Condor Announces 2013 Year End Results
15 Maggio 2014 - 12:10AM
Marketwired
Condor Announces 2013 Year End Results
CALGARY, ALBERTA--(Marketwired - May 14, 2014) - Condor
Petroleum Inc. ("Condor" or the "Company") (TSX:CPI) is pleased to
announce the release of its Unaudited Interim Consolidated
Financial Statements for the period ended March 31, 2014, together
with the related Management's Discussion and Analysis ("MD&A").
These documents will be made available under Condor's profile on
SEDAR at www.sedar.com and on the Condor website at
www.condorpetroleum.com. All financial amounts in this news release
are presented in Canadian dollars, unless otherwise stated.
Q1 2014 highlights include:
- On January 28, 2014 the Company completed the sale of its 66%
participating interest in, and certain indebtedness of, the Marsel
property for US$88.0 million.
- First quarter net income was $30.4 million, $0.09 per share, as
a result of the $34.5 million gain recognized on the completion of
the Marsel Sale.
- March 31, 2014 working capital was $81.6 million, a portion of
which the Company will use to fund its 2014 exploration and
development program, including the drilling of: three exploration
wells, targeting 66 mmboe of unrisked prospective resources; two
horizontal development wells at Shoba; and one appraisal well of
the Kiyaktysai North East discovery.
- Drilling equipment including a rig and supporting services are
currently being contracted and drilling is planned to begin in June
2014.
- Production decreased to an average of 164 bopd in 2014 compared
to 559 bopd in 2013, due to Kazakhstan regulations limiting
production during the exploration period. Production is expected to
increase in 2014 when the Taskuduk West field is brought onto
commercial production and the two Shoba development wells are
brought onto trial production.
Condor is a
Canadian oil and gas company with a 100% interest in‐the
exploration rights to the 3,777 square kilometer Zharkamys West 1
Territory located in Kazakhstan's Pre Caspian basin. The Company is
listed on the TSX under the symbol "CPI".
Advisory on
Forward-Looking Statements
All statements other
than statements of historical fact may be forward-looking
statements. Such statements are generally identifiable by the
terminology used, such as "seek", "anticipate", "believe",
"intend", "expect", "plan", "estimate", "continue", "project",
"predict", "budget", "outlook", "may", "will", "should", "could",
"would" or other similar wording. Forward-looking statements in
this press release include, but are not limited to: information
concerning the commencement and timing of planned drilling
operations; the timing and ability to execute contracts with
drilling equipment suppliers and providers; results provided are
not necessarily indicative of long term performance or ultimate
recovery; projections with respect to crude oil production; and the
timing and ability to obtain various approvals and permits
including production contracts. Forward-looking statements involve
the use of certain assumptions that may not materialize or that may
not be accurate and are subject to known and unknown risks and
uncertainties and other factors, which may cause actual results or
events to differ materially from those expressed or implied by such
information. Condor's operations are also subject to certain other
risks and uncertainties inherent with oil and gas operations and
additional information on these and other factors that could affect
Condor's operations and financial results. These factors are
discussed in greater detail under Risk Factors - Risks Relating to
the Company in Condor's Annual Information Form for the year-ended
December 31, 2013 which may be accessed through the SEDAR website
(www.sedar.com). The Company believes that the expectations
reflected in these forward- looking statements are reasonable, but
no assurance can be given that these expectations will prove to be
correct and such forward-looking statements should not be unduly
relied upon. The Company does not undertake any obligation to
update or to revise any of the forward looking information, except
as required by applicable law.
RESOURCE
ADVISORY
This news release
includes information pertaining to internal Condor generated
estimates of Company resources effective February 8, 2013, which
were prepared by a qualified reserves evaluator in accordance with
National Instrument 51-101.
Statements relating
to resources are deemed to be forward looking statements, as they
involve the implied assessment, based on certain estimates and
assumptions, that the resources described exist in the quantities
predicted or estimated. The resource estimates of Condor's
properties described herein are estimates only. The actual
resources may be greater or less than those calculated. Estimates
with respect to resources that may be developed and produced in the
future are often based upon volumetric calculations, probabilistic
methods and analogy to similar types of resources, rather than upon
actual production history. Estimates based on these methods
generally are less reliable than those based on actual production
history. Subsequent evaluation of the same resources based upon
production history will result in variations, which may be
material, in the estimated resources.
Prospective
Resources disclosed herein are those quantities of petroleum
estimated, as of a given date, to be potentially recoverable from
undiscovered accumulations by application of future development
projects. Prospective Resources have both an associated chance of
discovery (geological chance of success) and a chance of
development (economic, regulatory, market and facility, corporate
commitment or political risks). The chance of commerciality is the
product of these two risk components. These estimates have not been
risked for either chance of discovery or chance of development.
There is no certainty that any portion of the Prospective Resources
will be discovered and, if discovered, there is no certainty that
it will be developed or, if it is developed, there is no certainty
as to either the timing of such development or whether it will be
commercially viable to produce any portion of the resources. Unless
otherwise stated, any reference to Prospective Resources refers to
Gross, Mean Recoverable, Prospective Resources (Unrisked).
The TSX does not
accept responsibility for the adequacy or accuracy of this news
release.
Condor Petroleum Inc.Don StreuPresident and
CEO403-201-9694Condor Petroleum Inc.Sandy QuiltyVice President of
Finance and CFO403-201-9694
Grafico Azioni Condor Petroleum (TSX:CPI)
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Grafico Azioni Condor Petroleum (TSX:CPI)
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