of 500 – 550 boe/d. Briko has established a prudent capital expenditure program for 2021 that is expected to focus on maintenance and optimization initiatives.

 



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