SkyWest Energy Corp ("SkyWest","we","us","our" or the "Company") (TSX
VENTURE:SKW) is pleased to announce its financial and operating results for the
third quarter ending September 30, 2011.
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For the For the For the nine For the nine
three month three month month period month period
period ended period ended ended ended
($ CDN unless otherwise September September September September
noted) 30, 2011 30, 2010 30, 2011 30, 2010
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FINANCIAL
Revenues 7,107,078 1,285,143 21,205,649 1,434,899
Funds from (used in)
operations(1) 3,509,507 (176,033) 10,046,086 (695,854)
Per share (basic) 0.02 (0.00) 0.05 (0.01)
Per share (diluted) 0.02 (0.00) 0.05 (0.01)
Net income (loss) 680,384 (1,189,859) 642,730 (4,288,288)
Per share (basic) 0.00 (0.01) 0.00 (0.09)
Per share (diluted) 0.00 (0.01) 0.00 (0.09)
Capital expenditures,
net 10,210,504 5,909,150 31,194,952 7,097,699
Total assets 124,783,538 41,743,563 124,783,538 41,743,563
Shareholders' equity 76,896,858 34,936,357 76,896,858 34,936,357
Working capital (21,647,040) 15,147,578 (21,647,040) 15,147,578
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OPERATIONS
Production sales
Oil (bbls/d) 478 83 502 31
Natural gas (mcf/d) 5,492 1,769 5,352 655
NGL (bbls/d) 129 13 112 5
Total (boe/d @ 6 mcf:1) 1,522 391 1,506 145
Average pricing
Natural gas ($/mcf) 3.85 3.49 4.00 3.62
Oil ($/bbl) 92.23 87.43 89.66 85.71
NGL ($/bbl) 68.02 40.02 67.32 41.73
Combined ($/boe) 50.75 35.70 51.58 36.18
Expenses
Operating expenses 11.25 22.56 12.35 22.32
Transportation expenses
($/boe) 1.43 - 2.01 -
Royalty expense ($/boe) 5.16 5.89 4.93 6.01
Netback combined 32.91 6.97 31.94 7.85
Net Cardium sections 35 15 35 15
Common shares 202,536,880 121,073,407 202,536,880 121,073,407
Total shares, warrants
and options issued 229,453,224 124,844,235 229,453,224 124,844,235
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(1) Funds from operations are calculated as cash flow from operating activities
before the change in non-cash working capital and is a non-IFRS measurement (see
"Non-IFRS measures").
Message to Shareholders
SkyWest is pleased to provide you with our operational and financial results for
the third quarter of 2011.
RECENT HIGHLIGHTS
-- Significantly increased production and cash flow from Q3 2010. Q3 2011
production volumes averaged 1,522 boepd versus 391 boepd in Q3 2010. In
Q3 2011 production was approximately 40% oil and NGLs which resulted in
67% of the Company's revenues.
-- Generated record funds flow from operations of $3,509,507 in Q3 2011
versus $(176,033) in Q3 2010.
-- Increased Corporate netbacks to $32.91/boe from $6.97/boe in Q3 2010.
Decreased operating costs to $11.25/boe in Q3 2011 from $22.56/boe in Q3
2010. Reduced royalty rates to 10% in Q3 2011 from 17% in Q3 2010.
-- Successfully drilled an additional 5 gross (2.42 net) Cardium horizontal
wells.
-- Current production is approximately 1,700 boepd and does not include the
2 (0.5 net) successful Cardium horizontal wells awaiting tie-in at
Willesden Green and our non-operated, 20% working interest, Ricinus D-3
well which is expected to come back on in late December at approximately
200 net boepd.
-- Entered into Arrangement Agreement with Marquee Petroleum Ltd. whereby
SkyWest, through a wholly owned subsidiary, will acquire all the issued
and outstanding common shares of Marquee and Marquee shareholders will
receive 1.35 SkyWest common shares for each Marquee common share held.
The completion of the Arrangement is conditional on SkyWest and Marquee
shareholder approval on December 5, 2011.
Marquee Petroleum Ltd. will provide an operations update on current and planned
drilling activity and our outlook for 2012 after shareholder approval is
received for the business combination with SkyWest Energy Corp. in early
December.
I would like to thank all of our shareholders for their continued support. It is
much appreciated and we look forward to creating value for the future.
On behalf of the Board of Directors,
Mr. Lawrence Urichuk, President and Chief Executive Officer
Information Regarding SkyWest
SkyWest Energy Corp. is a Cardium focused, public oil and gas exploration and
development company, located in Calgary, Alberta with operations in Alberta.
SkyWest currently trades on the TSX Venture Exchange (TSXV) under the Symbol
"SKW".
Statements herein that are not historical facts may be considered forward
looking statements including management's assessment of future plans and
operations, growth expectations within the Corporation, expected initial
production rates from certain new wells, timing of completion of wells and of
production additions, expected size of various plays, construction or expansion
of facilities and the timing thereof and expected costs and the effects thereof,
drilling plans and the effects thereof. These forward-looking statements
sometimes include words to the effect that management believes or expects a
stated condition or result. All estimates and statements that describe the
Corporation's objectives, goals or future plans are forward-looking statements.
Since forward-looking statements address future events and conditions, by their
very nature they involve inherent risks and uncertainties including, without
limitation, risks associated with the Acquisition, oil and gas exploration,
development, exploitation, production, marketing and transportation, loss of
markets, volatility of commodity prices, currency fluctuations, imprecision of
reserve estimates, environmental risks, competition from other producers,
inability to retain drilling rigs and other services, failure to realize the
anticipated benefits of acquisitions, delays resulting from or inability to
obtain required regulatory approvals and ability to access sufficient capital
from internal and external sources. As a consequence, SkyWest's actual results
may differ materially from those expressed in, or implied by, the
forward-looking statements.
Forward-looking statements or information are based on a number of factors and
assumptions which have been used to develop such statements and information but
which may prove to be incorrect. Although SkyWest believes that the expectations
reflected in such forward-looking statements or information are reasonable,
undue reliance should not be placed on forward-looking statements because
SkyWest can give no assurance that such expectations will prove to be correct.
In addition to other factors and assumptions which may be identified in this
document, assumptions have been made regarding, among other things: the impact
of increasing competition; the ability of SkyWest to obtain equipment and
services in a timely and cost efficient manner; drilling results; the ability of
the operator of the projects which SkyWest has an interest in to operate the
field in a safe, efficient and effective manner; field production rates and
decline rates; the ability to replace and expand oil and natural gas reserves
through acquisition, development or exploration; the timing and costs of
pipeline, storage and facility construction and expansion; future oil and
natural gas prices; currency, exchange and interest rates; the regulatory
framework regarding royalties, taxes and environmental matters in the
jurisdictions in which SkyWest operates; and the ability of SkyWest to
successfully market its oil and natural gas products.
Readers are cautioned that the foregoing list of factors and assumptions is not
exhaustive. Additional information on these and other factors that could effect
SkyWest's operations and financial results are included in reports on file with
Canadian securities regulatory authorities and may be accessed through the SEDAR
website (www.sedar.com). Furthermore, the forward-looking statements contained
in this news release are made as at the date of this news release and SkyWest
does not undertake any obligation to update publicly or to revise any of the
included forward-looking statements, whether as a result of new information,
future events or otherwise, except as may be required by applicable securities
laws.
BOEs
Disclosure provided herein in respect of barrels of oil equivalent (boe) may be
misleading, particularly if used in isolation. A boe conversion ratio of 6 Mcf:
1 Bbl is based on an energy equivalency conversion method primarily applicable
at the burner tip and does not represent a value equivalency at the wellhead.
Skywest Energy Corp (TSXV:SKW)
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