Delphi Energy Corp.

Published : May 07th, 2009

Continues Drilling Success at Hythe

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Delphi Energy Corp.

TSX: DEE

May 6, 2009

 

Delphi Energy Continues Drilling Success at Hythe

 

CALGARY, ALBERTA �� Delphi Energy Corp. (“Delphi� or “the Company�) is pleased to announce its financial and operational results for the quarter ended March 31, 2009.

 

First Quarter 2009 Highlights

 

  • Achieved record production of 6,762 barrels of oil equivalent per day (boe/d) in the first quarter of 2009, marking the eighth consecutive quarter of production growth.
  • Generated funds from operations of $10.0 million ($0.13 per basic share).
  • Production volumes at Hythe, Alberta have grown over 400 percent to approximately 2,100 boe/d since acquiring the property in September 2007.
  • Drilled 5 (3.8 net) wells with an overall success rate of 100 percent.
  • Increased the Company’s natural gas hedge position to 52 percent of current production at an average floor price of $7.35 per mcf for the remainder of 2009.
 
Financial Highlights ($ thousands except per unit amounts)
����������������������������������������������� Three Months Ended March 31
�������������������������������������������������� 2009��� ��2008% Change
----------------------------------------------------------------------------
Petroleum and natural gas sales����������������� 24,205��� 32,212������ (25)
 Per boe����������������������������������������� 39.77���� 58.45������ (32)
Funds from operations��������������������������� 10,017��� 17,059������ (41)
 Per boe����������������������������������������� 16.47���� 30.95������ (47)
 Per share - Basic�������������������������������� 0.13����� 0.25������ (48)
 Per share - Diluted������������ ������������������0.13����� 0.25������ (48)
Net earnings (loss)����������������������������� (3,320)���� (739)����� 349
 Per boe����������������������������������������� (5.45)��� (1.34)����� 307
 Per share - Basic������������������������������� (0.04)��� (0.01)����� 300
 Per share - Diluted����������������������������� (0.04)��� (0.01)����� 300
Capital invested�������������������������������� 14,092��� 26,498������ (47)
Disposition of properties������������������������� (151)������� -������ 100
----------------------------------------------------------------------------
Net capital invested���������������������������� 13,941��� 26,498������ (47)
Acquisition of properties���������������������������� -�������� -�������� -
----------------------------------------------------------------------------
Total capital����������������������������������� 13,941��� 26,498������ (47)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
 
����������������������������������������������� Mar. 31�� Dec. 31
�������������������������������������������������� 2009����� 2008% Change
----------------------------------------------------------------------------
Debt plus working capital deficiency (1)������� 113,162�� 109,237�������� 4
Total assets����������������������������������� 363,069�� 364,538�������� -
Shares outstanding (000's)
 Basic������������������������������������������ 79,067��� 79,067�������� -
 Diluted�� ��������������������������������������85,875��� 83,798�������� -
----------------------------------------------------------------------------
----------------------------------------------------------------------------
 
(1) excludes risk management asset and the related current future income tax
��� liability.
 
 
Operational Highlights
 
����������������������������������������������� Three Months Ended March 31
Production���������������������������������������� 2009����� 2008% Change
----------------------------------------------------------------------------
Natural gas (mcf/d)����������������������������� 34,813��� 31,777������� 10
Crude oil (bbl/d)���������������������������������� 475������ 387������� 23
Natural gas liquids (bbl/d)������������������������ 485������ 372������� 30
----------------------------------------------------------------------------
Total (boe/d)������������������������������������ 6,762���� 6,056������� 12
----------------------------------------------------------------------------
----------------------------------------------------------------------------

 

MESSAGE TO SHAREHOLDERS

 

Delphi enjoyed a successful first quarter to start 2009, accomplishing operational growth, strong capital efficiencies and continued financial flexibility to ensure the Company remains well positioned for sustainable long-term, organic growth in any business environment.The global recession continues with commodity prices remaining under pressure, however, Delphi believes it can operate effectively in these challenging times and is in a position of relative strength to many of its peer group.Over the past eight quarters, Delphi has delivered 56 percent growth in production, with 75 percent of this growth coming from the drill bit, funded internally through cash flow.The remaining 25 percent of production growth has been derived from strategic acquisitions.In addition, net debt has been reduced by $5.0 million over this time period.

During the first quarter, the Company drilled five gross (3.8 net) gas wells with a drilling success rate of 100 percent. Four of the five wells drilled in the first quarter and one well (0.5 net), which was drilled during the fourth quarter of 2008, were completed and commenced sales prior to the end of the first quarter.The remaining well (0.05 net) drilled in the first quarter will be completed and tied in to sales during the second half of 2009.In total, 14 separate intervals were completed during the first quarter for an average completion rate of 2.8 zones per well resulting in an average first month production rate per well of approximately 325 boe/d net to Delphi.The focus of the first quarter program was directed towards the Hythe and Bigstone properties to take advantage of the multi-zone nature of these assets, low operating costs and quick on-stream capability associated with owned gathering and processing infrastructure.Total net capital associated with the program for the first quarter was $14.0 million.

 

For the full release, please visit www.delphienergy.ca.

 

CONFERENCE CALL

A conference call is scheduled for 9:00 a.m. Mountain Time (11:00 a.m. Eastern Time) on Thursday, May 7, 2009.The conference call number is 1-866-300-4047 or 416-641-6137. A brief presentation by David Reid, President and CEO and Brian Kohlhammer, VP Finance & CFO will be followed by a question and answer period.

 

If you are unable to participate in the conference call, a taped broadcast will be available until May 14, 2009.  To access the replay, dial 1-800-408-3053 or 416-695-5800.  The passcode is 5524855.Delphi's first quarter 2009 financial statements and management’s discussion and analysis are available on Delphi’s website at www.delphienergy.ca and will be available on SEDAR at www.sedar.com within 24 hours.

 

Delphi Energy is a Calgary-based company that explores, develops and produces oil and natural gas in Western Canada. The Company is managed by a proven technical team. Delphi trades on the Toronto Stock Exchange under the symbol DEE.

 

FOR FURTHER INFORMATION PLEASE CONTACT:

 

DELPHI ENERGY CORP.

300, 500 – 4 Avenue S.W.

Calgary, Alberta

T2P 2V6

Telephone: (403) 265-6171�������� Facsimile: (403) 265-6207

Email: info@delphienergy.ca����� Website: www.delphienergy.ca

 

DAVID J. REID������������ BRIAN P. KOHLHAMMER

President & CEO��������� V.P. Finance & CFO

 

 

Delphi Energy Corp.

CODE : DEE.TO
ISIN : CA2471281014
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Delphi is a exploration company based in Canada.

Delphi is listed in Canada and in United States of America. Its market capitalisation is CA$ 54.9 millions as of today (US$ 39.5 millions, € 36.0 millions).

Its stock quote reached its highest recent level on December 30, 2005 at CA$ 6.15, and its lowest recent point on November 29, 2019 at CA$ 0.05.

Delphi has 156 900 000 shares outstanding.

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Financings of Delphi Energy Corp.
12/2/2011Announces Equity Financing
3/28/2011Closes Flow-Through Financing
6/3/2010Announces Closing of $30.25 Million Equity Offering
5/27/2010Announces Increased Credit Facility
Nominations of Delphi Energy Corp.
3/16/2010Announces Appointment of Directors
Financials of Delphi Energy Corp.
11/14/2013Reports Third Quarter Results
8/15/2013Reports Second Quarter Results
5/16/2013Reports Financial and Operational Results for First Quarter ...
8/9/2012Reports Financial and Operational Results for Second Quarter...
5/9/2012Reports Financial and Operational Results for First Quarter ...
3/15/2012Reports Fourth Quarter and Year End Results
5/26/2011Reports Financial and Operational Results for First Quarter ...
3/17/2011Reports Fourth Quarter and Year End Results
5/6/2010Reports Strong Financial and Operational Results for First Q...
Project news of Delphi Energy Corp.
9/3/2013Releases Midyear 2013 Reserves Update
7/3/2013Reports Continued Montney Drilling Success
6/20/2011Kicks Off Second Half 2011 Drilling Program
2/10/2011Reports 10 Million BOE in Reserve Additions
Corporate news of Delphi Energy Corp.
6/15/2016Delphi Energy Announces Closing of $60 Million Offering
6/3/2016Delphi Energy Announces Increase and Pricing of Offering
6/2/2016Delphi Energy Announces Voting Results from its Annual Gener...
5/28/2016Delphi Energy Announces Filing of Preliminary Short Form Pro...
5/28/2016Delphi Energy Announces Banking Update
5/11/2016Delphi Energy Reports First Quarter 2016 Results
12/29/2015Delphi Energy Provides Update
11/3/2015Delphi Energy Announces Closing of Disposition of Hythe Asse...
10/15/2015Delphi Energy Announces Agreement to Sell Greater Hythe Asse...
8/10/2015Delphi Energy Reports Second Quarter Results
7/23/2015Delhi Energy Announces Closing of Disposition of Wapiti Asse...
7/23/2015Delphi Energy Announces Closing of Disposition of Wapiti Ass...
7/2/2015Delphi Energy Grants an Extension to Closing of Greater Wapi...
3/20/2015Delphi Energy Releases Year End 2014 Reserves
3/20/2015Delphi Reports 2014 Year End Results
3/19/2015Delphi Energy Reports 2014 Year End Results
2/26/2015Delphi Energy Releases Year End 2014 Reserves
12/19/2014Delphi Energy Announces Increased Credit Facility
11/13/2014Delphi Energy Reports Third Quarter Results
10/23/2014Delphi Energy Provides Operations Update
9/10/2014IIROC Trade Resumption - DEE
9/9/2014IIROC Trading Halt - DEE
9/9/2014Delphi Energy Montney Success Continues
8/14/2014Delphi Energy Reports Second Quarter Results
7/24/2014Delphi Energy Provides Operations Update
6/13/2014Delphi Energy Corp. - Archive Webcast of June 11, 2014 EPAC ...
6/3/2014Delphi Energy Announces Annual Meeting Results
5/14/2014Delphi Energy Reports Record Quarterly Results
3/31/2014Delphi Energy Announces Increased Credit Facility and Provid...
3/19/2014Delphi Energy Reports 2013 Year End Results
12/23/2013Announces Funding Arrangement and Provides Operations Update
11/26/2013Reports Continued Success at Bigstone
10/23/2013Reports Continued Drilling Success
9/10/2013Continues Growth in Bigstone Montney Land Position
3/26/2013Acquires Additional Montney Assets in Bigstone
3/21/2013Reports 2012 Year End Results
12/12/2012Increases Bigstone Montney Exposure by 60 Percent With Recen...
9/10/2012- Peters & Co. Limited 2012 Energy Conference Webcast - ...
7/30/2012Reports Tests Results From Third Montney Well at Bigstone Ea...
7/24/2012Announces Closing of Disposition of Cardium Interests
6/28/2012Announces Agreement to Sell Cardium Interests for $23 Millio...
5/22/2012Commences Production at Its Bigstone East Montney Project
3/22/2012Provides Bigstone Operations Update
3/22/2012Provides Bigstone Operations Update
3/1/2012Increases Year End 2011 Reserves to Over 40 Million BOE with...
1/19/2012Completes First Bigstone Montney Well
7/28/2011Reports Record Production of 8,906 BOE/D For Second Quarter ...
5/18/2011Announces Increased Credit Facilities
3/18/2011Announces $9 Million Non-Brokered Private Placement Financin...
3/9/2011Reports Continued Success in the Nikanassin
2/17/2011Winter Program Delivering Results
5/13/2010Announces Equity Financing
4/1/2010Files 2009 Annual Information Form - AGM Scheduled May 20, 2...
1/13/2010Provides Operational Update
10/6/2009Announces Take-Up of Shares and Extension of Offer to Acquir...
9/10/2009Announces Financing
9/1/2009Announces Closing of Wapiti/Gold Creek Acquisition and Maili...
8/21/2009to Acquire Fairmount Energy
11/6/2008Reports 44% Increase in Cash Flow on Record Production
9/25/2008Validates Hythe Growth Potential With Recent Drilling Succes...
8/1/2008Achieves Record Production, Strengthens Balance Sheet in Q2 ...
7/25/2008Closing of Peace River Arch Acquisition
6/27/2008Announces Peace River Arch Acquisition and Financing
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