Twin Butte Energy Ltd. reported audited consolidated earnings results for the third quarter and nine months ended September 30, 2012. For the quarter, the company's petroleum and natural gas sales were $73.386 million compared with $34.885 million a year ago. Funds flow was $38.119 million or $0.19 per basic and diluted share compared with $14.042 million or $0.10 per basic and diluted share a year ago. Net loss was $7.411 million or $0.04 per diluted share compared with net income of $7.522 million or $0.05 per diluted share a year ago. Capital expenditures were $17.827 million compared with $22.079 million a year ago.

For the nine months, the company's petroleum and natural gas sales were $216.056 million compared with $105.361 million a year ago. Funds flow was $98.281 million or $0.51 per basic and diluted share compared with $44.588 million or $0.32 per basic and diluted share a year ago. Net income was $36.912 million or $0.19 per diluted share compared with $18.026 million or $0.13 per diluted share a year ago. Capital expenditures were $49.797 million compared with $47.564 million a year ago. As on September 30, 2012, the company's net debt was $146.843 million compared with $83.857 million a year ago.

For the quarter, the company recorded production of 13,752 boe per day against 7,599 boe per day, an increase of 81% over third quarter of 2011 and a 21% increase in production per share from the same period of 2011. Increased quarterly liquids production weighting to 86% from 63% in third quarter of 2011.

For the nine months, the company recorded production of 13,724 boe per day against 7,588 boe per day over same period of 2011. Increased quarterly liquids production weighting to 83% from 60% in same period of 2011.

For 2013, production is expected to average between 19,100 and 19,500 boe per day (90% oil and NGL's). Assuming a $3.00/GJ Aeco gas price; $90 WTI and $69 WCS oil pricing.

For 2013, Twin Butte anticipates cash flow to be approximately $158 million which will be finance the capital plan and the approximate $40.3 million cash dividend, while maintaining a total payout ratio including DRIP participation under 100%.