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Delphi Energy Corp.

Published : May 06th, 2010

Reports Strong Financial and Operational Results for First Quarter 2010

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Keywords :   Canada | Debt | Natural Gas | Oil | Risk Management |

Delphi Energy Corp.

TSX: DEE

May 5, 2010

Delphi Energy Reports Strong Financial and Operational Results for First Quarter 2010

CALGARY, ALBERTA - Delphi Energy Corp. ("Delphi" or the "Company is pleased to announce its financial and operational results for the quarter ended March 31, 2010.

First Quarter 2010 Highlights

-       achieved record quarterly production in the first quarter of 2010 with average daily volumes of 7,645 barrels of oil equivalent per day (boe/d), an increase of 13 percent compared to the first quarter of 2009 and up 11 percent from the fourth quarter of 2009;

-       generated funds from operations (cash flow) of $15.2 million, an increase of 51 percent from the comparative quarter of 2009;

-       generated net earnings of $3.3 million compared to a net loss of $3.3 million in first quarter of 2009, partly due to a 17 percent decrease in the depletion and depreciation rate to $19.85 per boe resulting from capital efficient proved reserve additions;

-       increased oil production by 57 percent, changing the production mix to approximately 16 percent crude oil and natural gas liquids in the first quarter of 2010, contributing to a cash netback of $22.04 per boe, 34 percent greater than the first quarter of 2009;

-       reduced operating costs by 15 percent to approximately $8.71 per boe in the first quarter of 2010 from $10.19 per boe in the first quarter of 2009;

-       realized $2.9 million in hedging gains on commodity contracts compared to $4.0 million in hedging gains in the first quarter of 2009, providing stability to cash flow and the ability to pursue the Company's planned capital program;

-       drilled 16 (10.7 net) wells with an overall success rate of 94 percent; and

-       increased the Company's total undeveloped land holdings by 24 percent to 213,000 net acres as compared to December 31, 2009.

 

Operational Highlights


                                                Three Months Ended March 31
Production                               2010           2009       % Change
----------------------------------------------------------------------------
Natural gas (mcf/d)                    38,349         34,813             10
Crude oil (bbl/d)                         745            475             57
Natural gas liquids (bbl/d)               508            485              5
----------------------------------------------------------------------------
Total (boe/d)                           7,645          6,762             13
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Financial Highlights ($ thousands except per unit amounts)


                                                Three Months Ended March 31
                                         2010           2009       % Change
----------------------------------------------------------------------------
Petroleum and natural gas sales        29,519         24,205             22
 Per boe                                42.91          39.77              8
Funds from operations                  15,157         10,017             51
 Per boe                                22.04          16.47             34
 Per share - Basic                       0.15           0.13             15
 Per share - Diluted                     0.15           0.13             15
Net earnings (loss)                     3,260         (3,320)             -
 Per boe                                 4.75          (5.45)             -
 Per share - Basic                       0.03          (0.04)             -
 Per share - Diluted                     0.03          (0.04)             -
Capital invested                       35,504         14,092            152
Disposition of properties                   -           (151)          (100)
----------------------------------------------------------------------------
Net capital invested                   35,504         13,941            155
Acquisition of properties                 692              -            100
----------------------------------------------------------------------------
Total capital invested                 36,196         13,941            160
----------------------------------------------------------------------------
----------------------------------------------------------------------------


                                    March 31,   December 31,
                                        2010           2009        % Change
----------------------------------------------------------------------------
Debt plus working capital
 deficiency (1)                      113,239         92,538              22
Total assets                         396,444        361,968              10
Shares outstanding (000's)
 Basic                               101,455        101,166               -
 Diluted                             108,704        108,594               -
----------------------------------------------------------------------------
----------------------------------------------------------------------------
(1) excludes risk management asset/liability and the related current future income taxes.



 

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 6, 2010. The conference call number is 1-800-952-4972 or 416-695-7848. 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 13, 2010. To access the replay, dial 1-800-408-3053 or 416-695-5800. The passcode is 8458868. Delphi's first quarter 2010 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 more information, please contact:

 

Delphi Energy Corp.

David J. Reid

President & CEO

(403) 265-6171

 

or

 

Delphi Energy Corp.

Brian Kohlhammer

V.P. Finance & CFO

(403) 265-6171

 

Delphi Energy Corp.

300, 500 - 4 Avenue S.W

Calgary, Alberta

T2P 2V6

Fax: (403) 265-6207

Email: info@delphienergy.ca

Website: www.delphienergy.ca

Forward-Looking Statements. This management discussion and analysis contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", may", "will", "should", believe", "intends", "forecast", "plans", "guidance" and similar expressions are intended to identify forward-looking statements or information.

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Data and Statistics for these countries : Canada | All
Gold and Silver Prices for these countries : Canada | All

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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