Manitok Energy Inc. Reports Unaudited Consolidated Operating and Financial Results for the Second Quarter and Six Months Ended June 30, 2017
For the six months, the company reported average daily production of 5,926 boe/d as compared to 3,997 boe/d for the same period of last year. Operating netback was $8.79/boe as compared to $25.98/boe in the same period of 2016. Funds from operations netback per share was $2.78 against $17.58 in the same period of 2016.
For the quarter, the company reported petroleum and natural gas revenue of $15,352,000 against $8,849,000 for the same period of last year. Net loss was $8,549,000 or $0.03 per diluted share against $7,354,000 or $0.04 per diluted share for the same period of last year. Capital expenditures, net of divestitures was $2,212,000 against $3,260,000 for the same period of last year.
For the six months, petroleum and natural gas revenue of $32,314,000 against $17,923,000 for the same period of last year. Funds from operations was $1,850,000 or $0.01 per diluted share against $12,791,000 or $0.08 per diluted share for the same period of last year. Net loss was $12,375,000 or $0.05 per diluted share against $3,752,000 or $0.02 per diluted share for the same period of last year. Capital expenditures, net of divestitures was $4,419,000 against $9,426,000 for the same period of last year. As at June 30, 2017, net bank debt was $40.3 million and net debt was $73.4 million, which includes senior secured notes and long-term financial obligations against net bank debt of $45.55 million and net debt of $60.45 million for the same period of last year.