MANAGEMENTS DISCUSSION AND ANALYSIS FOR THE QUARTER ENDED MARCH 31, 2014 AND 2013
BARRELS OF OIL EQUIVALENT CONVERSIONS The oil and gas industry commonly expresses production volumes and reserves on a barrel of oil equivalent basis (boe) whereby natural gas volumes are converted at the ratio of six thousand…
OIL AND GAS SALES Three months ended March 31, 2014 2013 % % % change Light Oil 2,983 61 5,504 75 (46) NGLs 702 14 818 11 (14) Natural Gas 1,242 25 1,014 14 22 4,927 100 7,336 100 (38) Realized gain (loss) on…
OPERATING EXPENSES AND TRANSPORTATION COSTS Three months ended March 31, 2014 2013 % change Operating expenses 997 1,543 (35) Operating expenses ( per boe) 13.11 11.63 13 Transportation costs 115 135 (15) Transportation…
Finance expense decreased 8% in the first quarter of 2014 from 479 reported in the first quarter of 2013. The decrease is due to the sale of oil and natural gas assets at Chip Lake with the proceeds used to reduce bank…
Depletion and depreciation (D&D) expense was 1,223 (16.09/boe) for the first quarter of 2014 as compared to 2,672 (20.14/boe) in the first quarter of 2013. D&D expense on a per unit basis improved by 20% over the first quarter of…
LIQUIDITY AND CAPITAL RESOURCES At March 31, 2014, Hyperions net debt was 26,762 (December 31, 2013 31,840). Bank indebtedness was reduced by the net proceeds on the sale of the Chip Lake oil and natural gas assets of 3,109. In…