THIS NEWS RELEASE IS NOT FOR DISSEMINATION OR DISTRIBUTION IN
He added, “We have been leading discussions with stakeholders including producers in the basin, prospective purchasers, and financial advisors. These have been very encouraging and support the business case for the wax project. Red Leaf has also been working closely with us and a potential licensee for a small-scale project using their technology in the Kingdom of Jordan.”
We are following the legal process for our claim against the Quebec Government including the preparation of our damage assessment. As our
Highlights
- Red Leaf commissions pre-FEED engineering study for 40,000 bbl/d wax processing facility
- Government of
Quebec seeks proposals for pilot projects - Average daily production of 1,790 boe/d and adjusted funds flow from operations of
$4.3 million
Production volumes increased in the first quarter of 2023 to 1,790 boe/d from 1,288 boe/d last year following the conversion of its royalty interest at Kakwa North into a working interest in the fourth quarter of 2022. The impact of higher production volumes was largely offset by the lower crude and natural gas prices during the period. Petroleum and natural gas revenue totaled
The Company incurred capital expenditures of
The term "adjusted funds flow from operations" and “working capital surplus” are non-IFRS measures. Please see the reconciliation elsewhere in this press release.
Questerre is an energy technology and innovation company. It is leveraging its expertise gained through early exposure to low permeability reservoirs to acquire significant high-quality resources. We believe we can successfully transition our energy portfolio. With new clean technologies and innovation to responsibly produce and use energy, we can sustain both human progress and our natural environment.
Questerre is a believer that the future success of the oil and gas industry depends on a balance of economics, environment, and society. We are committed to being transparent and are respectful that the public must be part of making the important choices for our energy future.
For further information, please contact:
Jason D’Silva, Chief Financial Officer
(403) 777-1185 | (403) 777-1578 (FAX) |Email: info@questerre.com
Advisory Regarding Forward-Looking Statements
This news release contains certain statements which constitute forward-looking statements or information (“forward-looking statements”) including the Company’s views on the prospectivity of discussions regarding Red Leaf’s wax processing facility, that its
Forward-looking statements are based on several material factors, expectations, or assumptions of Questerre which have been used to develop such statements and information, but which may prove to be incorrect. Although Questerre believes that the expectations reflected in these forward-looking statements are reasonable, undue reliance should not be placed on them because Questerre can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Further, events or circumstances may cause actual results to differ materially from those predicted as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company, including, without limitation: the implementation of Bill 21 by the Government of
Certain information set out herein may be considered as “financial outlook” within the meaning of applicable securities laws. The purpose of this financial outlook is to provide readers with disclosure regarding Questerre’s reasonable expectations as to the anticipated results of its proposed business activities for the periods indicated. Readers are cautioned that the financial outlook may not be appropriate for other purposes.
(1) For the three-month period ended
Barrel of oil equivalent (“boe”) amounts may be misleading, particularly if used in isolation. A boe conversion ratio has been calculated using a conversion rate of six thousand cubic feet of natural gas to one barrel of oil and the conversion ratio of one barrel to six thousand cubic feet is based on an energy equivalent conversion method application at the burner tip and does not necessarily represent an economic value equivalent at the wellhead. Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalent of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value.
This press release contains the terms “adjusted funds flow from operations” and “working capital surplus” which are non-GAAP terms. Questerre uses these measures to help evaluate its performance.
As an indicator of Questerre’s performance, adjusted funds flow from operations should not be considered as an alternative to, or more meaningful than, cash flows from operating activities as determined in accordance with GAAP. Questerre’s determination of adjusted funds flow from operations may not be comparable to that reported by other companies. Questerre considers adjusted funds flow from operations to be a key measure as it demonstrates the Company’s ability to generate the cash necessary to fund operations and support activities related to its major assets.
Three Months Ended | ||||||
($ thousands) | 2023 | 2022 | ||||
Net cash used in operating activities | $ | 4,648 | $ | 4,904 | ||
Change in non-cash operating working capital | (370 | ) | (586 | ) | ||
Adjusted Funds Flow from Operations | $ | 4,278 | $ | 4,318 |
Working capital surplus is a non-GAAP measure calculated as current assets less current liabilities excluding risk management contracts and lease liabilities.
Source:
2023 GlobeNewswire, Inc., source