Bonavista Energy Corporation Reports Unaudited Consolidated Earnings and Production Results for the Second Quarter and Six Months Ended June 30, 2013; Provides Production and Capital Spending Guidance for 2013
For the six months, production revenue was $472.433 million against $420.860 million a year ago. Funds from operations was $233.082 million or $1.19 per share against $186.361 million or $1.11 per share a year ago. Net income was $19.888 million or $0.10 per share against $47.276 million or $0.28 per share a year ago. Adjusted net income was $25.646 million or $0.13 per share against $30.951 million or $0.19 per share a year ago. Capital expenditures on exploration and development was $219.295 million against $234.833 million a year ago.
For the quarter, the company produced natural gas of 271 mmcf/day compared to 254 mmcf/day a year ago. Production of natural gas liquids was 15,212 bbls/day compared to 13,689 bbls/day a year ago. Production of oil was 12,257 bbls/day compared to 13,426 bbls/day a year ago. Total oil equivalent was 72,554 boe/day compared to 69,506 boe/day a year ago.
For the six months, the company produced natural gas of 272 mmcf/day compared to 253 mmcf/day a year ago. Production of natural gas liquids was 14,980 bbls/day compared to 14,156 bbls/day a year ago. Production of oil was 12,171 bbls/day compared to 13,611 bbls/day a year ago. Total oil equivalent was 72,444 boe/day compared to 69,854 boe/day a year ago.
For 2013, Bonavista expects to spend approximately $430 million in 2013, drilling approximately 120 wells within core areas. The company expects the capital program is to increase average 2013 production by approximately 6% over 2012 to 73,500 boe per day.