On May 13, Kelt Exploration Ltd. (TO: KEL.TO) detailed its financial results for the first-quarter 2014. The quarter ended March 31, the company said.

Total revenue for the quarter was CA$47.8 million, the company said. Revenue from operations was $26.1 million, and profit was $4.9 million, the company said.

The working capital surplus at the end of the quarter was $123.2 million, the company said.

During the quarter, seven gross oil and natural gas wells were drilled, and one service well was drilled, the company said. At Inga/Fireweed, British Columbia, two gross horizontal wells were drilled, the company added.

Regarding production, the company is “well positioned financially” for the rest of the year’s operations, Kelt noted. The company will focus on hydrocarbons in west-central Alberta and northeastern British Columbia the rest of the year, the company said. An estimated 11,000 barrels of oil equivalent per day are expected for the year, the company noted. Of this amount, 24% should be oil, 6% should be NGL and 70% should be gas, the company said. However, the company expects operating income to come from $47 oil, 10% NGL and 43% gas production, the company added.

The board of directors approved a $250 million capex budget, Kelt said. Of that amount, $198 should be spent on drilling and completions, $34.5 million should be spent on facilities, equipment and pipelines and $30 million should be spent on land and seismic, the company noted.

Commodity prices were estimated to be US$92 per barrel of oil (bbl) and $4.60 per million British thermal units (MMBtu) of natural gas, Kelt said. These estimates fall below full-year 2013’s actual prices of $97.98/bbl and $3.68/MMBtu for Nymex natural gas, the company noted.

Regarding liquidity, Kelt established a new, $100 million term credit facility on May 6, the company said. Estimated debt for the year, net of working capital, should be about $3 million, the company said. There was no outstanding bank debt at the end of the quarter, the company added.

Additionally, on March 25, the company issued 9.8 million shares at $11.60 each, the company said. This equity financing included the issuance of 2.6 million shares on a flow-through basis, at $12.75 each, the company added. Total gross proceeds were $147 million, the company noted. Currently, there are 122.5 million shares issued and outstanding, the company said.

Calgary, Alberta-based Kelt Exploration Ltd. explores, develops and produces oil and natural gas in Alberta and British Columbia.