CYGAM Announces 2013 Financial Results and Annual Filings
April 02 2014 - 6:09PM
Marketwired
CYGAM Announces 2013 Financial Results and Annual Filings
CALGARY, ALBERTA--(Marketwired - Apr 2, 2014) - CYGAM Energy
Inc. (TSX-VENTURE:CYG) ("CYGAM", or the "Company"), an emerging oil
and gas company with interests in Tunisia and Italy, has filed the
annual consolidated financial statements, the related Management
Discussion and Analysis ("MD&A") and additional information
required to be filed pursuant to the requirements of the applicable
securities laws. The Company has also filed its statement of
reserves data and other oil and gas information as at December 31,
2013 pursuant to National Instrument 51-101. These filings may be
viewed on the Company's web site (www.cygamenergy.com) or at
www.sedar.com.
CYGAM's Q4 and
annual results showed the impact of reduced production and oil
sales arising from the TT Field that is contained within the Bir
Ben Tartar ("BBT") Concession in the Sud Remada Permit.
Under the production
sharing contract established for the Sud Remada Permit with the
Tunisian state oil company, Enterprise Tunisienne d'Activities
Petrolieres ("ETAP"), CYGAM holds a 14 percent working interest
through its wholly owned subsidiary Rigo Oil Company Tunisia Ltd.,
in partnership with Storm Ventures International, a subsidiary of
Chinook Energy Inc. ("Chinook"), who holds the remaining 86 percent
working interest and operates.
Highlights of the quarter and year
ended December 31, 2013
- Gross production for the three months ended December 31, 2013
from the TT Field averaged 2,269 bopd (199 bopd CYGAM net, post
ETAP); 2,596 bopd (228 bopd CYGAM net, post ETAP) for the year
ended December 31, 2013;
- Oil net revenue was $2,435,200 for the three months ended
December 31, 2013; $8,979,870 for the year ended December 31,
2013;
- Operating netbacks for the three months ended December 31, 2013
were $72.38 per barrel (on revenue of $116.02 per barrel with
operating costs of $43.64 per barrel); $75.13 per barrel (on
revenue of $110.85 per barrel with operating costs of $35.72 per
barrel) for the year ended December 31, 2013;
- Net loss of $661,904 in the fourth quarter of 2013 compared to
net income of $222,315 in the fourth quarter of 2012; for the year
ended December 31, 2013, the net loss was $5,019,377 compared to
net income in 2012 of $1,131,795;
- The December 31, 2013 results included impairment write downs
of $2.4 million relating to the Sud Tozeur permit in Tunisia, and
$1.6 million relating to the Sud Remada permit in Tunisia and the
CR148 (Aretusa), Civitaquana and Montalbano permits in Italy.
A more detailed discussion of the results is included in the
MD&A and report to shareholders, available on the Company's web
site or SEDAR.
SELECTED FINANCIAL
INFORMATION
|
Three Months ended December 31, |
|
Year ended December 31, |
|
|
2013 |
|
2012 |
|
2013 |
|
2012 |
|
| Oil revenue - Tunisia |
$ |
2,435,200 |
$ |
2,977,392 |
$ |
8,979,870 |
$ |
9,884,602 |
| Other income |
|
(3,727) |
|
898 |
|
2,428 |
|
2,440 |
|
|
2,431,472 |
|
2,978,290 |
|
8,982,298 |
|
9,887,042 |
|
| Operating costs |
|
915,924 |
|
768,536 |
|
2,893,228 |
|
2,504,381 |
| General and administrative |
|
432,113 |
|
653,295 |
|
2,391,765 |
|
2,136,643 |
| Stock based compensation |
|
23,504 |
|
206,474 |
|
103,061 |
|
349,191 |
| Financing costs |
|
44,873 |
|
18,979 |
|
142,849 |
|
59,925 |
| Impairment write-down (recovery) |
|
635,255 |
|
- |
|
4,082,557 |
|
(305,766) |
| Loss (gain) on sale of exploration assets |
|
- |
|
- |
|
- |
|
72,114 |
| Exploration expense |
|
93,809 |
|
- |
|
639,698 |
|
161,496 |
| (Gain) on sale of building |
|
- |
|
(118,258) |
|
- |
|
(118,258) |
| Depletion and depreciation |
|
947,898 |
|
1,226,949 |
|
3,748,515 |
|
3,895,521 |
|
|
3,093,377 |
|
2,755,975 |
|
14,001,674 |
|
8,755,247 |
|
| Net income (loss) |
|
(661,904) |
|
222,315 |
|
(5,019,377) |
|
1,131,795 |
|
|
per share - basic and diluted |
$ |
(0.03) |
$ |
- |
$ |
(0.04) |
$ |
0.01 |
|
|
|
|
|
|
|
|
|
OPERATING
|
|
Three Months ended December 31, |
|
Year ended December 31, |
|
|
|
2013 |
|
2012 |
|
2013 |
|
2012 |
|
|
Oil revenues |
$ |
2,435,200 |
$ |
3,917,130 |
$ |
8,979,870 |
$ |
9,884,602 |
|
Operating costs |
$ |
(915,924) |
$ |
(996,225) |
$ |
(2,893,228) |
$ |
(2,504,381) |
|
Net operating income |
$ |
1,519,275 |
$ |
2,920,905 |
$ |
6,086,642 |
$ |
7,380,220 |
|
|
Depletion and depreciation |
$ |
947,898 |
$ |
1,597,706 |
$ |
3,748,515 |
$ |
3,895,521 |
|
|
Revenue per boe |
$ |
116.02 |
$ |
110.57 |
$ |
110.85 |
$ |
111.06 |
|
Operating costs per boe |
$ |
43.64 |
$ |
28.12 |
$ |
35.72 |
$ |
28.14 |
|
|
Operating income per boe |
$ |
72.38 |
$ |
82.45 |
$ |
75.14 |
$ |
82.92 |
|
|
|
|
|
|
|
|
|
- Net operating income and netback are non-IFRS measures. Net
operating income and netback is defined as revenue less operating
costs.
- Since ETAP pays all taxes and royalties from its share of
production, net operating income is effectively after tax to the
Company.
About CYGAM Energy
Inc.
CYGAM is a Calgary
based exploration company with extensive international exploration
permits and a producing property in Tunisia. The main focus of
CYGAM is the acquisition, exploration and development of
international oil and gas permits, primarily in Italy, Tunisia and
the Mediterranean Basin. CYGAM currently holds various interests in
five exploratory permits in Italy plus three exploratory permits
and the BBT Production Concession in Tunisia which together
encompass a total of approximately 2.6 million gross acres.
Neither the 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.
CYGAM Energy Inc.David TaylorPresident and Chief Executive
Officer(403) 802 6983david.taylor@cygamenergy.comCYGAM Energy
Inc.Al RobertsonChief Financial Officer(403) 802
6983al.robertson@cygamenergy.comwww.cygamenergy.com
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