Calgary, Alberta / ACCESSWIRE / June 25, 2014
/ Canoel International Energy Ltd. ("Canoel" or the
"Company") (TSX VENTURE: CIL) is pleased to report that the company earned 48 cents per share
during the full year ending March 31st, 2014.
Highlights of Canoel's
fiscal 2014 include the following:
-Revenues
increased 66.02% year over year to $4,108,690
-Net
income per share increased to $0.48 with the recognition of the
value gained on the acquisition of Italian operating properties
during fiscal 2014
-Cash and
equivalents improved by 136.81% to $2,605,732 during the fiscal
year.
-Working
Capital at the end of fiscal year 2014 increased to
$711,248
-Net debt
(excluding decommissioning liabilities and deferred taxes) was
$7,256,728.
-Notably,
non-current assets of property and equipment were valued at
$20,937,438 at the end of fiscal 2014.
At year
end 2014, Canoel produced approximately 205 barrels of oil
equivalent consisting of 151 barrels per day of oil in Argentina
and an approximate additional 54 boe/d of natural gas and
distillates in Italy. Management has also identified optimization
opportunities which will increase production. As at June
1st, 2014, Canoel reports that a successful placement of
stock was completed for upwards of $1 million dollars CDN which
will augment existing credit facilities and be used for such
operations.
The
company intends to build on its improving fundamentals as reported
in its audited year-end financial statements and corresponding
management's discussion and analysis (MD&A). Canoel will
continue to focus on its core strategy to acquire mature or shut-in
production from governments or larger corporations that have deemed
such assets as marginal to their existing business and
investments.
At the end
of fiscal year 2014, Canoel owns and operates two (2) producing oil
fields in Argentina. As a business unit, the Argentine company is
profitable with production of 151 barrels per day. Management has
identified additional drilling opportunities in several deeper
zones. This development-type drilling is anticipated to provide
substantial growth opportunities.
Additionally, Canoel, through its 100-per-cent-owned Italian subsidiary, Canoel Italia
Srl, has production in 11 onshore
Italian concessions, including 8 operated and 3 non operated gas
concessions. Canoel's licenses cover 847 km2 (209,209 acres) with
net holdings of 369 km2 (91,143 acres). Canoel Italia Srl is one of
only eight domestic operators in Italy. On June
4th, 2013, operations of the Italian assets were
officially turned over to Canoel Italia Srl. Subsequent to that
transaction, Canoel's experienced technicians and personnel have
been directly responsible for operations and reporting to the
appropriate government bodies and industry partners. As Canoel
reaches its first full year of responsibility for operations,
results continue to show accretive growth. Natural gas production
is achieved through conventional operations in a manner that is
acceptable and understood by the local communities. The company's
NI 51-101 for the year ending March 31st, 2014 is
anticipated to be released shortly, subject to final review and
will indicate a marked increase in corporate assets within
Italy.
According to Andrea Cattaneo,
President and CEO of Canoel International Energy,
"The continued quarter over
quarter improvement of our financial position is a credit to the
nature of the assets that Canoel has acquired by focusing on near
term producing properties that can be further optimized with our
engineering and technical experience. The company is capable of
continuing its conventional production gains in Italy during fiscal 2015,
while also engaging in a strategy to directly generate electricity
to be sold into the Italian grid using cogeneration facilities in
fields where the natural gas is not optimal for direct sale.
Further, Canoel continues with its vision to pursue high impact
opportunities in Azerbaijan and in Nigeria and believes that it
will be able announce a potential acquisition within the next
quarter."
Neither TSX
Venture Exchange nor its Regulation Services Provider (as that term
is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
Forward-Looking
Statements
This news release contains forward-looking
statements and forward-looking information within the meaning of
applicable securities laws. The use of any of the words "expect",
"anticipate", "continue", "estimate", "objective", "ongoing",
"may", "will", "project", "should", "believe", "plans", "intends"
and similar expressions are intended to identify forward-looking
information or statements. More particularly and without
limitation, this news release contains forward looking statements
and information concerning the completion of the private placement.
The forward-looking statements and information are based on certain
key expectations and assumptions made by Canoel, including the
ability to obtain the required Exchange approval. Although Canoel
believes that the expectations and assumptions on which such
forward-looking statements and information are based are
reasonable, undue reliance should not be placed on the forward
looking statements and information because Canoel can give no
assurance that they will prove to be correct. By its nature, such
forward-looking information is subject to various risks and
uncertainties, which could cause the actual results and
expectations to differ materially from the anticipated results or
expectations expressed. These risks and uncertainties, include, but
are not limited to, Canoel being unable to obtain the required
Exchange approvals. Readers are cautioned not to place undue
reliance on this forward-looking information, which is given as of
the date hereof, and to not use such forward-looking information
for anything other than its intended purpose. Canoel undertakes no
obligation to update publicly or revise any forward-looking
information, whether as a result of new information, future events
or otherwise, except as required by law.
For further
information, please contact:
Jose Ramon Lopez Portillo
Andrea Cattaneo
Chairman of the Board CEO
& President
Email: info@canoelenergy.com
Telephone: (403) 938-8154
Telefax: (403)
775-4474
Canoel Earns $0.48 Cdn Per Share
During Fiscal 2014
This press
release is not to be distributed to U.S. newswire services or for
dissemination in the United States. Any failure to comply with this
restriction may constitute a violation of U.S. securities
law.
SOURCE: Canoel International Energy Ltd.
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