NuVista Energy Ltd.: Announcing First Quarter Results
CALGARY, ALBERTA--(CCNMatthews - May 12, 2004) - NuVista Energy
Ltd. ("NuVista") is pleased to announce today its financial and
operating results for the three months ended March 31, 2004 as
follows:
/T/
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Three Months Ended,
----------------------- July 2 to
March 31, December 31, September 30,
Corporate Highlights 2004 2003 2003
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Financial
($ thousands, except per share)
Production revenue 15,456 12,735 12,399
Cash flow from operations (1) 9,599 8,052 7,554
Per share - basic 0.26 0.22 0.21
Per share - diluted 0.25 0.21 0.20
Net income (2) 3,732 2,878 2,746
Per share - basic (2) 0.10 0.08 0.08
Per share - diluted (2) 0.10 0.08 0.07
Total assets 95,602 94,415 81,832
Bank loan, net of working capital 10,684 13,079 7,586
Shareholders' equity 76,732 72,775 69,439
Capital expenditures 7,174 13,437 7,523
Weighted average common shares
outstanding (thousands)
Basic 37,335 37,338 35,382
Diluted 38,515 38,355 37,846
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Operating
(boe conversion - 6:1 basis)
Production:
Natural gas (mmcf/day) 20.9 19.7 17.8
Crude oil (bbls/day) 1,174 1,035 983
Total oil equivalent (boe/day) 4,651 4,316 3,949
Product prices:
Natural gas ($/mcf) 6.35 5.64 6.02
Crude oil (bbls/day) 31.85 26.56 29.70
Operating expenses:
Natural gas ($/mcf) 0.63 0.60 0.56
Crude oil ($/bbl) 3.91 4.38 4.26
Total oil equivalent ($/boe) 3.81 3.79 3.58
General and administrative
expenses ($/boe) 0.35 0.35 0.35
Cash costs ($/boe) 4.31 4.38 4.77
Cash flow netback ($/boe) (1) 22.68 20.28 21.02
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Notes:
(1) Cash flow from operations is used before changes in non-cash working
capital to analyze operating performance and leverage. Cash flow
does not have a standardized measure prescribed by Canadian
Generally Accepted Accounting Principles and therefore may not be
comparable with the calculations with similar measures for other
companies.
(2) Net income and net income per share for 2003 have been restated for
the adoption of new accounting standards for asset retirement
obligations and stock based compensation. See Note 1 of the
interim consolidated financial statements for details of this
restatement.
/T/
MESSAGE TO SHAREHOLDERS
NuVista Energy Ltd. ("NuVista") is pleased to report to
shareholders its financial and operating results for the three
months ended March 31, 2004. The results of the first quarter of
2004 represents the third consecutive quarter of continuous
profitable growth for NuVista since its creation through the Plan
of Arrangement involving Bonavista Petroleum Ltd. ("Bonavista")
and Bonavista Energy Trust (the "Trust") on July 2, 2003.
In the first quarter of 2004, NuVista experienced another
successful quarter, having drilled 18 wells with an average
working interest of 75%. The success rate of 89% in this
drilling program resulted in 11 natural gas wells and five oil
wells. Of these wells, nine were medium depth natural gas wells
drilled in the Eastern Alberta Natural Gas Region. These natural
gas wells were drilled late in the first quarter of 2004 and
brought on stream in May 2004. In the second quarter of 2004,
NuVista has agreed to two minor acquisitions in the Eastern
Alberta Natural Gas Region and will have added emphasis on
natural gas with a 20 well drilling program in this area. NuVista
has evaluated and submitted proposals on a number of acquisition
opportunities in the first quarter of 2004. However, the
acquisition market has remained very competitive in this high
commodity price environment and NuVista was unable to complete
any large transactions which met our asset quality or economic
criteria. Despite not having completed any major acquisitions
and only spending 75% of cash flow in the first quarter of 2004,
NuVista still grew its production by 8% over the fourth quarter
of 2003, with focused efforts towards low cost reserve additions
through the drill bit. Although we remain committed to our
disciplined approach, with a large number of opportunities coming
to market in the middle to latter part of 2004 we are optimistic
that NuVista will complete acquisitions which meets our criteria.
In the meantime, NuVista will continue to focus on organic growth
through active land and seismic acquisitions and an increased
number of drilling prospects. NuVista is committed to employing
the same proven strategy for profitable growth and stewardship of
capital, which resulted in Bonavista's success over the past six
years.
The significant highlights of NuVista include:
- Since inception, increased production by 33% to average 4,651
boe per day for the first quarter of 2004, consisting of 20.9
mmcf per day of natural gas and 1,174 bbls per day of crude oil
from the 3,500 boe per day consisting of 15.0 mmcf per day of
natural gas and 1,000 bbls per day of crude oil on July 2, 2003.
This significant growth was accomplished while capital
expenditures were only 1.1 times cash flow during this period;
- Increased undeveloped land to over 251,000 net acres from the
171,881 net acres on commencement of operations, further
enhancing the drilling prospect inventory in this Core Region.
In addition, NuVista has optioned over 25,000 net acres of
undeveloped land through farm-in commitments with industry
partners;
- Reduced cash costs to $4.31 per boe for the first quarter of
2004, leaving NuVista in the top decile of its industry peers;
- Participated in 26 (19.3 net) wells with an overall success
rate of 85% for the year to date in 2004;
- Shot 262 miles of 2D and 35 square miles of 3D seismic to
further enhance the prospectivity of NuVista's undeveloped land
thus far in 2004; and
- Presently in discussions with its bankers to expand the
borrowing capability of NuVista to in excess of $40 million.
MANAGEMENT'S DISCUSSION AND ANALYSIS
Management's discussion and analysis ("MD&A") of financial
conditions and results of operations should be read in
conjunction with the unaudited financial statements for the three
months ended March 31, 2004. Barrels of oil equivalent ("boe")
have been calculated using a conversion rate of six thousand
cubic feet of natural gas to one barrel of oil.
Forward-Looking Statements - Certain information set forth in
this document, including management's assessment of NuVista's
future plans and operations, contains forward-looking statements.
By their nature, forward-looking statements are subject to
numerous risks and uncertainties, some of which are beyond
NuVista's control, including the impact of general economic
conditions, industry conditions, volatility of commodity prices,
currency fluctuations, imprecisions of reserve estimates,
environmental risks, competition from other industry
participants, the lack of availability of qualified personnel or
management, stock market volatility and ability to access
sufficient capital from internal and external sources. Readers
are cautioned that the assumptions used in the preparation of
such information, although considered reasonable at the time of
preparation, may prove to be imprecise and, as such, undue
reliance should not be placed on forward-looking statements.
NuVista's actual results, performance or achievement could differ
materially from those expressed in, or implied by, these
forward-looking statements, or if any of them do so, what
benefits that NuVista will derive therefrom. NuVista disclaims
any intention or obligation to update or revise any
forward-looking statements, whether as a result of new
information, future events or otherwise.
New accounting policies - In the first quarter of 2004, NuVista
adopted and implemented new accounting policies pursuant to
requirements of the Canadian Institute of Chartered Accountants
("CICA") Handbook. The new accounting policies adopted included:
"Stock-based Compensation and Other Stock-based Payments", "Asset
Retirement Obligations" and "Hedge Accounting" and are detailed
further in Note 1 of the Notes to the Consolidated Financial
Statements.
Operating activities - NuVista's exploration and development
program for the period ended March 31, 2004 led to the drilling
of 18 (13.5 net) wells, with an overall success rate of 89%. This
program resulted in 11 natural gas wells, five oil wells and two
dry holes. NuVista operated 15 of the 18 wells, with an average
working interest of 75% in the operated wells. During the
quarter, NuVista also participated in three non-operated wells
with an average working interest of 40% in these wells. NuVista
continues to actively drill, with 66 wells planned for the
remainder of the year.
Production - NuVista's production results for the three months
ended March 31, 2004 benefited from continued success in its
Eastern Core Region drilling program. NuVista's average
production of 4,651 boe per day for the first quarter of 2004
represents an increase of 8% over the fourth quarter of 2003 and
a 13% increase over the last half of 2003. Production consisted
of 20.9 mmcf per day of natural gas and 1,174 bbls per day of
crude oil. NuVista has recently drilled 4 horizontal and 3
vertical oil wells at Amisk. These wells will be brought on
stream in the second quarter of 2004, along with production from
the first quarter natural gas drilling program.
Revenues - Revenues for the three months ended March 31, 2004
were $15.5 million a 22% increase from $12.7 million for the
three months ended December 31, 2003. These revenues were
comprised of $12.1 million of natural gas revenues and $3.4
million of crude oil revenues in 2004. The increase in revenues
for the three months ended March 31, 2004 versus December 31,
2003, results from an 8% increase in production and an increase
in the prices of natural gas to $6.35 per mcf from $5.64 per mcf
and crude oil to $31.85 per bbl from $26.56 per bbl respectively.
Royalties - Royalties for the reporting period were $4.0 million,
an average rate of 26.1% versus $3.0 million or 23.2% for the
three months ended December 31, 2003. Natural gas royalties were
$3.4 million with an average royalty rate of 28.6% and crude oil
royalties were $587,000 with an average royalty rate of 17.3%.
For the three months ended December 31, 2003, the natural gas
royalty rate was 25.3% and the crude oil royalty rate was 14.6%.
Operating expenses - Operating expenses for the period ended
March 31, 2004 were $1.6 million, a 7% increase from $1.5 million
for the three months ended December 31, 2003. This increase
resulted primarily from the higher production in the three months
ended March 31, 2004 from the three months ended December 31,
2003. Natural gas operating expenses averaged $0.63 per mcf and
crude oil expenses were $3.91 per bbl in the first quarter of
2004 as compared to $0.60 per mcf and $4.38 per bbl respectively
for the three months ended December 31, 2003. On a boe basis,
operating costs were flat at $3.81 per boe in the first quarter
of 2004 as compared to $3.79 per boe for the three months ended
December 31, 2003, in spite of cost pressures facing the
industry, leaving NuVista in the top decile for oil and natural
gas companies in its peer group. Overall, NuVista's cash costs
which include operating, general and administrative, interest
expenses and Large Corporation Tax has consistently declined
since inception to average $4.31 per boe in the first quarter of
2004. This too would place it in the top decile in its peer group
in this performance criteria.
General and administrative - General and administrative expenses,
net of overhead recoveries were $149,000 or $0.35 per boe for the
three months ended March 31, 2004. Included in these expenses is
an allocation of $260,000 from Bonavista, pursuant to the
Technical Services Agreement entered into as part of the Plan of
Arrangement. The Technical Services Agreement allowed NuVista to
initiate and continue with successful and active programs,
through the use of Bonavista's personnel in managing its
operations and at the same time take advantage of Bonavista's low
overhead cost structure. In addition, as a result of adopting the
new accounting rules, NuVista recorded a stock based non-cash
compensation charge of $232,000 in connection with both of the
Class B Performance shares and stock options.
Interest expenses - Interest expense for the reporting period was
$51,000 for the first quarter of 2004 or $0.12 per boe versus
$38,000 or $0.10 per boe for the three months ended December 31,
2003 because of slightly higher average debt levels in the
current quarter. Currently, NuVista's average borrowing rate is
approximately 3.2%.
Depreciation, depletion and accretion expenses - Depreciation,
depletion and accretion expenses were $3.2 million for the
period. The average cost per unit was $7.63 per boe in the first
quarter of 2004 versus $7.28 per boe for the three months ended
December 31, 2003 and is based on the allocation of Bonavista's
net book value to NuVista on July 2, 2003 and capital spending
program to March 31, 2003. The overall depreciation, depletion
and accretion rate has been reduced as a result of the
retroactive adoption of the new accounting rules relating to
asset retirement obligations.
Income and other taxes - The provision for income and other taxes
was $2.4 million for an effective tax rate of 39%. Included in
the future income tax provision is $258,000 resulting from the
reduction in future tax asset because of the reduction in Alberta
Corporate Income Tax rate.
Capital expenditures - Capital expenditures were $7.2 million
during the first quarter of 2004 and consisted of only
exploration and development spending. These expenditures were
considerably lower than the planned amount of approximately $17.6
million for the quarter, NuVista did not complete any
acquisitions in the quarter. However NuVista still exceeded its
production and cash flow targets for the current reporting
period.
Cash flow and net income - For the three months ended March 31,
2004, NuVista's cash flow was $9.6 million ($0.26 per share), a
19% increase from $8.1 million ($0.22 per share) for the three
months ended December 31, 2003. Net income increased 30% during
the period to $3.7 million ($0.10 per share) from $2.9 million
($0.08 per share), restated for the three months ended December
31, 2003. These increases resulted from stronger commodity prices
and increased production rates for the reporting period in 2004
and allow NuVista to maintain a strong net income to cash flow
ratio of almost 39%.
Liquidity and capital resources - As at March 31, 2004, total
bank debt (net of working capital) was $10.7 million, resulting
in a debt to cash flow ratio of approximately 0.3 to 1. NuVista
has approximately $21.3 million of unused bank borrowing
capability based on the current line of credit of $32 million,
which provides substantial flexibility to fund expanded capital
programs into the future.
BUSINESS RISKS AND OUTLOOK
NuVista's management remains committed to the same principles and
disciplined growth strategy that led to the tremendous success of
Bonavista. With an undeveloped land base exceeding 251,000 net
acres, an increased drilling inventory coupled with our strong
balance sheet position, NuVista is positioned to continue posting
strong operational and financial results for the remainder of
2004 and beyond. NuVista continues to work towards a base capital
budget of $70 million for 2004, which will result in the drilling
of 70 to 80 wells. NuVista will continue to focus on its core
strategy of applying technical expertise to its operating regions
in a prudent and disciplined manner, through both the drill bit
and strategic acquisitions. The execution of these strategies
will enable NuVista to continue to grow its production, cash flow
and net income consistently and profitability. With continued
expectations of exploration, development and acquisition success,
NuVista is in an excellent position to average between 5,400 and
5,800 boe per day in 2004. With the current commodity price
environment, NuVista is positioned to exceed previous estimates
of $1.15 per share, with forecasted cash flow to be in the range
of $1.25 per share to $1.35 per share. Furthermore, our solid
financial position with a 0.3:1 debt to cash flow ratio will
enable us to execute our 2004 capital program and remain
positioned to pursue additional strategic opportunities as they
arise. Given the high commodity price environment and
corresponding high prices currently being paid for property and
corporate acquisitions, NuVista has not executed any major
acquisitions of the 2004 capital budget. However, acquisition
opportunities are currently abundant and we remain confident our
disciplined and detailed analysis will lead to the consummation
of larger acquisitions in the middle to latter part of 2004.
Regardless of environment, NuVista has positioned itself to
deliver profitable long term growth. We remain unwavering in our
commitment to enhance shareholder value by accessing the broad
depth and expertise of the Bonavista team in a diligent and
prudent manner.
/T/
Consolidated Balance Sheets
(thousands) March 31, December 31,
2004 2003
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(unaudited) (audited)
(restated)
Assets
Accounts receivable $ 5,814 $ 6,251
Oil and natural gas properties
and equipment 83,271 79,243
Future tax asset 6,517 8,922
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$ 95,602 $ 94,416
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Liabilities and Shareholders' Equity
Accounts payable and accrued liabilities $ 10,039 $ 12,402
Bank loan 6,459 6,928
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16,498 19,330
Asset retirement obligation 2,372 2,311
Shareholders' equity:
Share capital 66,683 66,690
Contributed surplus 693 461
Retained earnings 9,356 5,624
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76,732 72,775
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$ 95,602 $ 94,416
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Statements of Operations and Retained Earnings
Three
(thousands, except per share amounts) Months ended
March 31, 2004
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(unaudited)
Revenues:
Production $ 15,456
Royalties, net of Alberta Royalty Tax Credit (4,033)
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11,423
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Expenses:
Operating 1,613
General and administrative 149
Financing charges 51
Stock based compensation expense 232
Depreciation, depletion and accretion 3,230
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5,275
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Income before income and other taxes 6,148
Income and other taxes 2,416
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Net income 3,732
Retained earnings, beginning of period 5,668
Retroactive application of changes
in accounting policies (Note 1) (44)
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Retained earnings, end of period $ 9,356
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Net income per share - basic $ 0.10
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Net income per share - diluted $ 0.10
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Statements of Cash Flows Three
(thousands) Months ended
March 31, 2004
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(unaudited)
Cash provided by (used in):
Operating Activities:
Net income $ 3,732
Items not requiring cash from operations:
Depreciation, depletion and accretion 3,230
Stock based compensation expense 232
Future income taxes 2,405
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Funds flow from operations 9,599
Asset retirement expenditures (23)
Decrease in non-cash working capital items (1,926)
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7,650
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Financing Activities:
Issuance of share capital, net of share issue costs (7)
Decrease in bank loan (469)
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(476)
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Investing Activities:
Oil and natural gas properties and equipment additions (7,174)
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(7,174)
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Decrease in cash -
Cash, beginning of period -
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Cash, end of period $ -
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/T/
SELECTED NOTES TO INTERIM FINANCIAL STATEMENTS
(unaudited)
Three months ended March 31, 2004.
The unaudited interim consolidated financial statements have been
prepared by management in accordance with Canadian Generally
Accepted Accounting Principles (GAAP), using the same accounting
policies as those set out in note 1 to the consolidated financial
statements for the year ended December 31, 2003 except as noted
below. These interim consolidated financial statements should be
read in conjunction with the consolidated financial statements
for the period from July 2, 2003 to December 31, 2003.
1. Changes in accounting policies:
a) Oil and natural gas assets:
Oil and natural gas assets are evaluated in each reporting period
to determine that the carrying amount in a cost centre is
recoverable and does not exceed the fair value of the properties
in the cost centre.
The carrying amounts are assessed to be recoverable when the sum
of the undiscounted cash flows expected from the production of
proved reserves, the lower of cost and market of unproved
properties and the cost of major development projects exceeds the
carrying amount of the cost centre. When the carrying amount is
not assessed to be recoverable, an impairment loss is recognized
to the extent that the carrying amount of the cost centre exceeds
the sum of the discounted cash flows expected from the production
of proved and probable reserves, the lower of cost and market of
unproved properties and the cost of major development projects of
the cost centre. The cash flows are estimated using expected
future product prices and costs and are discounted using a
risk-free interest rate.
Effective January 1, 2004, NuVista adopted the new accounting
standard relating to full cost accounting. The adoption of this
new policy on January 1, 2004 resulted in no write-down to the
carrying value of oil and natural gas assets. Prior to January 1,
2004 the ceiling test amount was the sum of the undiscounted cash
flows expected from the production of proved reserves, the lower
of cost or market of unproved properties and the cost of major
development projects less estimated future costs for
administration, financing, site restoration and income taxes. The
cash flows were estimated using period end prices and costs.
NuVista has performed the ceiling test under AcG-16 as of January
1, 2004. The impairment test was calculated using the benchmark
reference prices at January 1 for the years 2004 to 2008 and
thereafter as follows and adjusted for commodity differentials
specific to NuVista:
/T/
Average Price Forecasts:
Year
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2004 2005 2006 2007 2008
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WTI ($U.S./bbl) 29.00 26.50 25.50 25.00 25.00
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AECO ($Cdn/mcf) 5.80 5.47 5.14 4.94 4.78
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/T/
b) Asset retirement obligations:
NuVista adopted CICA Handbook Section 3110 "Asset Retirement
Obligations". This change in accounting policy has been applied
retroactively with the restatement of the prior period presented
for comparative purposes. Previously, NuVista recognized a
provision for future site reclamation and abandonment costs
calculated on the unit-of-production method over the life of the
oil and natural gas properties based on total estimated proved
reserves and the estimated future liability.
As a result of this change, net income for the period from
inception on July 2, 2003 to December 31, 2003 increased by
$313,000 ($481,000 net of a future income tax expense of
$168,000). The Asset Retirement Obligation increased by $1.0
million, oil and natural gas properties net increased by $252,000
and share capital increased by $1.4 million as at December 31,
2003. Basic and diluted net income per share increased by $0.01,
as a result of the retroactive application of this new accounting
policy. The completion of this change in accounting resulted in
an increase of $313,000 to retained earnings as at January 1,
2004.
c) Stock-based compensation
NuVista has retroactively adopted the new accounting standard for
stock-based compensation, which requires the use of the fair
value method for valuing stock option grants on or after January
1, 2002. Under this method, the compensation cost attributable to
all share options granted is measured at fair value at the grant
date and expensed over the vesting period with a corresponding
increase to contributed surplus. Upon the exercise of the stock
options, consideration received together with the amount
previously recognized in contributed surplus is recorded as an
increase to share capital. NuVista has incorporated an estimated
forfeiture rate of 10% for stock options that will not vest.
As a result of adopting the new accounting standard on a
retroactive basis, net income for the period from July 2, 2003 to
December 31, 2003 decreased by $357,000, and contributed surplus
increased by $357,000. Basic and diluted net income per share
decreased $0.01 as a result of adopting this new accounting
policy. The completion of this change in accounting policy
resulted in a decrease of $357,000 to retained earnings as at
January 1, 2004.
d) Hedge relationships
The Canadian Institute of Chartered Accountants ("CICA") issued
Accounting Guideline 13 - Hedging Relationships, which deals with
the identification, designation, documentation and effectiveness
of hedging relationships for the purpose of applying hedge
accounting. The guideline establishes conditions for applying
hedge accounting. The guideline is effective for fiscal years
beginning on or after July 1, 2003. Where hedge accounting does
not apply, any changes in the fair value of the financial
derivative contracts relating to a financial period can either
reduce or increase net income and net income per share for that
period.
2. Asset retirement obligations:
NuVista's asset retirement obligations result from net ownership
interests in oil and natural gas assets including well sites,
gathering systems and processing facilities. NuVista estimates
the total undiscounted amount of cash flows required to settle
its asset retirement obligations is approximately $7.9 million
which will be incurred over the next 51 years. The majority of
the costs will be incurred between 2018 and 2034. A
credit-adjusted risk-free rate of 7.5% was used to calculate the
fair value of the asset retirement obligations.
A reconciliation of the asset retirement obligations is provided
below:
/T/
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Three Months Period from
ended July 2, to
March 31, 2004 December 31, 2003
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(thousands)
Balance, beginning of period $ 2,311 $ 2,130
Accretion expense 60 85
Liabilities incurred 24 206
Liabilities settled (23) (110)
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Balance, end of period $ 2,372 $ 2,311
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/T/
3. Share capital:
As at March 31, 2004 there were 37,334,418 common shares and
1,193,750 Class B Performance Shares outstanding. In addition,
there were 1,406,150 stock options, with an average exercise
price of $6.40 per share as at March 31, 2004.
4. Hedging activities:
As at March 31, 2004, NuVista has entered into physical purchase
contracts to sell 200 bbls per day for the period from April 1,
2004 to September 30, 2004 at prices ranging from US $27.50 per
bbl to US $28.50 per bbl. In addition, NuVista has sold 1,000
gj's per day for the period from April 1, 2004 to October 31,
2004 by way of a costless collar with a floor price $5.00 per gj
and a ceiling price of $6.25 per gj at AECO.
INVESTOR INFORMATION
NuVista is an independent Canadian oil and natural gas
exploration, development and production company with its common
shares trading on the Toronto Stock Exchange under the symbol
"NVA".
Corporate information provided herein contains forward-looking
information. The reader is cautioned that assumptions used in the
preparation of such information, which are considered reasonable
by NuVista at the time of preparation, may be proven to be
incorrect. Actual results achieved during the forecast period
will vary from the information provided herein and the variations
may be material. There is no representation by NuVista that
actual results achieved during the forecast period will be the
same in whole or in part as those forecast.
-30-NuVista Energy Ltd.
Keith A. MacPhail
Chairman
(403) 213-4315
or
NuVista Energy Ltd.
Alex G. Verge
President and Chief Executive Officer
(403) 213-4306
or
NuVista Energy Ltd.
Glenn A. Hamilton
Vice President and Chief Financial Officer
(403) 213-4302
Website: www.nuvistaenergy.com
