RUBELLITE ENERGY INC. CONDENSED INTERIM CONSOLIDATED FINANCIAL
STATEMENTS (UNAUDITED)
THREE MONTHS ENDED MARCH 31, 2024
RUBELLITE ENERGY INC.
Condensed Interim Consolidated Statements of Financial Position
As at | March 31, 2024 | December 31, 2023 | ||
(Cdn$ thousands, unaudited) | ||||
Assets | ||||
Current assets | ||||
Accounts receivable | $ | 10,795 | $ | 10,830 |
Prepaid expenses and deposits | 446 | 433 | ||
Product inventory | 944 | 1,002 | ||
Risk management contracts (note 12) | 279 | 8,796 | ||
12,464 | 21,061 | |||
Property, plant and equipment (note 3) | 204,938 | 202,203 | ||
Exploration and evaluation (note 4) | 33,648 | 32,301 | ||
Deferred tax asset (note 10) | 16,067 | 15,043 | ||
Risk management contracts (note 12) | 181 | 545 | ||
Total assets | $ | 267,298 | $ | 271,153 |
Liabilities | ||||
Current liabilities | ||||
Accounts payable and accrued liabilities | $ | 20,605 | $ | 33,932 |
Risk management contracts (note 12) | 4,952 | - | ||
Decommissioning obligations (note 5) | 285 | 77 | ||
25,842 | 34,009 | |||
Revolving bank debt (note 9) | 37,079 | 29,317 | ||
Decommissioning obligations (note 5) | 8,406 | 8,516 | ||
Risk management contracts (note 12) | 77 | - | ||
Total liabilities | 71,404 | 71,842 | ||
Equity | ||||
Share capital (note 6) | 143,048 | 143,033 | ||
Share purchase warrants (note 6) | 2,000 | 2,000 | ||
Contributed surplus (note 7) | 4,131 | 3,410 | ||
Retained earnings | 46,715 | 50,868 | ||
Total equity | 195,894 | 199,311 | ||
Total liabilities and equity | $ | 267,298 | $ | 271,153 |
Commitments (note 3b)
Subsequent events (note 12)
See accompanying notes to the condensed interim consolidated financial statements.
RUBELLITE ENERGY INC. | Q1 2024 Interim Financial Statements | Page 2 |
RUBELLITE ENERGY INC.
Condensed Interim Consolidated Statements of Income (Loss) and Comprehensive Income (Loss)
Three months ended March 31, | ||||
2024 | 2023 | |||
(Cdn$ thousands, except per share amounts, unaudited) | ||||
Revenue | ||||
Oil (note 8) | $ | 29,823 | $ | 17,104 |
Royalties | (3,321) | (1,605) | ||
26,502 | 15,499 | |||
Realized gain on risk management contracts (note 12) | 1,040 | 208 | ||
Unrealized loss on risk management contracts (note 12) | (13,910) | (451) | ||
13,632 | 15,256 | |||
Expenses | ||||
Production and operating | 2,610 | 1,641 | ||
Transportation | 3,237 | 2,131 | ||
General and administrative | 2,027 | 1,737 | ||
Share based payments (note 7) | 736 | 595 | ||
Exploration and evaluation (note 4) | 131 | 65 | ||
Depletion (note 3) | 8,897 | 6,196 | ||
(4,006) | 2,891 | |||
Finance expense (note 11) | (1,171) | (482) | ||
Income (loss) before income tax | (5,177) | 2,409 | ||
Taxes | ||||
Deferred tax (expense) recovery (note 10) | 1,024 | (710) | ||
Net income (loss) and comprehensive income (loss) | $ | (4,153) | $ | 1,699 |
Net income (loss) per share (note 6) | ||||
Basic | $ | (0.07) | $ | 0.03 |
Diluted | $ | (0.07) | $ | 0.03 |
See accompanying notes to the condensed interim consolidated financial statements.
RUBELLITE ENERGY INC. | Q1 2024 Interim Financial Statements | Page 3 |
RUBELLITE ENERGY INC.
Condensed Interim Consolidated Statements of Changes in Equity
Share Capital | Share | |||||||||||
purchase | Contributed | Retained | Total | |||||||||
(thousands) | ($thousands) | warrants | surplus | earnings | Equity | |||||||
(Cdn$ thousands, except share amounts, unaudited) | ||||||||||||
Balance at December 31, 2023 | 62,456 | $ | 143,033 | $ | 2,000 | $ | 3,410 | $ | 50,868 | $ 199,311 | ||
Net loss | - | - | - | - | (4,153) | (4,153) | ||||||
Common shares issued, share-based payment plan (note 6) | 4 | 15 | - | (15) | - | - | ||||||
Share-based payments (note 7) | - | - | - | 736 | - | 736 | ||||||
Balance at March 31, 2024 | 62,460 | $ 143,048 | $ | 2,000 | $ | 4,131 | $ | 46,715 | $195,894 | |||
Share Capital | Share | |||||||||||
purchase | Contributed | Retained | Total | |||||||||
(thousands) ($thousands) warrants | surplus | earnings | Equity | |||||||||
(Cdn$ thousands, except share amounts, unaudited) | ||||||||||||
Balance at December 31, 2022 | 54,826 | $ | 123,383 | $ | 2,000 | $ | 1,805 | $ | 32,307 | $ 159,495 | ||
Net income | - | - | - | - | 1,699 | 1,699 | ||||||
Flow-through shares issued, net of issue costs (note 6) | 7,000 | 19,715 | - | - | - | 19,715 | ||||||
Deferred premium on flow-through shares (note 6) | - | (1,540) | - | - | - | (1,540) | ||||||
Common shares issued, share-based payment plan (note 6) | - | 2 | - | (2) | - | - | ||||||
Share-based payments (note 7) | - | - | - | 595 | - | 595 | ||||||
Balance at March 31, 2023 | 61,826 | $ | 141,560 | $ | 2,000 | $ | 2,398 | $ | 34,006 | $179,964 |
See accompanying notes to the condensed interim consolidated financial statements.
RUBELLITE ENERGY INC. | Q1 2024 Interim Financial Statements | Page 4 |
RUBELLITE ENERGY INC.
Condensed Interim Consolidated Statements of Cash Flows
Three months ended March 31, | ||||
2024 | 2023 | |||
(Cdn$ thousands, unaudited) | ||||
Cash flows from operating activities | ||||
Net income (loss) | $ | (4,153) | $ | 1,699 |
Adjustments to add (deduct) non-cash items: | ||||
Depletion (note 3) | 8,897 | 6,196 | ||
Share-based payments (note 7) | 736 | 595 | ||
Deferred tax expense (recovery) (note 10) | (1,024) | 710 | ||
Unrealized loss on risk management contracts (note 12) | 13,910 | 451 | ||
Finance - accretion on decommissioning obligations (note 11) | 64 | 31 | ||
Exploration and evaluation expense (note 4) | 22 | - | ||
Decommissioning obligations settled (note 5) | (121) | - | ||
Change in non-cash working capital | (1,834) | (397) | ||
Net cash flows from operating activities | 16,497 | 9,285 | ||
Cash flows from financing activities | ||||
Common shares issued (note 6) | - | 19,950 | ||
Share issue costs (note 6) | - | (252) | ||
Change in revolving bank debt (note 9) | 7,762 | 4,000 | ||
Change in non-cash working capital | - | 252 | ||
Net cash flows from financing activities | 7,762 | 23,950 | ||
Cash flows used in investing activities | ||||
Property, plant and equipment expenditures (note 3) | (11,423) | (8,103) | ||
Exploration and evaluation expenditures (note 4) | (1,369) | (13,958) | ||
Change in non-cash working capital | (11,467) | (5,661) | ||
Net cash flows used in investing activities | (24,259) | (27,722) | ||
Change in cash and cash equivalents | - | 5,513 | ||
Cash and cash equivalents, beginning of period | - | 1,950 | ||
Cash and cash equivalents, end of period | $ | - | $ | 7,463 |
See accompanying notes to the condensed interim consolidated financial statements.
RUBELLITE ENERGY INC. | Q1 2024 Interim Financial Statements | Page 5 |
RUBELLITE ENERGY INC.
Notes to the Condensed Interim Consolidated Financial Statements (unaudited)
For the three months ended March 31, 2024
(All tabular amounts are in Cdn$ thousands, except where otherwise noted)
1. REPORTING ENTITY
Rubellite Energy Inc. ("Rubellite" or the "Company") is an oil exploration and production company headquartered in Calgary, Alberta that was incorporated on July 12, 2021 under the Business Corporation's Act (Alberta).
The address of the Company's registered office is 3200, 605 - 5 Avenue S.W., Calgary, Alberta, T2P 3H5.
The condensed interim consolidated financial statements of the Company are comprised of the accounts of Rubellite Energy Inc. and its wholly owned subsidiaries: Ukalta LP Inc., Ukalta GP Inc., and Ukalta Limited Partnership.
2. BASIS OF PREPARATION
These condensed interim consolidated financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting and do not include all of the information required for full annual financial statements. These condensed interim consolidated financial statements should be read in conjunction with the Company's financial statements as at and for the year ended December 31, 2023 which were prepared in conformity with IFRS Accounting Standards as issued by the International Accounting Standards Board.
The accounting policies, basis of measurement, critical accounting judgements and significant estimates used to prepare the annual consolidated financial statements as at and for the year ended December 31, 2023 have been applied in the preparation of these condensed interim consolidated financial statements.
These financial statements were approved and authorized for issue by the Board of Directors on May 13, 2024.
3. PROPERTY, PLANT AND EQUIPMENT
Development and Production Assets | ||
Cost | ||
December 31, 2022 | $ | 151,309 |
Additions | 43,660 | |
Transfer from exploration and evaluation (note 4) | 22,606 | |
Acquisitions (note 3b) | 28,647 | |
Dispositions (note 3b) | (5,801) | |
Change in decommissioning obligations related to PP&E (note 5) | 4,735 | |
December 31, 2023 | $ | 245,156 |
Additions | 11,423 | |
Change in decommissioning obligations related to PP&E (note 5) | 155 | |
March 31, 2024 | $ | 256,734 |
Accumulated depletion | ||
December 31, 2022 | $ | (15,360) |
Depletion(1) | (27,593) | |
December 31, 2023 | $ | (42,953) |
Depletion(1) | (8,843) | |
March 31, 2024 | $ | (51,796) |
Carrying amount | ||
December 31, 2023 | $ | 202,203 |
March 31, 2024 | $ | 204,938 |
- During the period ended March 31, 2024, depletion includes $0.1 million which has been capitalized to inventory (Q1 2023 - nominal amount).
As at March 31, 2024, future development costs of $138.5 million (December 31, 2023 - $145.1 million) associated with proved and probable oil and gas reserves were included in the depletion calculation and an estimated $2.8 million (December 31, 2023 - $3.4 million) of salvage value for production equipment was excluded.
- Impairment
There were no indicators of impairment related to the Company's cash generating unit ("CGU") as at March 31, 2024 and December 31, 2023 and therefore, an impairment test was not performed.
RUBELLITE ENERGY INC. | Q1 2024 Interim Financial Statements | Page 6 |
- Acquisitions and Dispositions
Effective November 8, 2023, Rubellite acquired Clearwater assets within the Greater Figure Lake area, as well as undeveloped land in the Nixon area of Northeast Alberta for net cash proceeds of $33.2 million. The acquisition was accounted for as a business combination using the acquisition method of accounting, whereby the assets acquired and the liabilities assumed are recorded at their estimated fair value on the acquisition date of November 8, 2023. All of the assets acquired were included within the Company's Clearwater CGU. The purchase price allocation is not final as the Company continues to obtain and verify the information required to finalize the fair value of the oil and gas interests acquired.
During 2023, the Company disposed of a 1.5% non-convertible gross overriding royalty ("GORR"), which reverts to a 1.0% GORR after payout for cash consideration of $8.0 million, resulting in a gain of $1.3 million. The Company has a drilling commitment on the GORR lands that must be fulfilled by June 30, 2026 (the "Commitment Date"). In the event the Company fails to fulfill the drilling commitment, the Company is required to pay $0.1 million per well not spud by the Commitment Date. As at March 31, 2024, the Company has drilled four (4.0 net) of the 59 wells that are required to meet the drilling commitment.
4. EXPLORATION AND EVALUATION
March 31, 2024 | December 31, 2023 | |||
Balance, beginning of period | $ | 32,301 | $ | 30,252 |
Acquisitions (note 3b) | - | 4,526 | ||
Dispositions (note 3b) | - | (899) | ||
Additions | 1,369 | 27,870 | ||
Transfer to property, plant, and equipment (note 3) | - | (22,606) | ||
Exploration and evaluation expense | (22) | (6,842) | ||
Balance, end of period | $ | 33,648 | $ | 32,301 |
During the three months ended March 31, 2024, $0.1 million was charged to exploration and evaluation ("E&E") expense in the consolidated statements of income (loss) and comprehensive income (loss) (Q1 2023- $0.1 million).
Impairment of E&E assets
E&E assets are tested for impairment when internal or external indicators of impairment exist as well as upon reclassification to oil and gas interests in PP&E. At March 31, 2024, there were no triggers identified or transfers and therefore, an impairment test was not performed.
5. DECOMMISSIONING OBLIGATIONS | ||||
The following table summarizes changes in decommissioning obligations: | ||||
March 31, 2024 | December 31, 2023 | |||
Balance, beginning of period | $ | 8,593 | $ | 3,733 |
Liabilities settled | (121) | (3) | ||
Obligations incurred | 323 | 2,143 | ||
Obligations acquired (note 3b) | - | 385 | ||
Change in rate on acquisition (note 3b) | - | 1,611 | ||
Revisions to estimates | (168) | 596 | ||
Accretion | 64 | 128 | ||
Total decommissioning obligations, end of period | $ | 8,691 | $ | 8,593 |
Decommissioning obligations - current | $ | 285 | $ | 77 |
Decommissioning obligations - non-current | 8,406 | 8,516 | ||
Total decommissioning obligations | $ | 8,691 | $ | 8,593 |
Decommissioning obligations are estimated based on the Company's net ownership interest in all wells and facilities, estimated costs to reclaim and abandon these wells and facilities, and the estimated timing of the costs to be incurred in future periods.
The increase in the provision due to the passage of time, which is referred to as accretion, is recognized as non-cash finance expense in the consolidated statements of income (loss) and comprehensive income (loss). Decommissioning obligations are further adjusted at each period end date for changes in the risk-free interest rate, after considering additions and dispositions of PP&E. Decommissioning obligations are also adjusted for revisions to future cost estimates and the estimated timing of costs to be incurred in future periods.
The following significant assumptions were used to estimate the Company's decommissioning obligations:
March 31, 2024 | December 31, 2023 | |||
Undiscounted obligations | $ | 11,760 | $ | 11,443 |
Average risk-free rate | 3.3% | 3.0% | ||
Inflation rate | 1.8% | 1.6% | ||
Expected timing of settling obligations | 1 to 25 years | 1 to 25 years |
RUBELLITE ENERGY INC. | Q1 2024 Interim Financial Statements | Page 7 |
6. SHARE CAPITAL
- Authorized
Authorized capital consists of an unlimited number of common shares.
b) Issued and outstanding | ||||||
March 31, 2024 | December 31, 2023 | |||||
Shares | Amount | Shares | Amount | |||
(thousands) | ($ | thousands) | (thousands) | ($thousands) | ||
Balance, beginning of period | 62,456 | $ | 143,033 | 54,826 | $ | 123,383 |
Flow-through shares issued pursuant to private placement | - | - | 7,000 | 19,950 | ||
Deferred premium on flow-through shares | - | - | - | (1,540) | ||
Issued pursuant to share-based plans | 4 | 15 | 630 | 1,436 | ||
Share issue costs(1) | - | - | - | (196) | ||
Balance, end of period | 62,460 | $ | 143,048 | 62,456 | $ | 143,033 |
- Share issue costs for the period ended March 31, 2024 are net of deferred tax of nil (December 31, 2023 - $0.1 million).
As of March 31, 2024, there were 4.0 million Rubellite common share purchase warrants exercisable at $3.00 per share which expire in September 2026.
On March 28, 2023, the Company issued 7.0 million flow-through shares at $2.85 per share, through a private placement for gross proceeds of $20.0 million. Certain directors and officers of the Company subscribed for $13.3 million of the flow-through shares issued. Rubellite incurred share issuance costs of $0.2 million, net of deferred taxes.
c) Per share information | ||||
Three months ended March 31, | ||||
(thousands, except per share amounts) | 2024 | 2023 | ||
Net income (loss) | $ | (4,153) | $ | 1,699 |
Weighted average common shares outstanding - basic | 62,457 | 55,060 | ||
Weighted average common shares outstanding - diluted | 62,457 | 55,550 | ||
Net income (loss) per share - basic | $ | (0.07) | $ | 0.03 |
Net income (loss) per share - diluted | $ | (0.07) | $ | 0.03 |
Per share amounts have been calculated using the weighted average number of common shares outstanding. For the period ended March 31, 2024, 7.7 million common shares (Q1 2023 - 5.9 million common shares) issuable upon the exercise and/or settlement of warrants, share options, restricted share units and performance share units were excluded from the diluted weighted average number of common shares outstanding as they were anti-dilutive.
7. SHARE-BASED PAYMENTS
The following tables summarize information about options and performance and restricted share awards outstanding:
Compensation awards | ||||
Share | Performance | Restricted | ||
(thousands) | options | share units | share units | Total |
December 31, 2022 | 1,670 | 348 | 371 | 2,389 |
Granted | 1,080 | 486 | 411 | 1,977 |
Exercised | (31) | (370) | (233) | (634) |
Forfeited | (23) | - | (19) | (42) |
December 31, 2023 | 2,696 | 464 | 530 | 3,690 |
Exercised | (2) | - | (3) | (5) |
Forfeited | (21) | - | (12) | (33) |
March 31, 2024 | 2,673 | 464 | 515 | 3,652 |
During the three month period ended March 31, 2024, the Company did not grant any share-based payment awards.
RUBELLITE ENERGY INC. | Q1 2024 Interim Financial Statements | Page 8 |
The components of share-based compensation expense are as follows: | ||||
Three months ended March 31, | ||||
2024 | 2023 | |||
Share options | $ | 275 | $ | 261 |
Restricted share units | 173 | 170 | ||
Performance share units | 288 | 164 | ||
Share-based payment expense | $ | 736 | $ | 595 |
- Share options
Rubellite's share option plan provides a long-term incentive to directors, executive officers, employees or consultants associated with the Company's long-term performance. The Board of Directors administers the share option plan and determines participants, number of share options and terms of vesting. The exercise price of the share options granted shall not be less than the value of the weighted average trading price for the Company's common shares for the five trading days immediately preceding the date of grant. Share options granted vest evenly over four years, commencing on the first anniversary, with expiry occurring five years after issuance.
The Company uses the Black-Scholes pricing model to calculate the estimated fair value of the share options at the date of grant and the share-based payment expense is reduced by an estimated forfeiture rate of 5%. During the three month period ended March 31, 2024, there were no issuances of share options.
- Performance share units
The Company has an equity-settled performance share units plan for the Company's executive officers. Performance share units granted under the performance share units plan vest two years after the date upon which the performance units were granted. The performance units that vest and become redeemable for equivalent common shares are a multiple of the performance units granted, dependent upon the achievement of certain performance metrics over the vesting period. Vested performance units can be settled in cash or in common shares of the Company at the discretion of the Board of Directors. Performance units are forfeited if participants of the performance share units plan leave the organization other than through retirement or termination without cause prior to the vesting date.
The fair value of a performance share units award is determined at the date of grant by using the closing price of common shares multiplied by the estimated performance multiplier. As at March 31, 2024, a performance multiplier of 1.9 have been assumed for performance share units granted in 2022 and 1.0 for performance share units granted in 2023. Fluctuations in share-based payments may occur due to changes in estimates of performance outcomes. The amount of share-based payment expense is reduced by an estimated forfeiture rate of 5% for outstanding awards. During the three month period ended March 31, 2024, there were no issuances of performance share units.
- Restricted share units
The Company has a restricted share unit plan for directors, officers, employees or consultants. The restricted share units vest evenly over a two year period after the date upon which the restricted share units were granted. The restricted share units that vest can be settled in cash or in common shares, at the discretion of the Company.
This fair value is recognized as share-based payment expense with a corresponding increase to contributed surplus. During the three month period ended March 31, 2024, there were no issuances of restricted share units.
8. OIL REVENUE
The Company sells its heavy crude oil production pursuant to fixed or variable price contracts. The transaction price for variable priced contracts is based on the commodity price, adjusted for quality, location or other factors, whereby each component of the pricing formula can be either fixed or variable, depending on the contract terms. Under the contracts, the Company is required to deliver fixed or variable volumes of crude oil as may be applicable to the contract counterparty. Oil revenue is recognized when a unit of production is delivered to the contract counterparty. The amount of oil revenue recognized is based on the agreed transaction price, whereby any variability in oil revenue relates specifically to the Company's efforts to transfer production, therefore the resulting oil revenue is allocated to the production delivered in the period during which the variability occurs. As a result, none of the variable oil revenue is considered constrained.
The Company's properties currently produce heavy crude oil and volumes are mostly sold under floating contracts of varying price and volume terms of up to one year. Oil revenues are typically collected on the 25th day of the month following production. Included in accounts receivable at March 31, 2024 is $10.1 million of oil revenue related to March 2024 production (December 31, 2023 - $7.5 million of oil revenue related to December 2023 production).
9. REVOLVING BANK DEBT
As at March 31, 2024, the Company's first lien Credit Facility had a borrowing limit of $52.0 million (December 31, 2023 - $57.0 million). The credit facility will continue to reduce by $5.0 million at the end of each quarter during 2024, to $40.0 million at December 31, 2024. The initial term is to May 31, 2024, and may be extended for a further twelve months to May 31, 2025 subject to lender approval. If not extended by May 31, 2024, all outstanding advances would be repayable on May 31, 2025. The next semi-annual borrowing base redetermination is scheduled on or before May 31, 2024.
As at March 31, 2024, $37.1 million (December 31, 2023 - $29.3 million) was drawn against the Credit Facility and $2.7 million of letters of credit had been issued (December 31, 2023 - $0.4 million). Borrowings under the Credit Facility bear interest at the lenders' prime rate or Bankers Acceptance rates, plus applicable margins and standby fees. The applicable Banker's Acceptance margins range between 3.0% and 5.5%. The effective interest rate on the Credit Facility at March 31, 2024 was 9.9% per annum. For the period ended March 31, 2024, if interest rates changed by 1% with all other variables held constant, the impact on annual cash finance expense and net income (loss) and comprehensive income (loss) would be $0.4 million.
The Credit Facility is secured by general first lien security agreements covering all present and future property of the Company.
RUBELLITE ENERGY INC. | Q1 2024 Interim Financial Statements | Page 9 |
At March 31, 2024, the Credit Facility was not subject to any financial covenants and the Company was in compliance with all customary non- financial covenants.
10. DEFERRED TAXES
The following table summarizes the continuity of the net deferred tax assets of the Company:
December 31, 2023 | Recognized in earnings | March 31, 2024 | ||||
Assets (liabilities): | ||||||
Property, plant and equipment | $ | 2,235 | $ | (628) | $ | 1,607 |
Decommissioning obligations | 1,977 | 22 | 1,999 | |||
Fair value of derivatives | (2,148) | 3,198 | 1,050 | |||
Share and debt issue costs | 562 | (50) | 512 | |||
Non-capital losses | 12,417 | (1,518) | 10,899 | |||
Total deferred tax assets | $ | 15,043 | $ | 1,024 | $ | 16,067 |
11. FINANCE EXPENSE | ||||||
Three months ended March 31, | ||||||
2024 | 2023 | |||||
Interest expense | $ | 1,107 | $ | 451 | ||
Accretion (note 5) | 64 | 31 | ||||
Finance expense | $ | 1,171 | $ | 482 |
12. FINANCIAL RISK MANAGEMENT
The following table summarizes the mark to market value of outstanding risk management contract assets (liabilities):
March 31, 2024 | December 31, 2023 | |||
Financial oil contracts | $ | (5,028) | $ | 7,882 |
Financial foreign exchange contracts | 459 | 1,459 | ||
Risk management contracts | $ | (4,569) | $ | 9,341 |
Risk management contracts - current asset | 279 | 8,796 | ||
Risk management contracts - non-current asset | 181 | 545 | ||
Risk management contracts - current liability | (4,952) | - | ||
Risk management contracts - non-current liability | (77) | - | ||
Risk management contracts | $ | (4,569) | $ | 9,341 |
The following table details the gains (losses) on risk management contracts: | ||||
Three months ended March 31, | ||||
2024 | 2023 | |||
Unrealized loss on oil contracts | $ | (12,912) | $ | (571) |
Unrealized gain (loss) on foreign exchange contracts | (998) | 120 | ||
Unrealized loss on financial derivatives | $ | (13,910) | $ | (451) |
Realized gain on oil contracts | 949 | 217 | ||
Realized gain (loss) on foreign exchange contracts | 91 | (9) | ||
Realized gain on financial derivatives | $ | 1,040 | $ | 208 |
Change in fair value of derivatives | $ | (12,870) | $ | (243) |
RUBELLITE ENERGY INC. | Q1 2024 Interim Financial Statements | Page 10 |
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Rubellite Energy Inc. published this content on 13 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 May 2024 21:42:23 UTC.
