On May 30, Lynden Energy Corp. (TSXV: LVL.V) gave its financial results for the nine months ended March 31, 2014.
The company’s net earnings at the end of the nine months were about US$14.8 million, up from about $11.1 million in the same period in 2013, Lynden said.
Total income was about $14.1 million, up from about $11.2 million in the nine months ended March 31, 2013, the company added.
There was about $21.6 million in total revenues, the company said, adding that gross petroleum and natural gas (P&NG) revenues stood at about $28.3 million, above the nine months ended March 31, 2013. Then, P&NG revenues were roughly $18 million. These revenues from commodities were from the company’s Wolfberry wells in the West Texas Permian Basin, Lynden noted.
Commodity prices during the nine months ended March 31, 2014 were $96 per barrel of oil (bbl) and $5.08 per thousand cubic feet (Mcf) of natural gas, Lynden said. These prices were higher than those in the nine months ending March 31, 2013. Prices then were $86/bbl of oil and $4.77/Mcf of natural gas, the company added.
Regarding liquidity, Lynden has a $100 million reduced revolving line of credit, the company said. On March 31, the line had a $25 million borrowing base, the company added. Currently, $15.75 million has been drawn, Lynden noted. The borrowing base might be raised to $32 million, depending on document approvals by June 30, the company said.
The company forecast that capex for June 1 to Dec. 31 should be between $18.4 million and $19.4 million, Lynden said. Capex should be funded through operating revenues, credit drawdowns and about $12.8 million in cash, the company added.
Vancouver, British Columbia-based Lynden Energy Corp. acquires and develops oil and natural gas in the U.S. Permian Basin in West Texas.
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