CALGARY, AB, March 3, 2022 /CNW/ - Yangarra
Resources Ltd. ("Yangarra" or the
"Company") (TSX: YGR) announces its financials and
operating results for the year ended December 31, 2021.
Guidance Update
Although commodity prices have improved dramatically since
Yangarra released its 2022 budget, the Company remains committed to
a disciplined one-rig 30 well program, with the balance of
free-cash flow generated to be used for debt retirement until the
Company achieves its debt targets. At prevailing commodity prices,
the Company expects to realize these targets by summer 2022, at
which point a return of capital strategy will be
implemented.
The production guidance of 12,000 boe/d and the $105 million of capital spending in the 2022
budget remains unchanged, however projected cash flow has improved
by over 20% to $165 million,
resulting in a revised budgeted cash flow per share of $1.90.
The above budget now assumes a WTI price of US$85 with a differential of US$5.00 and US to CDN exchange rate of 1.25,
resulting in an Edmonton par price
of CDN$100/bbl and CDN$4.00/GJ for AECO natural gas. Yangarra has
hedged approximately 20% of 2022 summer gas at CDN$4.50/GJ.
Operations Update
The Company started the development of a 14-well pad at West
Ferrier in Q4 2021. As a result of improved drilling times and cost
efficiencies, the initial 6 (3.0 net) 1.0-mile wells were drilled
at a faster pace than expected and the wells were placed onstream
by mid February. The remaining wells on the pad are 100%
wells. Four additional wells were drilled on the pad while
completion operations were underway on the first six
wells. Completions are underway on the next four wells.
The final four wells on the pad are scheduled to be drilled in Q2
due to lease logistics.
The drilling rig is currently drilling four 100% wells on an
eight well pad in the Cow Lake area, the balance of the pad will be
drilled in Q3 due to water access scheduling.
As activity increases in western Canada, the impact on accessing services and
raw materials is resulting in a rapid inflationary environment.
Yangarra's past strategic build-out of the Company's oil-field
services group has helped mitigate these pressures. Yangarra
expects to maintain a tight cost structure on drilling and
completions operations with some potential inflation on raw
material purchases.
ESG Report
Yangarra announced the publication of its inaugural ESG report
in February 2022
(www.yangarra.ca). The Company is on-track with all emissions
reduction targets and ESG standards remain a core principle of
Yangarra's operations.
2021 Highlights
- Average Production of 8,931 boe/d (46% liquids), a decrease of
10% from 2020
- Oil and gas sales were $140.3
million, an increase of 64% from 2020
- Funds flow from operations of $90.9
million ($1.06 per share -
basic) an increase of 104% from 2020
- Adjusted EBITDA (which excludes changes in derivative financial
instruments) was $100.9 million
($1.18 per share - basic)
- Net income of $50.0 million
($0.58 per share - basic,
$65.2 million before tax), resulting
in a net income margin of 36%
- Return on capital employed of 11.4% (Earnings before interest
and taxes divided by (Total assets minus current liabilities))
- Operating costs were $6.70/boe
(including $1.10/boe of
transportation costs)
- Operating netbacks, which include the impact of commodity
contracts, were $32.27 per boe
- Operating margins were 75% and funds flow margins were 67%
- G&A costs of $0.90/boe
- Royalties were 6% of oil and gas revenue
- Capital expenditures (including $0.4
million of land) were $88
million
- Net debt (which excludes the current derivative financial
instruments) was $196.8 million
- Retained earnings of $159
million
- Decommissioning liabilities of $13.8
million (discounted)
Fourth Quarter Highlights
- Average production of 10,060 boe/d (44% liquids) during the
quarter, a 10% increase from the same period in 2020
- Oil and gas sales were $47.4
million, an increase of 106% from the same period in
2020
- Funds flow from operations of $32.4
million ($0.38 per share –
basic), an increase of 161% from the same period in 2020
- Adjusted EBITDA (which excludes changes in derivative financial
instruments) was $35.0 million
($0.42 per share - basic)
- Net income of $19.6 million
($0.23 per share – basic,
$25.5 million before tax), an
increase of 344% from the same period in 2020
- Operating costs were $7.41/boe
(including $1.09/boe of
transportation costs)
- Field operating netbacks were $40.26/boe
- Operating netbacks, which include the impact of commodity
contracts, were $39.32/boe
- Operating margins were 77% and funds flow from operations
margins were 68%
- G&A costs of $1.09/boe
- Royalties were 7% of oil and gas revenue
- All in cash costs were $16.48/boe
- Capital expenditures were $26.4
million
- Net Debt to fourth quarter annualized funds flow from
operations was 1.5 : 1
Financial Summary
|
|
|
|
|
|
|
|
2021
|
2020
|
|
Year Ended
|
|
Q4
|
Q3
|
Q4
|
|
2021
|
2020
|
Statements of
Income and Comprehensive Income
|
|
|
|
|
|
|
Petroleum &
natural gas sales
|
$
|
47,405
|
$
|
35,880
|
$
|
23,064
|
|
$
|
140,289
|
$
|
85,699
|
|
|
|
|
|
|
|
Income before
tax
|
$
|
25,547
|
$
|
17,657
|
$
|
5,754
|
|
$
|
65,213
|
$
|
7,389
|
|
|
|
|
|
|
|
Net income
|
$
|
19,644
|
$
|
13,500
|
$
|
4,276
|
|
$
|
50,014
|
$
|
4,847
|
Net income per share
- basic
|
$
|
0.23
|
$
|
0.16
|
$
|
0.05
|
|
$
|
0.58
|
$
|
0.06
|
Net income per share
- diluted
|
$
|
0.22
|
$
|
0.15
|
$
|
0.05
|
|
$
|
0.56
|
$
|
0.06
|
|
|
|
|
|
|
|
Statements of Cash
Flow
|
|
|
|
|
|
|
Funds flow from
operations
|
$
|
32,425
|
$
|
24,126
|
$
|
12,460
|
|
$
|
90,921
|
$
|
44,619
|
Funds flow from
operations per share - basic
|
$
|
0.38
|
$
|
0.28
|
$
|
0.15
|
|
$
|
1.06
|
$
|
0.52
|
Funds flow from
operations per share - diluted
|
$
|
0.36
|
$
|
0.27
|
$
|
0.15
|
|
$
|
1.02
|
$
|
0.52
|
Cash from operating
activities
|
$
|
36,835
|
$
|
22,078
|
$
|
19,192
|
|
$
|
91,266
|
$
|
44,271
|
|
|
|
|
|
|
|
Statements of
Financial Position
|
|
|
|
|
|
|
Property and
equipment
|
$
|
627,948
|
$
|
606,945
|
$
|
563,290
|
|
$
|
627,948
|
$
|
563,290
|
Total
assets
|
$
|
683,469
|
$
|
656,849
|
$
|
609,989
|
|
$
|
683,469
|
$
|
609,989
|
Working capital
(deficit) surplus
|
$
|
(3,729)
|
$
|
(5,946)
|
$
|
10
|
|
$
|
(3,729)
|
$
|
10
|
Adjusted net
debt
|
$
|
196,794
|
$
|
201,811
|
$
|
197,379
|
|
$
|
196,794
|
$
|
197,379
|
Shareholders
equity
|
$
|
364,959
|
$
|
344,397
|
$
|
312,260
|
|
$
|
364,959
|
$
|
312,260
|
|
|
|
|
|
|
|
Weighted average
number of shares - basic
|
86,449
|
86,051
|
85,380
|
|
85,892
|
85,380
|
Weighted average
number of shares - diluted
|
90,636
|
89,802
|
85,588
|
|
89,376
|
85,783
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company Netbacks ($/boe)
|
|
|
|
|
|
|
|
2021
|
2020
|
|
Year Ended
|
|
Q4
|
Q3
|
Q4
|
|
2021
|
2020
|
|
|
|
|
|
|
|
Sales
price
|
$
|
51.22
|
$
|
44.78
|
$
|
27.34
|
|
$
|
43.04
|
$
|
23.68
|
Royalty
expense
|
(3.55)
|
(3.17)
|
(1.52)
|
|
(2.68)
|
(1.16)
|
Production costs
|
(6.32)
|
(5.71)
|
(5.02)
|
|
(5.60)
|
(5.26)
|
Transportation costs
|
(1.09)
|
(0.98)
|
(1.03)
|
|
(1.10)
|
(1.06)
|
Field operating
netback
|
40.26
|
34.92
|
19.77
|
|
33.66
|
16.20
|
Realized gain
(loss) on commodity contract settlement
|
(0.94)
|
(0.33)
|
(0.38)
|
|
(1.39)
|
(0.18)
|
Operating
netback
|
39.32
|
34.58
|
19.39
|
|
32.27
|
16.02
|
G&A
|
(1.09)
|
(0.95)
|
(0.89)
|
|
(0.90)
|
(0.65)
|
Cash
Finance expenses
|
(3.53)
|
(3.96)
|
(3.73)
|
|
(2.52)
|
(4.21)
|
Depletion and depreciation
|
(9.42)
|
(7.62)
|
(8.04)
|
|
(8.34)
|
(8.36)
|
Non Cash
- Finance expenses
|
1.67
|
0.60
|
(0.06)
|
|
(0.05)
|
(0.05)
|
Abandonment Expenses
|
-
|
-
|
(0.21)
|
|
-
|
(0.05)
|
Stock-based compensation
|
(0.40)
|
(0.49)
|
(0.61)
|
|
(0.41)
|
(0.74)
|
Unrealized gain (loss) on financial instruments
|
1.04
|
(0.12)
|
0.96
|
|
(0.04)
|
0.09
|
Deferred
income tax
|
(6.38)
|
(5.19)
|
(1.75)
|
|
(4.66)
|
(0.70)
|
Net Income
netback
|
$
|
21.21
|
$
|
16.85
|
$
|
5.06
|
|
$
|
15.35
|
$
|
1.35
|
|
|
|
|
|
|
|
Business Environment
|
|
|
|
|
|
|
|
2021
|
2020
|
|
Year Ended
|
|
Q4
|
Q3
|
Q4
|
|
2021
|
2020
|
Realized Pricing
(Including realized commodity contracts)
|
|
|
|
|
|
|
Light
Crude Oil ($/bbl)
|
$
|
89.49
|
$
|
84.78
|
$
|
55.13
|
|
$
|
78.24
|
$
|
47.64
|
NGL
($/bbl)
|
$
|
51.54
|
$
|
51.13
|
$
|
24.32
|
|
$
|
45.11
|
$
|
18.45
|
Natural
Gas ($/mcf)
|
$
|
4.67
|
$
|
3.71
|
$
|
2.64
|
|
$
|
3.75
|
$
|
2.28
|
|
|
|
|
|
|
|
Realized Pricing
(Excluding commodity contracts)
|
|
|
|
|
|
|
Light
Crude Oil ($/bbl)
|
$
|
89.49
|
$
|
84.90
|
$
|
55.13
|
|
$
|
82.01
|
$
|
47.59
|
NGL
($/bbl)
|
$
|
51.61
|
$
|
51.06
|
$
|
24.43
|
|
$
|
45.10
|
$
|
18.49
|
Natural
Gas ($/mcf)
|
$
|
4.95
|
$
|
3.81
|
$
|
2.75
|
|
$
|
3.87
|
$
|
2.34
|
|
|
|
|
|
|
|
Oil Price
Benchmarks
|
|
|
|
|
|
|
West
Texas Intermediate ("WTI") (US$/bbl)
|
$
|
77.45
|
$
|
70.62
|
$
|
42.66
|
|
$
|
67.65
|
$
|
39.40
|
Edmonton
Par ($/bbl)
|
$
|
91.70
|
$
|
81.39
|
$
|
50.24
|
|
$
|
79.80
|
$
|
45.34
|
Edmonton
Par to WTI differential (US$/bbl)
|
$
|
(4.67)
|
$
|
(6.02)
|
$
|
(4.01)
|
|
$
|
(3.89)
|
$
|
(5.54)
|
|
|
|
|
|
|
|
Natural Gas Price
Benchmarks
|
|
|
|
|
|
|
AECO gas
($/mcf)
|
$
|
4.41
|
$
|
3.41
|
$
|
2.64
|
|
$
|
3.49
|
$
|
2.23
|
|
|
|
|
|
|
|
Foreign
Exchange
|
|
|
|
|
|
|
Canadian
Dollar/U.S. Exchange
|
0.79
|
0.79
|
0.77
|
|
0.80
|
0.75
|
|
|
|
|
|
|
|
Operations Summary
Net petroleum and natural gas production, pricing and revenue
are summarized below:
|
|
|
|
|
|
|
|
2021
|
2020
|
|
Year Ended
|
|
Q4
|
Q3
|
Q4
|
|
2021
|
2020
|
|
|
|
|
|
|
|
Daily production
volumes
|
|
|
|
|
|
|
Natural
Gas (mcf/d)
|
33,774
|
27,965
|
30,322
|
|
29,092
|
32,404
|
Light
Crude Oil (bbl/d)
|
2,744
|
2,274
|
2,269
|
|
2,373
|
2,611
|
NGL's
(bbl/d)
|
1,687
|
1,776
|
1,846
|
|
1,709
|
1,876
|
Combined
(BOE/d 6:1)
|
10,060
|
8,710
|
9,169
|
|
8,931
|
9,888
|
|
|
|
|
|
|
|
Revenue
|
|
|
|
|
|
|
Petroleum &
natural gas sales - Gross
|
$
|
47,405
|
$
|
35,880
|
$
|
23,064
|
|
$
|
140,289
|
$
|
85,699
|
Realized gain (loss)
on commodity contract settlement
|
(872)
|
(267)
|
(323)
|
|
(4,529)
|
(658)
|
Total
sales
|
46,533
|
35,613
|
22,741
|
|
135,760
|
85,041
|
Royalty
expense
|
(3,287)
|
(2,539)
|
(1,283)
|
|
(8,722)
|
(4,213)
|
Total Revenue - Net
of royalties
|
$
|
43,246
|
$
|
33,074
|
$
|
21,458
|
|
$
|
127,038
|
$
|
80,828
|
|
|
|
|
|
|
|
Working Capital Summary
The following table summarizes the change in working capital
during the year ended December 31,
2021 and December 31,
2020:
|
|
|
|
|
Three months
ended
|
Year ended
|
Year ended
|
|
December 31,
2021
|
December 31,
2021
|
December 31,
2020
|
Adjusted net debt -
beginning of period
|
$
|
(201,811)
|
$
|
(197,414)
|
$
|
(187,711)
|
|
|
|
|
Funds flow from
operations
|
32,425
|
90,921
|
45,524
|
Additions to
property and equipment
|
(26,624)
|
(88,153)
|
(51,093)
|
Decommissioning
costs incurred
|
(416)
|
(881)
|
(389)
|
Additions to
E&E Assets
|
(212)
|
(387)
|
(426)
|
Issuance of
shares
|
510
|
1,132
|
-
|
Other
|
(666)
|
(2,012)
|
(3,319)
|
Adjusted net
debt - end of period
|
$
|
(196,794)
|
$
|
(196,794)
|
$
|
(197,414)
|
|
|
|
|
|
|
|
|
Credit facility
limit
|
$
|
210,000
|
$
|
210,000
|
$
|
210,000
|
Capital Spending
Capital spending is summarized as follows:
|
|
|
|
|
|
|
|
2021
|
2020
|
|
Year Ended
|
Cash
additions
|
Q4
|
Q3
|
Q4
|
|
2021
|
2020
|
|
|
|
|
|
|
|
Land, acquisitions
and lease rentals
|
$
|
(89)
|
$
|
327
|
$
|
(75)
|
|
$
|
54
|
$
|
324
|
Drilling and
completion
|
23,994
|
19,847
|
14,030
|
|
77,991
|
44,816
|
Geological and
geophysical
|
114
|
42
|
134
|
|
547
|
640
|
Equipment
|
2,349
|
3,136
|
753
|
|
8,872
|
4,226
|
Other asset
additions
|
255
|
122
|
347
|
|
689
|
1,087
|
|
$
|
26,623
|
$
|
23,474
|
$
|
15,189
|
|
$
|
88,153
|
$
|
51,093
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exploration &
evaluation assets
|
$
|
212
|
$
|
41
|
$
|
-
|
|
$
|
387
|
$
|
426
|
Annual General Meeting of Shareholders
The Company's Annual General Meeting of Shareholders is
scheduled for 10:00 AM on Thursday April 28,
2022 in the Tillyard Management Conference Centre, Main
Floor, 715 5th Avenue SW, Calgary,
AB.
Year End Disclosure
The Company's December 31, 2021
audited consolidated financial statements, management's discussion
and analysis and annual information form will be filed on SEDAR
(www.sedar.com) and are available on the Company's website
(www.yangarra.ca).
Oil and Gas Advisories
Natural gas has been converted to a barrel of oil equivalent
(Boe) using 6,000 cubic feet (6 Mcf) of natural gas equal to one
barrel of oil (6:1), unless otherwise stated. The Boe conversion
ratio of 6 Mcf to 1 Bbl is based on an energy equivalency
conversion method and does not represent a value equivalency;
therefore Boe's may be misleading if used in isolation. References
to natural gas liquids ("NGLs") in this news release include
condensate, propane, butane and ethane and one barrel of NGLs is
considered to be equivalent to one barrel of crude oil equivalent
(Boe). One ("BCF") equals one billion cubic feet of natural gas.
One ("Mmcf") equals one million cubic feet of natural gas.
All reserve references in this press release are "Company
share gross reserves". Company share gross reserves are the
Company's total working interest reserves (operating or
non-operating) before the deduction of any royalty obligation s but
including royalty interests payable the Company. It should not be
assumed that the present worth of estimated future cash flow
presented in the tables above represents the fair market value of
the reserves. There is no assurance that the forecast prices and
costs assumptions will be attained, and variances could be
material. The recovery and reserve estimates of Yangarra's crude
oil, natural gas liquids and natural gas reserves provided herein
are estimates only and there is no guarantee that the estimated
reserves will be recovered. Actual crude oil, natural gas and
natural gas liquids reserves may be greater than or less than the
estimates provided herein.
This press release contains metrics commonly used in the oil
and natural gas industry which have been prepared by management,
such as "recycle ratio", "operating netback", "finding and
development costs", "reserve life index" and "net asset value".
These terms do not have a standardized meaning and may not be
comparable to similar measures presented by other companies and,
therefore, should not be used to make such comparisons.
Management uses these oil and gas metrics for its own
performance measurements and to provide shareholders with measures
to compare Yangarra's operations over time. Readers are cautioned
that the information provided by these metrics, or that can be
derived from metrics presented in this press release, should not be
relied upon for investment or other purposes.
All amounts in this news release are stated in Canadian
dollars unless otherwise specified.
Non-IFRS Financial Measures
This press release contains references to measures used in
the oil and natural gas industry such as "funds flow from
operations", "operating netback", "adjusted working capital
deficit", and "net debt". These measures do not have
standardized meanings prescribed by International Financial
Reporting Standards ("IFRS") and, therefore should not be
considered in isolation. These reported amounts and their
underlying calculations are not necessarily comparable or
calculated in an identical manner to a similarly titled measure of
other companies where similar terminology is used. Where
these measures are used they should be given careful consideration
by the reader. These measures have been described and
presented in this press release in order to provide shareholders
and potential investors with additional information regarding the
Company's liquidity and its ability to generate funds to finance
its operations.
Funds flow from operations should not be considered an
alternative to, or more meaningful than, cash provided by
operating, investing and financing activities or net income as
determined in accordance with IFRS, as an indicator of Yangarra's
performance or liquidity. Funds flow from operations is used
by Yangarra to evaluate operating results and Yangarra's ability to
generate cash flow to fund capital expenditures and repay
indebtedness. Funds flow from operations denotes cash flow
from operating activities as it appears on the Company's Statement
of Cash Flows before decommissioning expenditures and changes in
non-cash operating working capital. Funds flow from operations is
also derived from net income (loss) plus non-cash items including
deferred income tax expense, depletion and depreciation expense,
impairment expense, stock-based compensation expense, accretion
expense, unrealized gains or losses on financial instruments and
gains or losses on asset divestitures. Funds from operations
netback is calculated on a per boe basis and funds from operations
per share is calculated as funds from operations divided by the
weighted average number of basic and diluted common shares
outstanding. Operating netback denotes petroleum and natural
gas revenue and realized gains or losses on financial instruments
less royalty expenses, operating expenses and transportation and
marketing expenses calculated on a per boe basis. Adjusted
working capital deficit includes current assets less current
liabilities excluding the current portion of the amount drawn on
the credit facilities, the current portion of the fair value of
financial instruments and the deferred premium on financial
instruments. Yangarra uses net debt as a measure to assess
its financial position. Net debt includes current assets less
current liabilities excluding the current portion of the fair value
of financial instruments and the deferred premium on financial
instruments, plus the long-term financial obligation.
Readers should also note that adjusted earnings before
interest, taxes, depletion & depreciation, amortization
("Adjusted EBITDA") is a non-IFRS financial measures and do not
have any standardized meaning under IFRS and is therefore unlikely
to be comparable to similar measures presented by other companies.
Yangarra believes that Adjusted EBITDA is a useful supplemental
measure, which provide an indication of the results generated by
the Yangarra's primary business activities prior to consideration
of how those activities are financed, amortized or taxed. Readers
are cautioned, however, that Adjusted EBITDA should not be
construed as an alternative to comprehensive income (loss)
determined in accordance with IFRS as an indicator of Yangarra's
financial performance.
Please refer to the management discussion and analysis for
the year ended December 31, 2021 for
Non- IFRS financial measure reconciliation tables.
Forward Looking Information
This press release contains forward-looking statements and
forward-looking information (collectively "forward-looking
information") within the meaning of applicable securities laws
relating to the Company's plans and other aspects of our
anticipated future operations, management focus, strategies,
financial, operating and production results and business
opportunities. Forward-looking information typically uses words
such as "anticipate", "believe", "continue", "sustain", "project",
"expect", "forecast", "budget", "goal", "guidance", "plan",
"objective", "strategy", "target", "intend" or similar words
suggesting future outcomes, statements that actions, events or
conditions "may", "would", "could" or "will" be taken or occur in
the future, including statements about our production and cashflow
guidance, expectations regarding debt repayments and return of
capital strategies as well as our, plans, objectives, priorities
and focus, growth plans; our estimations on future costs;
volatility of commodity prices, expectations on well economics,
availability and use of cash flow, well performance expectations,
availability of funding and capital plans and currency
fluctuations. Statements relating to "reserves" are also deemed to
be forward-looking statements, as they involve the implied
assessment, based on certain estimates and assumptions, that the
reserves described exist in the quantities predicted or estimated
and that the reserves can be profitably produced in the
future.
The forward-looking information is based on certain key
expectations and assumptions made by our management, including
expectations and assumptions concerning prevailing commodity
prices, exchange rates, interest rates, applicable royalty rates
and tax laws; future production rates and estimates of operating
costs; performance of existing and future wells; reserve volumes;
anticipated timing and results of capital expenditures; the success
obtained in drilling new wells; the sufficiency of budgeted capital
expenditures in carrying out planned activities; benefits to
shareholders of our programs and initiatives, the timing, location
and extent of future drilling operations; the state of the economy
and the exploration and production business; results of operations;
performance; business prospects and opportunities; the availability
and cost of financing, labour and services; the impact of
increasing competition; ability to efficiently integrate assets and
employees acquired through acquisitions, ability to market oil and
natural gas successfully and our ability to access capital.
Although we believe that the expectations and assumptions on
which such forward-looking information is based are reasonable,
undue reliance should not be placed on the forward-looking
information because Yangarra can give no assurance that they will
prove to be correct. Since forward-looking information addresses
future events and conditions, by its very nature they involve
inherent risks and uncertainties. Our actual results, performance
or achievement could differ materially from those expressed in, or
implied by, the forward-looking information and, accordingly, no
assurance can be given that any of the events anticipated by the
forward-looking information will transpire or occur, or if any of
them do so, what benefits that we will derive therefrom. Management
has included the above summary of assumptions and risks related to
forward-looking information provided in this press release in order
to provide security holders with a more complete perspective on our
future operations and such information may not be appropriate for
other purposes.
Readers are cautioned that the foregoing lists of factors are
not exhaustive. Additional information on these and other factors
that could affect our operations or financial results are included
in reports on file with applicable securities regulatory
authorities and may be accessed through the SEDAR website
(www.sedar.com).
These forward-looking statements are made as of the date of
this press release and we disclaim any intent or obligation to
update publicly any forward-looking information, whether as a
result of new information, future events or results or otherwise,
other than as required by applicable securities laws.
All reference to $ (funds) are in Canadian dollars.
Neither the TSX nor its Regulation Service Provider (as that
term is defined in the Policies of the TSX) accepts responsibility
for the adequacy and accuracy of this release.
SOURCE Yangarra Resources Ltd.