Mahalo Announces Second Quarter 2009 Results
01 9월 2009 - 8:34AM
Marketwired Canada
(NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED
STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION
OF U.S. SECURITIES LAW.)
Mahalo Energy Ltd. ("Mahalo" or the "Company") (TSX VENTURE:CBM.H) announces its
results for the three and six months ended June 30, 2009.
Three Months Ended Six Months Ended
Jun 30 Jun 30 Jun 30 Jun 30
SUMMARY OF RESULTS 2009 2008 2009 2008
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(Restated) (Restated)
(2) (2)
Financial ($ 000's except per
share) (1)
Continuing operations:
Petroleum and natural gas revenue 7,276 9,213 16,890 16,993
Operating netback 3,282 4,836 7,750 9,281
Loss from continuing operations (6,689) (888) (6,803) (1,278)
Per share - basic & diluted (0.11) (0.01) (0.11) (0.02)
Loss from discontinued operations (1,514) (30,616) (2,376) (30,720)
Per share - basic & diluted (0.03) (0.52) (0.05) (0.52)
Net loss (8,203) (31,504) (9,179) (31,998)
Per share - basic & diluted (0.14) (0.53) (0.16) (0.54)
Funds from (used in) continuing
operations (236) 2,798 2,165 5,916
Per share - basic 0.00 0.05 0.04 0.10
Funds from (used in) discontinued
operations (316) 3,571 (1,133) 5,824
Per share - basic (0.01) 0.06 (0.02) 0.10
Funds from (used in) operations (552) 6,369 1,032 11,740
Per share - basic (0.01) 0.11 0.02 0.20
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Operational (1)
Average daily sales volumes (boe):
Continuing operations 1,802 2,029 2,007 2,039
Discontinued operations 64 1,254 70 1,304
Continuing operations:
Average selling price ($/boe) 44.37 48.26 46.50 45.80
Operating netback ($/boe) 20.02 22.42 21.34 25.01
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(1) Refer to special advisories set forth in the Company's MD&A regarding
use of Non-GAAP financial measures and barrel of oil ("boe") equivalent
volumetric measures.
(2) Restated to reflect "discontinued operations" accounting in respect of
Canadian resource assets.
Financial
During second quarter 2009, the Company had petroleum and natural gas revenues
from continuing operations of $7.3 million, a net loss from continuing
operations of $6.7 million and a net use of funds from continuing operations of
$0.2 million. Lower operating netback and significantly higher interest and
financing costs were contributing factors when comparing current quarter results
from continuing operations with the same period in 2008.
In second quarter 2008, the Company recorded a $32.3 million write-down of
Canadian resource assets, which in turn, was primarily responsible for the loss
from discontinued operations during that period.
Operational
In 2008, Mahalo committed to dispose of its Canadian resource assets; the
process was effectively complete by quarter's end. The first and second quarters
of 2009 saw virtually no activity on Mahalo's oil and gas properties.
Expenditures were kept to an absolute minimum to conserve cash. Production from
Mahalo's US operations averaged 1,802 boe per day, down 412 boe per day from the
immediately preceding quarter due to natural decline and suspension of certain
routine maintenance procedures. The Company has not drilled a well since October
2008.
Creditor Protection and Going Concern Issues
The Company has been exploring strategic alternatives since the fall of 2008 and
during this period, has had discussions with a number of interested parties.
Unfortunately, no satisfactory offers or proposals were received; management
concluded that no transaction was likely to take place in the immediate future.
In March 2009, the Company breached certain conditions of it credit facility
agreement when it failed to achieve certain restructuring and/or refinancing
initiatives and was unable to pay amounts aggregating US $15 million which were
payable under the credit facility agreement on March 31, 2009. As a result, the
Company, with the unanimous authorization of its Board of Directors, determined
that a business and financial restructuring could best be achieved within the
framework of creditor protection.
On May 21, 2009, Mahalo Energy (USA) Inc. filed a voluntary petition for relief
under Chapter 11 of the United States Bankruptcy Code. Under Chapter 11, the
Company may seek an adjustment of debts, either by reducing the debt or by
extending the time for repayment, or may seek a more comprehensive
reorganization. The creditor protection will end as a result of dismissal of the
Chapter 11 Case, which would in turn reflect a successful restructuring, or
alternatively, the conversion of the Chapter 11 Case into a Chapter 7 Case under
the United States Bankruptcy Code. A Chapter 7 Case provides for liquidation of
the debtor's assets and subsequent distribution of proceeds to creditors.
On May 22, 2009, Mahalo Energy Ltd. obtained an order from the Court of Queen's
Bench of Alberta for protection under the Companies' Creditors Arrangement Act
(Canada) ("CCAA"). The Initial Order granted a stay period of 30 days, which has
subsequently been extended and currently expires on October 30, 2009. There is
no guarantee that Mahalo will be able to obtain court orders or approvals with
respect to motions, including motions to further extend the stay period, which
it may file from time to time with the Canadian Court. Alger & Associates Inc.
("Monitor") was appointed by the Canadian Court to monitor Mahalo's property and
the conduct of it business.
The Court Orders providing creditor protection permit Mahalo to remain in
possession and control of its property, carry on its business, retain employees
and other service providers and continue with the process of evaluating
strategic alternatives available to the Company, including a sale of Mahalo or
its assets. Although the Company did enter into a financing commitment for
approximately $2 million of debtor in possession ("DIP") financing with its
lender, Ableco Finance, LLC, such financing was not approved by the US Court and
therefore was not realized.
Mahalo has engaged Alvarez & Marsal North America, LLC, a United States firm, to
act as advisors to the Company to assist with the business and financial
restructuring, a process which may involve the sale of all or substantially all
of the Company's assets.
The outcome of these matters is dependent on factors outside of the Company's
control, cannot be predicted at this time and raise substantial doubt about the
Company's ability to continue as a going concern.
Management and Board Changes
During June 2009, Mr. James Burns, President and CEO and Director of Mahalo and
Mr. Willie Dawidowski, Chief Financial Officer of Mahalo resigned their
positions. Mr. David Burton has been appointed President and CEO and Director to
replace Mr. Burns. Mr. Stuart King has assumed the duties of Chief Financial
Officer. In July 2009, Mr. Kevin Wolfe and Mr. David Butler ceased to be
directors of the Company. Mahalo wishes to thank James, Willie, Kevin and David
for their valued contributions to the Company.
Additional Information
On May 1, 2009, the Company agreed to a voluntary delisting from the TSX as a
result of its inability to meet continuing listing requirements. On August 19,
2009, the Company obtained a listing of its common shares on the NEX Board of
the TSX Venture Exchange under the symbol CBM.H.
Mahalo's has filed its unaudited consolidated financial statements and related
managements' discussion and analysis ("MD&A") for the three and six months ended
June 30, 2009 on SEDAR. The reports can be accessed electronically from the
SEDAR system at www.sedar.com. For additional information on the Company, please
go to the Company's profile on SEDAR or the Company's website at
www.mahaloenergy.com
Mahalo is a junior, unconventional natural gas company, focusing on the
development and production of coal bed methane and shale gas prospects in the
United States.
Advisory Regarding Forward-looking Statements
Except for historical financial information contained herein, the matters
discussed in this document may be considered forward-looking statements. Such
statements include declarations regarding management's intent, belief or current
expectations. Prospective investors are cautioned that any such forward-looking
statements are not guarantees of future performance and involve a number of
risks and uncertainties; actual results could differ materially from those
indicated by such forward-looking statements. Among the important factors that
could cause actual results to differ materially from those indicated by such
forward-looking statements are: (i) that the information is of a preliminary
nature and may be subject to further adjustment, (ii) the possible inability to
meet minimum listing requirements on an alternate exchange, (iii) risks related
to the exploration and development of oil and gas properties, (iv) the impact of
price fluctuations and the demand and pricing for oil and natural gas, (v) the
seasonal nature of the business, (vi) start-up risks, (vii) general operating
risks, (viii) dependence on third parties, (ix) changes in government
regulation, (x) the effects of competition, (xi) dependence on senior
management, (xii) impact of economic conditions, (xiii) fluctuations in currency
exchange rates and interest rates, (xiii) the possible unavailability of
financing, and (xiv) the outcome of proceedings under the Chapter 11 filing and
the Companies' Creditors Arrangement Act (Canada) filing.
The forward-looking statements contained in this document are made as of the
date hereof and Mahalo undertakes no obligation to update publicly or revise any
forward-looking statements, whether as a result of new information, future
events or otherwise, unless so required by law.
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