CYGAM Announces Q1 Financial Results and Quarterly Filings
May 15 2014 - 4:00PM
Marketwired Canada
CYGAM Energy Inc. (TSX VENTURE:CYG) ("CYGAM", or the "Company"), an emerging oil
and gas company with interests in Tunisia and Italy, has filed its Shareholder
Report, Interim Financial Results and Management Discussion & Analysis for the
three months ended March 31, 2014 pursuant to the requirements of the applicable
securities laws. These filings may be viewed on the Company's web site
(www.cygamenergy.com) or at www.sedar.com.
CYGAM's Q1 results showed the impact of increased oil sales arising from the TT
Field that is contained within the Bir Ben Tartar ("BBT") Concession in the Sud
Remada Permit.
Under the production sharing contract established for the Sud Remada Permit with
the Tunisian state oil company, Enterprise Tunisienne d'Activities Petrolieres
("ETAP"), CYGAM holds a 14 percent working interest through its wholly owned
subsidiary Rigo Oil Company Tunisia Ltd., in partnership with Storm Ventures
International, a subsidiary of Chinook Energy Inc. ("Chinook"), who holds the
remaining 86 percent working interest and operates.
Highlights of the quarter
- Gross production from the TT Field averaged 2,358 bopd (207 bopd
CYGAM net, post ETAP);
- Oil net revenue was $2,182,861, compared to $1,769,392 for the three
months ended March 31, 2013;
- Operating netbacks were $81.13 per barrel (on revenue of $118.36 per
barrel with operating costs of $37.23 per barrel);
- Net loss of $3,444,359 compared to compared to a loss of $119,231
for the three months ended March 31, 2013;
- The March 31, 2014 results included a provision of $3,316,500
(US$3million) to reflect management's best estimate of the net
penalty payable with respect to the Sud Tozeur permit in Tunisia.
A more detailed discussion of the results is included in the MD&A and report to
shareholders, available on the Company's web site or SEDAR.
SELECTED FINANCIAL INFORMATION
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Three Months ended March 31,
2014 2013
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Oil revenue - Tunisia $ 2,182,861 $ 1,769,392
Other income 1,384 3,419
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2,184,245 1,772,811
Operating costs 686,612 454,190
General and administrative 544,931 610,191
Stock based compensation 23,504 30,364
Financing costs 54,360 21,955
Impairment write-down (recovery) 133,068 -
Loss (gain) on sale of exploration assets - -
Exploration expense 15,812 54,120
Permit Penalty 3,316,500 -
Depletion and depreciation 853,816 721,222
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5,628,603 1,892,043
Net loss (3,444,359) (119,231)
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Per share - basic and diluted $ (0.03) $ -
Total non-current financial liabilities $ - $ -
Total assets $ 21,460,144 $ 20,790,766
OPERATING
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Three Months ended March 31,
2014 2013
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Oil revenues $ 2,182,861 $ 1,769,392
Operating costs $ (686,612) $ (454,190)
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Net operating income $ 1,496,248 $ 1,315,201
Depletion and depreciation $ 853,816 $ 721,222
Revenue per boe $ 118.36 $ 111.65
Operating costs per boe $ 37.23 $ 28.66
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Operating income per boe $ 81.13 $ 82.99
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(1) Net operating income and netback are non-IFRS measures. Net operating
income and netback is defined as revenue less operating costs.
(2) Since ETAP pays all taxes and royalties from its share of production,
net operating income is effectively after tax to the Company.
About CYGAM Energy Inc.
CYGAM is a Calgary based exploration company with extensive international
exploration permits and a producing property in Tunisia. The main focus of CYGAM
is the acquisition, exploration and development of international oil and gas
permits, primarily in Italy, Tunisia and the Mediterranean Basin. CYGAM
currently holds various interests in five exploratory permits in Italy plus
three exploratory permits and the BBT Production Concession in Tunisia which
together encompass a total of approximately 2.6 million gross acres.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
FOR FURTHER INFORMATION PLEASE CONTACT:
CYGAM Energy Inc.
David Taylor
President and Chief Executive Officer
david.taylor@cygamenergy.com
CYGAM Energy Inc.
Al Robertson
Chief Financial Officer
(403) 802 6983
al.robertson@cygamenergy.com
www.cygamenergy.com
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