Quarterly / Earnings Reports | Debt | Second Quarter (2Q) Update | Production Rates | Financial Results | Capital Markets
Tuscany Energy Production Up, Revenue Down
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Tuscany Energy Ltd. has reported satisfactory financial and operating results for the six months ended June 30, 2015.
Highlights of Q2 2015:
- Production for the Quarter averaged 811 BOEd compared with 758 BOEd for Q2 2014.
- Revenues for the quarter totaled $3.4 million compared with $4.9 Million for Q2 2014.
- Cash flow for the quarter totaled $1.1 million compared with $2.5 million for Q2 2014.
- Quarter ended net debt totaled $6.5 million compared with $7.2 million at March 31, 2015.
- During the quarter, the Company received the final approval from its commercial lender confirming its Line of Credit of $8.5 million; unchanged from the prior year. Importantly the Line of Credit does not require any term repayment.
- In addition, as a result of a recent production purchase in Alberta, Tuscany Energy Ltd. has established a positive license liability rating in Alberta, and will therefore recover its $1.1 million security deposit from the Alberta Government.
- Tuscany has filed its Interim Financial Statements and MD&A for the six months ended June 30, 2015 on SEDAR and its website.
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