Marquee Energy Ltd. Reports Operating and Financial Results for the First Quarter Ended March 31, 2016
Marquee Energy Ltd. reported operating and financial results for the first quarter ended March 31, 2016. For the quarter, the company reported oil and natural gas sales of $7,749,000 compared to $14,110,000 a year ago. Funds flow from operations was $1,392,000 or $0.01 basic and diluted per share compared to $7,004,000 or $0.06 basic and diluted per share a year ago. Net loss was $7,918,000 or $0.06 basic and diluted per share compared to $4,131,000 or $0.03 basic and diluted per share a year ago. Capital expenditures were $100,000 compared to $6,729,000 a year ago. Net debt as at March 31, 2016 was $49,058,000 compared to $54,064,000 a year ago.
For the quarter, the company achieved record average production volumes of 4,430 boe/d (46% oil and NGLs) representing a 10% decrease over the fourth quarter of 2015 and a 20% decrease from the first quarter of 2015.