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Dundee Energy's Production Increase Not Offsetting Price Drop
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Dundee Energy Limited has announced its financial results for the three and six months ended June 30, 2015.
Highlights
- During the three months ended June 30, 2015, the Corporation incurred a net loss attributable to owners of the parent of $1.5 million. This compares with a net loss of $0.1 million attributable to owners of the parent incurred in the same period of the prior year. Revenues in the second quarter of 2015, before associated royalty interests, were $8.1 million compared with revenues of $11.1 million earned in the same quarter of 2014. Revenues and net earnings were adversely affected by significant decreases in the realized sales price for oil and natural gas, partially offset by increased production volumes.
- Average production volumes of natural gas during the three months ended June 30, 2015 were 12,053 Mcf/d (three months ended June 30, 2014 - 9,085 Mcf/d), while average production volumes of oil and liquids during the three months ended June 30, 2015 were 654 bbls/d (three months ended June 30, 2014 - 652 bbls/d).
- Field netbacks during the three months ended June 30, 2015, before realized amounts related to price risk management strategies, included $0.83/Mcf (three months ended June 30, 2014 - $2.35/Mcf) from natural gas and $25.08/bbl (three months ended June 30, 2014 - $64.19/bbl) from oil and liquids.
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