Eagle Energy Inc. Reports Audited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended of December 31, 2017; Provides Production Guidance for the Year of 2018
For the full year, the company reported revenue, net of royalties of CAD 55,569,000 compared to CAD 48,993,000 a year ago. Funds flow from operations was CAD 12,695,000 compared to CAD 15,798,000 a year ago. Basic and diluted funds flow from operations per share was CAD 0.30 compared to CAD 0.38 a year ago. Loss were CAD 17,349,000 compared to earnings of CAD 9,559,000 a year ago. Basic and diluted loss per share was CAD 0.40 compared to earnings per share of CAD 0.23 a year ago.
For 2018, the sale of the Salt Flat field reduced Eagle's total corporate production by approximately 1,200 barrels of oil equivalent (boe) per day (boe/d). Following the sale of the Salt Flat field, an improved corporate decline rate of 14% lends itself to Eagle sustaining 2018 average corporate production at post-Salt Flat disposition levels with low capital expenditures.