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Updated: 2 hours 47 min ago

Avenir LNG Limited - Private Placement Successfully Completed

3 hours 41 sec ago

Bermuda, 13 November 2018 - Reference is made to the stock exchange release on 1 October 2018 where Stolt-Nielsen Limited, Golar LNG Limited and Höegh LNG Holdings Limited (collectively the 'Sponsors') announced a combined investment commitment of USD 182 million in Avenir LNG Ltd ('Avenir' or the 'Company') and a contemplated subsequent equity raise in the Company (the 'Private Placement'). The investment will be contributed as cash and equity-in-kind and will partly fund the construction of four 7,500cbm small-scale LNG carriers currently under construction at Keppel Singmarine in Nantong, China, two 20,000cbm small-scale LNG carriers on order from Sinopacific Offshore Engineering in Nantong, China and 80% ownership in an LNG terminal and distribution facility under development in the Italian port of Oristano, Sardinia.

Avenir LNG has the ambition to become the leading provider of small scale LNG for the Power, Bunkering, Trucking and Industrial markets through supplying low-cost LNG using innovative technology and leveraging from its Sponsors' know-how and existing LNG infrastructure.

The Company is pleased to announce that the first step in the capitalisation of Avenir, a Private Placement of 110,000,000 new shares (the 'Offer Shares') at a par price of USD 1.00 per share, which has now been successfully completed at a subscription price of USD 1.00 per share.

This placement was split in two tranches. Tranche A consisted of 99,000,000 new shares that were subscribed for by Stolt-Nielsen Ltd (through Stolt-Nielsen LNG Holdings Ltd.), (49,500,000 Shares), Golar LNG Limited (24,750,000 Shares) and Höegh LNG Holdings Ltd (24,750,000 Shares). This Tranche has closed.

Tranche B consisted of 11,000,000 new shares and was placed with a group of institutional and other professional investors on 8 November. Tranche B will close today, 13 November 2018.

The Company will, once Tranche B is closed, have an issued share capital of USD 110,000,000 divided into 110,000,000 common shares, each with a nominal value of USD 1.00. Stolt-Nielsen LNG Holdings Ltd. will hold 45% of the shares, each of Golar LNG Limited and Höegh LNG Holdings Limited will hold 22.5% while the remainder will be initially held by the subscribers in Tranche B.

The Company's shares will be listed on the N-OTC list with effect from 14 November 2018.

Clarksons Platou Securities AS, Danske Bank Norwegian branch, DNB Markets, a part of DNB Bank ASA, Fearnley Securities AS, Nordea Bank Abp. Filial Norge, Pareto Securities AS, Swedbank Norge, branch of Swedbank AB (Publ.) in cooperation with Kepler Cheuvreux and Skandinaviska Enskilda Banken AB (publ.) (Oslo Branch) acted as managers in the Private Placement.

 

About Avenir LNG Limited:

Avenir LNG Limited is a Bermuda registered company established for the purpose of developing the small scale global LNG market by sourcing, shipping, storing and distributing LNG to the end customer in areas of stranded demand.

 

FORWARD LOOKING STATEMENTS

This press release contains certain forward-looking statements concerning future events and Golar's operations, performance and financial condition. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and may contain the words "believe", "anticipate", "expect", "estimate", "project", "will be", "will continue", "will likely result", "plan", "intend" or words or phrases of similar meanings. These statements involve known and unknown risks and are based upon a number of assumptions and estimates that are inherently subject to significant uncertainties and contingencies, many of which are beyond Golar's control. Actual results may differ materially from those expressed or implied by such forward-looking statements.  Important factors that could cause actual results to differ materially include, but are not limited to, those factors listed from time to time in the reports and other documents Golar files with the United States Securities and Exchange Commission.  

New factors emerge from time to time, and it is not possible for Golar to predict all of these factors. Further, Golar cannot assess the impact of each such factor on its business or the extent to which any factor, or combination of factors, may cause actual results to be materially different from those contained in any forward-looking statement. Golar does not intend to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Golar's expectations with respect thereto or any change in events, conditions or circumstances on which any such statement is based.

 

Hamilton, Bermuda

November 13, 2018

Enquiries:

Golar Management Limited: + 44 207 063 7900

Graham Robjohns

Stuart Buchanan

Categories: State

RigNet Introduces Enhanced Cyber Services for Energy

3 hours 20 min ago

HOUSTON, Nov. 13, 2018 (GLOBE NEWSWIRE) -- RigNet, Inc. (NASDAQ: RNET), a global leader in customized communications services, today introduced its Enhanced Cyber Services (ECS); the first offering is tailored to improve data and system security for energy companies by providing real-time threat detection, network visualization, and advanced investigative capabilities.

RigNet's ECS will enable customers to work with a single vendor that augments their existing cybersecurity personnel, which can substantially reduce OPEX when compared with the cost of hiring cybersecurity professionals. Working in conjunction with RigNet's security operation center (SOC), ECS will employ advanced intrusion-prevention tools to continuously monitor cyber threats.

"Among the tools our ECS will be using is a platform from artificial intelligence (AI) pioneer Darktrace, the world leader in cyber AI for cyber-threat detection and cyber-attack defense," says RigNet President and CEO, Steven Pickett. "The capabilities Darktrace gives us along with Cyphre, our advanced data-encryption technology, enables RigNet to provide O&G customers the most complete suite of cyber-security services for the protection of their data and networks."

"Darktrace's partnership with RigNet is coming at a critical time," says Gary Szukalski, Chief Channel Management Officer at Darktrace. "The increasing convergence of IT and OT environments is dramatically expanding the threat surface of industrial control systems, while threats to SCADA are increasingly advanced. Organizations will now be able to benefit jointly from RigNet's expertise in the oil and gas and maritime industries and Darktrace's world-leading cyber AI. Not only will this partnership help companies support and augment existing security teams, but by detecting and combating cyber-threats in real time, attacks can be stopped before they do damage."

RigNet (NASDAQ: RNET) is a global technology company providing customized communications services, applications, real-time machine learning, and cybersecurity solutions to enhance customer decision-making and business performance. RigNet delivers a digital transformation bundle that accelerates technology adoption and empowers customers to be always connected, always secure, and always learning. RigNet is headquartered in Houston, Texas with operations around the world.

For more information on RigNet, please visit www.rig.net. RigNet is a registered trademark of RigNet, Inc.

Media / Investor Relations Contact
Lee M. Ahlstrom Tel: +1 (281) 674-0480
RigNet, Inc. investor.relations@rig.net

Categories: State

Spectrum Global Solutions Third Quarter 2018 Results Up Over 300% Year Over Year

4 hours 44 min ago

LONGWOOD, Fla., Nov. 13, 2018 (GLOBE NEWSWIRE) -- Spectrum Global Solutions, Inc. (OTC:SGSI) (the "Company"), reported financial results for the fiscal period ended September 30, 2018.

Roger Ponder, CEO of the Company stated, “Revenue was just under $10 million which reflects consistent growth in our AW Solutions and ADEX subsidiaries.  We also reported net income of over $400,000 for the period and earnings per share of .04 on a fully diluted basis.

Mr. Ponder continued: “We are experiencing consistent revenue growth from our AW Solutions and ADEX subsidiaries, that is much stronger than the prior year and expect to continue this growth pattern both organically and through strategic, accretive acquisitions.”

Financial Highlights:

Revenue was $9,671,990 compared to $2,336,376 for the same period in 2017.  Gross profit was $1,604,763 attributable to the subsidiaries acquired in April 2017 and February 2018. The Company had net  income attributable to common stockholders of $414,485 during the period ended September 30, 2018 compared to net income of $214,910 for the comparable period of 2017.  The decrease in net income loss was primarily due to revenue derived from our new subsidiaries and decreases in derivative liabilities and other non-cash expenses.

Our operating results for the Period ended September 30, 2018 and 2017 are summarized as follows:

       Three Months Ended 
September 30, 2018 Three Months Ended 
September 30,2017Statement of Operations Data:        Revenues $9,671,990  $2,336,376 Gross profit  1,604,763   113,871 Operating expenses  1,912,215   891,222 Loss from operations  (307,452)  (777,351)Total other income (expense)   721,937   904,408 Net Income (loss) attributable to common stockholders  414,485   214,910                   Balance sheet data for period ended June 30, 2018:        Cash $301,080     Accounts receivable, net  8,022,749     Total current assets  8,339,955     Goodwill and intangible assets, net  3,854,971     Total assets  12,257,326              Total current liabilities  13,007,666     Derivative liabilities  5,932,5214     Stockholders' (deficit) equity  (6,682,861)             

About Spectrum Global Solutions, Inc.:

Spectrum Global Solutions operates through its subsidiaries AW Solutions and ADEX Corp. The Company is a leading provider of telecommunications engineering and infrastructure services across the United States, Canada, Puerto Rico, Guam and Caribbean. For more information about the Company and its technologies visit the Company’s public filings at SEC.gov.

Forward-looking statements:
The above news release contains forward-looking statements. The statements contained in this document that are not statements of historical fact, including but not limited to, statements identified by the use of terms such as "anticipate," "appear," "believe," "could," "estimate," "expect," "hope," "indicate," "intend," "likely," "may," "might," "plan," "potential," "project," "seek," "should," "will," "would," and other variations or negative expressions of these terms, including statements related to expected market trends and the Company's performance, are all "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and involve a number of risks and uncertainties. These statements are based on assumptions that management believes are reasonable based on currently available information, and include statements regarding the intent, belief or current expectations of the Company and its management. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performances and are subject to a wide range of external factors, uncertainties, business risks, and other risks identified in filings made by the company with the Securities and Exchange Commission. Actual results may differ materially from those indicated by such forward-looking statements. The Company expressly disclaims any obligation or undertaking to update or revise any forward-looking statement contained herein to reflect any change in the company's expectations with regard thereto or any change in events, conditions or circumstances upon which any statement is based except as required by applicable law and regulations.

CONTACT:
Investor Relations
Spectrum Global Solutions, Inc.
561-672-7068

Categories: State

PGS Sells OptoSeis® to Geospace Technologies

4 hours 52 min ago

  

November 13, 2018: Oslo, Norway, PGS sells the fiber optic permanent reservoir monitoring solution, OptoSeis®, to Geospace Technologies.

Terms of the transaction include an initial cash payment at closing of $1.8 million and contingent cash payments of up to an additional $23.2 million over a five-and-a-half year earn-out period. The contingent cash payments will be derived from revenues generated during the earn-out period from products and services utilizing the OptoSeis® fiber optic technology.

"After reorganizing during the fourth quarter 2017, we started exploring opportunities to divest our non-core OptoSeis® technology early 2018. I am pleased that Geospace will continue to offer this unique solution to clients. PGS looks forward to support and complement Geospace's offering with survey planning, imaging and acquisition services as and when required by their customers," says President & CEO Rune Olav Pedersen.

Pareto Securities acted as financial adviser to PGS in this transaction.

For details, contact:
Bård Stenberg, SVP IR & Communication
Mobile: +47 992 45 235

Petroleum Geo-Services ASA and its subsidiaries ("PGS" or "the Company") is a focused marine geophysical company that provides a broad range of seismic and reservoir services, including acquisition, imaging, interpretation, and field evaluation. The Company MultiClient data library is among the largest in the seismic industry, with modern 3D coverage in all significant offshore hydrocarbon provinces of the world. The Company operates on a worldwide basis with headquarters in Oslo, Norway and the PGS share is listed on the Oslo stock exchange (OSE: PGS). For more information on PGS visit www.pgs.com.

****

The information included herein contains certain forward-looking statements that address activities, events or developments that the Company expects, projects, believes or anticipates will or may occur in the future. These statements are based on various assumptions made by the Company, which are beyond its control and are subject to certain additional risks and uncertainties. The Company is subject to a large number of risk factors including but not limited to the demand for seismic services, the demand for data from our multi-client data library, the attractiveness of our technology, unpredictable changes in governmental regulations affecting our markets and extreme weather conditions. For a further description of other relevant risk factors we refer to our Annual Report for 2017. As a result of these and other risk factors, actual events and our actual results may differ materially from those indicated in or implied by such forward-looking statements. The reservation is also made that inaccuracies or mistakes may occur in the information given above about current status of the Company or its business. Any reliance on the information above is at the risk of the reader, and PGS disclaims any and all liability in this respect.


This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act.

Categories: State

TransGlobe Energy Corporation: Holdings(s) in Company

4 hours 56 min ago

CALGARY, Alberta, Nov. 13, 2018 (GLOBE NEWSWIRE) -- TransGlobe Energy Corporation ("TransGlobe" or the “Company”) understands that as of 31 October 2018, Janus Henderson Group PLC, Janus Henderson European Focus Fund and various funds, individuals and/or institutional clients of the foregoing (together, "Janus Henderson"), beneficially own an aggregate interest in 7,785,000 common shares of the Company, which represents approximately 10.8%1 of the issued and outstanding common shares of the Company.

The above information is based on the Company's understanding of Janus Henderson's 13G/A Securities and Exchange Commission filing, dated 8 November 2018.

For further information, please contact:                           Investor Relations             Telephone: 403.264.9888             Email: investor.relations@trans-globe.com             Web site:  http://www.trans-globe.com                           TransGlobe EnergyVia FTI Consulting            Ross Clarkson, Chief Executive Officerwww.trans-globe.com            Randy Neely, President             Eddie Ok, Chief Financial Officer                           Canaccord Genuity (Nomad & Joint Broker)+44 (0) 207 523 8000            Henry Fitzgerald-O'Connor             James Asensio                           GMP First Energy (Joint Broker)+44 (0) 207 448 0200            Jonathan Wright                           FTI Consulting (Financial PR)+44 (0) 203 727 1000            Ben Brewerton             Genevieve Ryantransglobeenergy@fticonsulting.com                          

____________________________

1 This percentage shareholding is based on a shares in issue figure of 72,205,369 common shares of TransGlobe.

PDF available: http://resource.globenewswire.com/Resource/Download/a2f9b633-4768-4f18-95ff-360566254750

Categories: State

Greenbelt Initiates CBE Project to Produce Bioethanol for CBD Extraction

5 hours 15 sec ago

“California BioEthanol (CBE) Project” designed to produce a highly sustainable ethanol

To Receive TEXT ALERTS On Greenbelt Resources TEXT "GRCO" To 522-36

PASO ROBLES, Calif., Nov. 13, 2018 (GLOBE NEWSWIRE) -- via OTC PR WIRE -- Greenbelt Resources Corporation (OTC: GRCO) (Greenbelt) has announced commencing Phase 1 of the “California BioEthanol Project,” a three-phased initiative to convert Greenbelt’s Commercial Scale Testing Facility into a commercial-scale production biorefinery. Upon Phase 1 completion, the biorefinery will produce approximately 1.37 million pounds of protein concentrate and 75,000 gallons per year of bioethanol.  Announced earlier this year, the total estimated investment for the California BioEthanol Project is $3.25 million. 

“The demands of the extraction industry for bioethanol, particularly in California, are now undeniable,” says Darren Eng, Greenbelt’s CEO. “Greenbelt has become a preferred premium source because our proprietary ECOsystem model is founded on a community-scale concept that’s even more environmentally friendly than organic.  We transform unintended food waste from local businesses, such as breweries and wineries, and produce bioproducts, such as amino acid rich protein concentrates to be sold to local animal producers and bioethanol to be sold to the local cannabis industry for use in extraction.”

Eng estimates the production facility will begin generating sales within the first eight weeks of commissioning.  Phase 2 will add a second production system followed by Phase 3 that will expand the production capacity of Phase 1 and reduce cost of per gallon production.  Phase 3 will more than double the bioethanol production to 200,000 gallons per year.

Already, industry demand has opened discussions about installing Greenbelt ECOsystem community scaled systems all around the country starting with key areas of demand in California and Colorado, but also in the northeast and the south, where the CBD industry is exploding.

California’s cannabis industry alone is projected to be over $10.0 billion annually by Arcview Market Research and author Kenneth Morrow in The Extraction Evolution writes that 90 percent of all cannabis produced and sold in the future will be processed and extracted.  

About Greenbelt Resources
Greenbelt Resources Corporation™ is an award-winning provider of sustainable energy production systems focused on delivering modular solutions that enable the localized processing of locally generated waste into locally consumed products. Greenbelt designs, develops and implements technology that makes the production of advanced biofuel reliable, practical and efficient. Controlled by proprietary automated controls, Greenbelt’s small-scale, end-to-end modular systems convert food, beverage and other cellulosic wastes into commercially viable advanced biofuels (bio-ethanol), animal feed, fertilizer and filtered water. For more information visit www.greenbeltresources.com.

Forward-Looking Statements & Safe Harbor
This document includes certain statements, predictions and projections that may be considered forward-looking statements under securities law. These statements involve a number of important risks and uncertainties that could cause actual results to differ materially including, but not limited to, the supply and demand for biofuels, our ability to remain technologically competitive and other economic, competitive and technological factors involving the Company's operations, markets, services, products and prices.

Contact:
Darren Eng, CEO
Greenbelt Resources Corporation
888-995-GRCO (4726 x 101) 
darren@greenbeltresources.com

A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/f39bc9c2-9945-4569-8b5b-c86a868d1e4f.

Categories: State

BW Offshore: Invitation to Q3 2018 Presentation 20 November

5 hours 42 min ago

BW Offshore will release its Q3 2018 results on Tuesday 20 November at 07:30 (CET). The company will host a presentation of the financial results 09:00 (CET) the same day at Hotel Continental in Oslo, Norway. The presentation will be given by CEO Carl K. Arnet and CFO Knut R. Sæthre.

The presentation will be broadcasted via webcast and will also be available for replay. Please visit www.bwoffshore.com for details.

For further information, please contact:
IR@bwoffshore.com

About BW Offshore:
BW Offshore is a leading provider of floating production services to the oil and gas industry. The company also participates in developing proven offshore hydrocarbon reservoirs. BW Offshore is represented in all major oil and gas regions world-wide with a fleet of 15 owned FPSOs. The company has more than 30 years of production track record, having executed 40 FPSO and FSO projects. BW Offshore is listed on the Oslo Stock Exchange.


Further information is available on www.bwoffshore.com


This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act.

Categories: State

Martin Midstream Partners L.P. Announces Participation in the RBC Capital Markets’ Midstream Conference

5 hours 59 min ago

KILGORE, Texas, Nov. 13, 2018 (GLOBE NEWSWIRE) -- Martin Midstream Partners L.P. (NASDAQ: MMLP) (“MMLP” or the “Partnership”) announced today that members of executive management will participate in the 2018 RBC Capital Markets’ Midstream Conference on November 13-14, 2018, in Dallas, Texas. A copy of the Partnership’s presentation will be available by visiting the Partnership’s website at www.martinmidstream.com.

About Martin Midstream Partners

Martin Midstream Partners L.P. is a publicly traded limited partnership with a diverse set of operations focused primarily in the United States Gulf Coast region.  The Partnership's primary business lines include: (1) natural gas liquids transportation and distribution services and natural gas storage; (2) terminalling, storage and packaging services for petroleum products and by-products; (3) sulfur and sulfur-based products processing, manufacturing, marketing and distribution; and (4) marine transportation services for petroleum products and by-products.

Additional information concerning Martin Midstream is available on its website at www.martinmidstream.com, or

Sharon Taylor, Director of Investor Relations
(877) 256-6644

Categories: State

Tecogen Announces Third Quarter 2018 Results

6 hours 19 sec ago

Reporting a 14% increase in Product Sales

WALTHAM, Mass., Nov. 13, 2018 (GLOBE NEWSWIRE) -- Tecogen® Inc. (NASDAQ:TGEN), a leading manufacturer of clean energy products which, through patented technology, nearly eliminate criteria pollutants and significantly reduce a customer's carbon footprint, reported revenues of $7,938,684 for the quarter ended September 30, 2018 compared to $8,501,198 for the same period in 2017, a 6.6% decline in top line revenue. Energy production revenue from the sites of our wholly-owned subsidiary, American DG Energy, contributed $1,459,820 in revenue to the quarterly result. Consolidated gross profit for the third quarter of 2018 was $2,883,098 compared to $3,258,031 in the third quarter of 2017, a decrease of 11.5% in overall gross profit year over year.

Revenue results were highlighted by growth in product sales of 14.0%, helped by significant progress in our chiller sales segment. Total services related revenues for the third quarter of 2018 declined by 17.8% over the prior year period, primarily due to decreased installation activity.

The third quarter saw a decline in cogeneration sales as more attention is focused on rapidly growing market segments for our gas engine chiller products. We are currently expanding our gas chiller line with an ammonia-based refrigeration product called TecoFrost used for industrial cooling applications such as cold storage and ice production. We anticipate reaching market with TecoFrost production in early 2019.

Product gross margin improved to 38.7% for the third quarter of 2018 compared to 36.6% for the same period in 2017. Combined products and services gross margin remained level at 35% for the third quarters of both 2018 and 2017. Overall gross margin for the quarter was 36.3% compared to 38.3% in the third quarter of 2017, within management's targeted 35-40% gross margin range.

Adjusted non-GAAP EBITDA(1), excluding the unrealized gain or loss on EuroSite Power Inc.'s shares owned by American DG Energy, stock-compensation expense and merger related expenses, was negative $258,655 for the third quarter of 2018 versus positive $295,755 for the third quarter of 2017, a difference of $554,410. (Adjusted EBITDA is defined as net income or loss attributable to Tecogen, adjusted for interest, depreciation and amortization, stock-based compensation expense, unrealized gain or loss on equity securities and merger related expenses. See table following the statements of operations for a reconciliation from net income (loss) to Adjusted EBITDA as well as important disclosures about the company's use of Adjusted EBITDA).

On a combined basis, operating expenses increased to $3,445,410 for the third quarter 2018 from $3,172,492 in the third quarter of 2017. An increase in research and development expenses of 16.3% to $281,094, and selling expenses which rose 15.6% to $581,716, along with an increase in G&A costs, accounted for this increase.

The increased expenses for the quarter are partially attributable to the Company’s investment in the future through research and development, as discussed in the "Emissions Technology" section below and selling activities with such expenses increasing year over year. We have also realized an increase in general and administrative expenses of year over year.

Loss from operations was $562,312 compared to income of $85,539 in the prior year comparable period. Similarly, net loss attributable to the Company for the quarter was $603,037 compared to comprehensive income for the quarter ended September 30, 2017 of $66,572, a difference of $669,609.

“While we are disappointed with the drop in overall revenues, the third quarter saw a lot of progress in terms of positioning the company for future growth,” commented Benjamin Locke, CEO.  “Our increase in product sales is due to our focused sales activity around our exclusive gas engine cooling systems, and in October we announced a plan for continued development of our Ultera emissions system with our forklift partner, Mitsubishi Caterpillar Forklift America Inc.  We expect product sales and overall revenues in our core business to rebound as we execute on our plans to expand our chiller product line, and we anticipate initiating a fleet retrofit project with our forklift partner in 2019.”

Backlog of products and installations was $15.7 million as of the end of the third quarter of 2018 and stood at $20.2 million as of November 9, 2018. Given the importance of our growing chiller sales segment, we are pleased to announce our chiller backlog was $6.3 million of product as of November 9, 2018, all of which is expected to ship by mid-2019.

Major Highlights:

Financial

  • As of the end of Q3 2018, on a trailing four quarters basis, revenue was $37 million showing revenue growth of 23% year over year and gross profit was $13.7 million.

  • Product revenue for the third quarter increased by 14% over the third quarter of 2017, with chiller product sales increasing by 89%, to $1,101,216 for the third quarter of 2018 compared to $583,431 for the same period in 2017, underscoring the growing interest in our chiller products.  Revenue from services and energy production declined by 17.8% and 6.2% respectively during the third quarter of 2018 compared to the third quarter of 2017.

  • Overall gross margin was 36.3% for the third quarter of 2018 compared to 38.3% for the third quarter of 2017, resulting from the combination of an increase in product gross margin, and decreases in gross margins for services and energy production.

  • Product gross margin was 38.7% for the third quarter of 2018 compared to 36.6% for the third quarter of 2017. Product gross margin was primarily helped by the materials and supplier arrangements put in place in previous quarters.

  • Service gross margin declined to 32.2% in the third quarter of 2018 compared to 34.0% for the third quarter of 2017. Service gross margin is impacted by margins realized on installation projects.

  • Energy production gross margin for the third quarter of 2018 was 42.3% compared with the previous year's third quarter, which was an exceptionally strong 53.5% due to a one-time incentive payment received in the third quarter of 2017. The margin for the third quarter of 2018 is consistent with management's expectations.

  • Net loss attributable to Tecogen for the three months ended September 30, 2018 was $603,037 compared to income of $27,211 for the same period in 2017 and comprehensive income of $66,572 for the same period in 2017.

  • Net loss per share was $0.02 for the three months ended September 30, 2018 and $0.00 for the comparative period in 2017.

  • Current assets at quarter end of $22,925,281 were more than twice current liabilities of $11,340,611. Current liabilities as of September 30, 2018 included $1,708,888 of short-term debt on the Company's revolving line of credit.

Sales & Operations

  • Product revenues increased 14.0% from the same period in 2017 primarily due to a continued high demand for our gas fired chillers.

  • First nine months of 2018 chiller sales increased 77.3% over the first nine months of 2017 and current chiller backlog increased to $6.3 million.

  • Advanced discussions with production partner to re-launch TecoFrost to meet the growing demand for natural gas cooling using ammonia refrigerants for cold storage and other premium chiller applications.

  • Received order to replace outdated TecoChill system at University of Connecticut with 4-400 ton system ensuring continued long-term service revenues with the University.

  • Current sales backlog of equipment and installations as of November 9, 2018 is $20.2 million, driven by strong traction in both the InVerde and TecoChill product lines, as well as installation services.  As of September 30, 2018, the backlog was $15.7 million compared to $14.5 million as of September 30, 2017, showing a sustainable backlog at this level.

Emissions Technology

  • Presented scientific paper on forklift truck program results at the World LPG Forum to an international audience of propane industry executives.  Presentation described successful emissions reductions on a forklift provided by manufacturing partner, Mitsubishi Caterpillar Forklift America Inc. (MCFA), a leading manufacturer of forklift trucks, supplying a full line throughout North, South and Central America.

  • Developing next phase development program with MCFA that includes incorporating alternative engine control software for optimizing conditions for the Ultera process. The test software, under development by MCFA in Japan, is expected to lead to additional emission reductions on the forklift prototype at Tecogen,  after which it will be returned to MCFA in Houston for additional testing.

  • Provided a proposal to the Propane Education and Research Council (PERC), to provide funding for next phase to support the ongoing MCFA development tasks.

  • Third party compliance testing was completed for most of the Ultera-equipped generators located in Southern California (one remains to be tested). All were found compliant, meeting the final requirement for their air permits. Ultera kits we sold to this customer for retrofit into their onsite natural gas generators to allow the generators to be permitted for continuous operation resulted in the first natural gas engines permitted to these levels - which we believe to be the strictest in existence - without hourly restriction or special exemption.

  • Continuing development work for on-road mobile applications of Ultera under company funded subcontract to a highly-respected, independent institution that specializes in powertrain research.  The research focused on a specialized catalyst formulation expected to promote improved removal of the major categories of criteria pollutants (NOx, CO and hydrocarbons). We are currently discussing the specific formulation with a researcher having the ability to produce a test sample.

Commenting on the progress of the Ultera technology platform, Robert Panora, President and COO noted, “The successful implementation of our Ultera emissions technology on a commercial forklift truck provided by the manufacturing sponsor, MCFA, validates key components of the Ultera system.  Importantly, the results are directly translatable to our effort to develop Ultera for automotive applications. We are excited with our progress this quarter.”

Conference Call Scheduled for Today at 11:00 am ET

Tecogen will host a conference call today to discuss the third quarter results beginning at 11:00 am eastern time.  To listen to the call dial (877) 407-7186 within the U.S. and Canada, or (201) 689-8052 from other international locations.  Participants should ask to be joined to the Tecogen third quarter 2018 earnings call.  Please begin dialing 10 minutes before the scheduled starting time.  The earnings press release will be available on the Company website at www.Tecogen.com in the "News and Events" section under "About Us." The earnings conference call will be webcast live. To view the associated slides, register for and listen to the webcast, go to https://ir.tecogen.com/financial-results.  Following the call, the webcast will be archived for 30 days.

The earnings conference call will be recorded and available for playback one hour after the end of the call through November 27, 2018.  To listen to the playback, dial (877) 660-6853 within the U.S. and Canada, or (201) 612-7415 from other international locations and use Conference Call ID#: 13672659.

About Tecogen

Tecogen Inc. designs, manufactures, sells, installs, and maintains high efficiency, ultra-clean, cogeneration products including natural gas engine-driven combined heat and power, air conditioning systems, and high-efficiency water heaters for residential, commercial, recreational and industrial use. The company is known for cost efficient, environmentally friendly and reliable products for energy production that, through patented technology, nearly eliminate criteria pollutants and significantly reduce a customer’s carbon footprint.

In business for over 35 years, Tecogen has shipped more than 3,000 units, supported by an established network of engineering, sales, and service personnel across the United States. For more information, please visit www.tecogen.com or contact us for a free Site Assessment.

Tecogen, InVerde, e+, Ilios, Tecochill, and Ultera are registered or pending trademarks of Tecogen Inc.

Forward Looking Statements

This press release and any accompanying documents, contain “forward-looking statements” which may describe strategies, goals, outlooks or other non-historical matters, or projected revenues, income, returns or other financial measures, that may include words such as "believe," "expect," "anticipate," "intend," "plan,"  "estimate," "project," "target," "potential," "will," "should," "could," "likely," or "may" and similar expressions intended to identify forward-looking statements. These statements are only predictions and involve known and unknown risks, uncertainties, and other factors that may cause our actual results to differ materially from those expressed or implied by such forward-looking statements. Given these uncertainties, you should not place undue reliance on these forward-looking statements. Forward-looking statements speak only as of the date on which they are made, and we undertake no obligation to update or revise any forward-looking statements.

In addition to those factors described in our Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q under “Risk Factors”, among the factors that could cause actual results to differ materially from past and projected future results are the following: fluctuations in demand for our products and services, competing technological developments, issues relating to research and development, the availability of incentives, rebates, and tax benefits relating to our products and services, changes in the regulatory environment relating to our products and services, integration of acquired business operations, and the ability to obtain financing on favorable terms to fund existing operations and anticipated growth.

In addition to GAAP financial measures, this press release includes certain non-GAAP financial measures, including adjusted EBITDA which excludes certain expenses as described in the presentation.  We use Adjusted EBITDA as an internal measure of business operating performance and believe that the presentation of non-GAAP financial measures provides a meaningful perspective of the underlying operating performance of our current business and enables investors to better understand and evaluate our historical and prospective operating performance by eliminating items that vary from period to period without correlation to our core operating performance and highlights trends in our business that may not otherwise be apparent when relying solely on GAAP financial measures.

Tecogen Media & Investor Relations Contact Information: 

Benjamin Locke
P: 781-466-6402
E: Benjamin.Locke@tecogen.com

  TECOGEN INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited)  September 30, 2018 December 31, 2017ASSETS   Current assets:   Cash and cash equivalents$136,717  $1,673,072 Accounts receivable, net11,548,663  9,536,673 Unbilled revenue4,441,565  3,963,133 Inventory, net5,983,067  5,130,805 Due from related party—  585,492 Prepaid and other current assets815,269  771,526 Total current assets22,925,281  21,660,701 Property, plant and equipment, net11,107,509  12,265,711 Intangible assets, net2,935,279  2,896,458 Goodwill13,365,655  13,365,655 Other assets427,810  482,551 TOTAL ASSETS$50,761,534  $50,671,076     LIABILITIES AND STOCKHOLDERS’ EQUITY   Current liabilities:   Revolving line of credit, bank$1,708,888  $— Accounts payable5,716,426  5,095,285 Accrued expenses2,196,921  1,416,976 Deferred revenue1,718,376  1,293,638 Loan due to related party—  850,000 Interest payable, related party—  52,265 Total current liabilities11,340,611  8,708,164 Long-term liabilities:   Deferred revenue, net of current portion343,031  538,100 Unfavorable contract liability, net6,534,074  7,729,667 Total liabilities18,217,716  16,975,931     Commitments and contingencies (Note 10)       Stockholders’ equity:   Tecogen Inc. stockholders’ equity:   Common stock, $0.001 par value; 100,000,000 shares authorized;
24,819,646 and 24,766,892 issued and outstanding at September
30, 2018 and December 31, 2017, respectively24,819  24,767 Additional paid-in capital56,371,583  56,176,330 Accumulated other comprehensive loss-investment securities—  (165,317)Accumulated deficit(24,298,191) (22,796,246)Total Tecogen Inc. stockholders’ equity32,098,211  33,239,534 Noncontrolling interest445,607  455,611 Total stockholders’ equity32,543,818  33,695,145 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY$50,761,534  $50,671,076  


 TECOGEN INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
(unaudited)  Three Months Ended September 30, 2018 September 30, 2017Revenues   Products$2,765,094  $2,425,616 Services3,713,770  4,519,467 Energy production1,459,820  1,556,115 Total revenues7,938,684  8,501,198 Cost of sales   Products1,695,347  1,538,515 Services2,517,210  2,981,454 Energy production843,029  723,198 Total cost of sales5,055,586  5,243,167 Gross profit2,883,098  3,258,031 Operating expenses   General and administrative2,582,600  2,427,352 Selling581,716  503,415 Research and development281,094  241,725 Total operating expenses3,445,410  3,172,492 Income (loss) from operations(562,312) 85,539 Other income (expense)   Interest income and other expense, net4,168  14,849 Interest expense(33,380) (45,242)Unrealized gain on investment securities19,681  — Total other expense, net(9,531) (30,393)Income (loss) before provision for state income taxes(571,843) 55,146 Provision for state income taxes3,815  — Consolidated net income (loss)(575,658) 55,146 Income attributable to the noncontrolling interest(27,379) (27,935)Net income (loss) attributable to Tecogen Inc.$(603,037) 27,211 Other comprehensive income - unrealized gain on securities  39,361 Comprehensive income  $66,572     Net loss per share - basic and diluted$(0.02) $0.00 Weighted average shares outstanding - basic24,819,056  24,720,613 


Non-GAAP financial disclosure (1)   Net loss attributable to Tecogen Inc.$(603,037) $27,211 Interest & other expense, net9,531  30,393 Income taxes3,815  — Depreciation & amortization, net199,938  160,061 EBITDA(389,753) 217,665 Stock based compensation55,330  40,645 Merger related expenses75,768  37,445 Adjusted EBITDA$(258,655) $295,755  


 TECOGEN INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(unaudited)  Nine Months Ended September 30, 2018 September 30, 2017Revenues   Products$8,922,257  $8,349,159 Services12,894,439  12,259,037 Energy production4,750,580  2,330,307 Total revenues26,567,276  22,938,503 Cost of sales   Products5,596,272  5,261,245 Services8,262,104  7,464,193 Energy production2,828,405  1,053,741 Total cost of sales16,686,781  13,779,179 Gross profit9,880,495  9,159,324 Operating expenses   General and administrative8,122,856  7,042,500 Selling1,892,229  1,558,378 Research and development993,102  641,064 Total operating expenses11,008,187  9,241,942 Loss from operations(1,127,692) (82,618)Other income (expense)   Interest and other income7,926  21,033 Interest expense(56,195) (115,026)Unrealized loss on investment securities(59,042) — Total other expense, net(107,311) (93,993)Loss before provision for state income taxes(1,235,003) (176,611)Provision for state income taxes3,815  — Consolidated net loss(1,277,682) (176,611)Income attributable to the noncontrolling interest(58,946) (44,933)Net loss attributable to Tecogen Inc.$(1,336,628) (221,544)Other comprehensive loss - unrealized loss on securities  (184,998)Comprehensive loss  $(406,542)    Net loss per share - basic and diluted$(0.05) $(0.01)Weighted average shares outstanding - basic and diluted24,813,936  22,643,406 


Non-GAAP financial disclosure (1)   Net loss attributable to Tecogen Inc.$(1,336,628) $(221,544)Interest & other expense, net107,311  93,993 Depreciation & amortization, net586,188  402,939 EBITDA(600,450) 275,388 Stock based compensation133,808  138,329 Merger related expenses181,935  156,298 Adjusted EBITDA$(284,707) $570,015  


 TECOGEN INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)  Nine Months Ended September 30, 2018 September 30, 2017CASH FLOWS FROM OPERATING ACTIVITIES:   Consolidated net loss$(1,277,682) $(176,611)Adjustments to reconcile net loss to net cash used in operating activities:   Depreciation, accretion and amortization, net586,188  402,939 Gain on contract termination(124,732) — Provision on inventory reserve1,000  43,609 Stock-based compensation133,808  138,329 Non-cash interest expense—  577 Loss on sale of assets13,343  2,909 Provision for losses on accounts receivable4,395  8,000 Changes in operating assets and liabilities, net of effects of acquisitions   (Increase) decrease in:   Accounts receivable(1,840,150) (1,908,655)Unbilled revenue(245,892) (776,365)Inventory, net(853,262) (1,279,847)Due from related party585,492  (236,971)Prepaid expenses and other current assets(43,743) (18,673)Other non-current assets54,741  (32,251)Increase (decrease) in:   Accounts payable(262,925) 1,641,206 Accrued expenses and other current liabilities779,945  (233,824)Deferred revenue185,059  407,379 Interest payable, related party(52,265) 21,378 Net cash used in operating activities(2,356,680) (1,996,871)CASH FLOWS FROM INVESTING ACTIVITIES:   Purchases of property and equipment(273,814) (315,205)Proceeds from sale of assets3,606  — Purchases of intangible assets(203,648) (34,551)Cash acquired in asset acquisition442,746  971,454 Expenses associated with asset acquisition(900) — Payment of stock issuance costs(908) (367,101)Distributions to noncontrolling interest(68,950) (31,362)Net cash provided by (used in) investing activities(101,868) 223,235 CASH FLOWS FROM FINANCING ACTIVITIES:   Proceeds from revolving line of credit12,550,590  — Payments on revolving line of credit(10,696,691) — Payments for debt issuance costs(145,011) — Proceeds from the exercise of stock options63,305  128,918 Payment on loan due to related party(850,000) — Net cash provided by financing activities922,193  128,918 Change in cash and cash equivalents(1,536,355) (1,644,718)Cash and cash equivalents, beginning of the period1,673,072  3,721,765 Cash and cash equivalents, end of the period$136,717  $2,077,047     Supplemental disclosures of cash flows information:   Cash paid for interest$112,460  $95,550 Cash paid for taxes$44,864  $— Issuance of stock to acquire American DG Energy$—  $18,745,007 Issuance of Tecogen stock options in exchange for American DG Energy options$—  $114,896 

(1) Non-GAAP Financial Measures
In addition to reporting net income, a U.S. generally accepted accounting principle (“GAAP”) measure, this news release contains information about EBITDA (net income (loss) attributable to Tecogen Inc adjusted for interest, depreciation and amortization, stock based compensation expense, unrealized gain or loss on investment securities and merger related expenses), which is a non-GAAP measure.  The Company believes EBITDA allows investors to view its performance in a manner similar to the methods used by management and provides additional insight into its operating results.  EBITDA is not calculated through the application of GAAP.  Accordingly, it should not be considered as a substitute for the GAAP measure of net income and, therefore, should not be used in isolation of, but in conjunction with, the GAAP measure.  The use of any non-GAAP measure may produce results that vary from the GAAP measure and may not be comparable to a similarly defined non-GAAP measure used by other companies.

Categories: State

XsunX Ending 2018 with Multiple Projects in Its Design and Construction Portfolio

6 hours 19 sec ago

Company Sees Project Flow Steadily Increase as Interest from Commercial Facilities Continues to Grow  

ALISO VIEJO, CA, Nov. 13, 2018 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- XsunX, Inc. (OTC: XSNX), a leading solar and energy saving technologies provider, today announced that the Company is enjoying a strong end to 2018 with multiple commercial rooftops, and 33 carports underway.

The Company recently outlined how the California utility rate increase, which is scheduled to go into effect in March of 2019, has resulted in an increase of commercial system quote requests being fielded by XsunX. Because of the overall interest, the Company has also seen an increase in project starts in its year end project portfolio.

“We have always felt that with our development of expertise in servicing the commercial and industrial sector with multiple technologies offered us the greatest future growth potential,” stated Tom Djokovich, CEO of XsunX, Inc.  “So, as the cost for utility provided electrical power has soared, it appears that an increasing number of businesses are getting serious about investing in energy saving technologies and, are turning to XsunX for solutions,” concluded Mr. Djokovich.

About XsunX:  XsunX specializes in the sale, design, and installation of solar photovoltaic power generation (PV), energy storage, and energy efficiency technologies to provide our clients long term savings, predictability, and control of their energy costs. Making solar energy a sound investment for our clients is our mission.

For more information, please visit the Company's website at www.xsunx.com, or to learn more about the benefits of solar energy for your business or home schedule a free PV project assessment.

Safe Harbor Statement: Matters discussed in this release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts included in this press release are forward-looking statements. When used in this press release, the words "anticipate," "believe," "estimate," "may," "intend," "expect" and similar expressions identify such forward-looking statements. These statements relate to future events or to the Company's future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. Investors should not place any undue reliance on forward-looking statements since they involve known and unknown, uncertainties and other factors which are, in some cases, beyond the Company's control which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects the Company's current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to operations, results of operations, growth strategy and liquidity. Such risks, uncertainties and other factors, which could impact the Company and the forward-looking statements contained herein, are included in the Company's filings with the Securities and Exchange Commission. The Company assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. 

CONTACT: Contact: Tom Djokovich, President and CEO - 888-797-4527 or email: info@xsunx.com
Categories: State

SeaBird Exploration: Delivery of Eagle Explorer and new contract

6 hours 16 min ago

13 November 2018, Limassol, Cyprus

Reference is made to the stock exchange notices of 11 July 2018 and 1 August 2018 regarding the acquisition of the Geowave Voyager, fully rigged with 40km streamer and dual source, for USD 17 million.  SeaBird Exploration has now taken delivery of the Geowave Voyager from CGG and the vessel has been renamed Eagle Explorer.  

As part of the purchase agreement, SeaBird will have a preferred supplier status with CGG when using the Eagle Explorer.  SeaBird and CGG have entered into a contract for the vessel, operating as a source vessel.  The contract is for 160 days firm with options for CGG to extend.  The work will start in December, after the vessel has completed class renewal.

SeaBird is a global provider of marine acquisition for 2D/3D and 4D seismic data, and associated products and services to the oil and gas industry. SeaBird specializes in high quality operations within the high end of the source vessel and 2D market, as well as in the shallow/deep water 2D/3D and 4D market. Main focus for the company is proprietary seismic surveys (contract seismic). Main success criteria for the company are an unrelenting focus on Quality, Health, Safety and Environment (QHSE), combined with efficient collection of high quality seismic data. All statements in this press release other than statements of historical fact are forward-looking statements and are subject to a number of risks, uncertainties and assumptions that are difficult to predict, and are based upon assumptions as to future events that may not prove accurate. These factors include SeaBird`s reliance on a cyclical industry and the utilization of the company's vessels. Actual results may differ substantially from those expected or projected in the forward-looking statements.

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act. 

For further queries contact:

Hans Petter Klohs
CEO SeaBird Exploration
Phone: +47 22402718

or

Nils Haugestad
CFO SeaBird Exploration
Phone: +47 22402717

Categories: State

Chaparral Energy Announces Third Quarter 2018 Financial and Operational Results

6 hours 27 min ago

OKLAHOMA CITY, Nov. 13, 2018 (GLOBE NEWSWIRE) -- Chaparral Energy, Inc. (NYSE: CHAP) today announced its third quarter 2018 financial and operational results with the filing of its form 10-Q. The company will hold its quarterly financial and operating results conference call this morning, November 13, at 10 a.m. Central.

Third Quarter Highlights and Recent Key Items

  • Grew STACK production 53% on a year-over-year basis and 19% on a quarter-over-quarter basis to 15,663 barrels of oil equivalent per day (Boe/d)
  • Increased full year STACK production guidance by 7% to 14,250 - 14,750 Boe/d
  • Reported a net loss of $12.1 million, driven by a $16.8 million non-cash loss associated with commodity derivatives
  • Generated adjusted EBITDA, as defined below, of $34.3 million, an increase of 27% on a quarter-over-quarter basis
  • Decreased STACK lease operating expense per barrel of oil equivalent (LOE/Boe) by 18% on a quarter-over-quarter basis to $4.34
  • Reduced full year total company LOE/Boe guidance by 6% to $7.25 - $7.65
  • Uplisted to the New York Stock Exchange (NYSE), under the new symbol “CHAP”

“Chaparral continued to deliver strong operational and financial results in the third quarter,” said Chief Executive Officer Earl Reynolds. “Our STACK wells on average continued to outperform type curve expectations and drove considerable STACK production growth of almost 20% quarter-over-quarter. In addition, we saw extremely encouraging early results from our initial Canadian County Merge Miss partial section spacing test. The three-well Denali pad, which came online in August, had an average 30-day peak initial production rate of more than 1,200 Boe/d per well, with 75% liquids. Based on these results we believe our Canadian County Merge Miss acreage could have as many as eight to nine wells per section. We will continue to conduct more spacing tests, which in the near-term includes a Kingfisher County partial section, five-well test scheduled to come online during the fourth quarter and an 11-well spacing test in Canadian County. Our 11-well spacing test, which includes a nine-well Merge Miss full section test and a two-well Woodford partial section test, is slated to come online in early 2019. As a result of our consistent STACK drilling success and our strong balance sheet, we added a fourth drilling rig in October and increased our full year guidance for both total company and STACK production.”

“In addition, we also saw continued improvement in our STACK LOE/Boe during the quarter, with costs below $4.50 per barrel,” said Reynolds. “We expect to sustain these lower LOE costs moving forward and, as such, are lowering our full year total company LOE/Boe guidance to a range of $7.25 - $7.65. For the quarter, we also saw significant growth in our adjusted EBITDA, which was driven by our production growth, cost management and higher realized pricing. Adjusted EBITDA for the third quarter rose 27% quarter-over-quarter to $34.3 million, and we now have delivered $90.6 million of adjusted EBITDA year-to-date.”

“Finally, the company achieved a significant milestone during the early part of the third quarter with the uplisting of our common stock in July from the OTCQB market to the NYSE. This move provides us access to a much larger potential investor base and should ultimately generate more liquidity for our stock as we work to create long-term value for our stockholders,” concluded Reynolds.

Operational Update — STACK Production Grows More than 50% Year-over-Year
Chaparral grew its STACK production to 15,663 Boe/d in the third quarter. This marks a 53% year-over-year increase compared to 10,261 Boe/d in the third quarter of 2017 and a 19% quarter-over-quarter increase compared to 13,198 Boe/d during the second quarter of 2018.

Excluding production from divested EOR assets, the company’s third quarter 2018 average total production grew by 11% on a year-over-year basis to 21,342 Boe/d, of which 61% was liquids and 39% natural gas. The company’s drilling program for the first three quarters was focused on strategic development of its Canadian and Garfield County acreage, which continue to deliver strong internal rates-of-return ranging from 55% to more than 100%.

Overall during the quarter, Chaparral operated three total drilling rigs in Canadian, Kingfisher and Garfield counties. The company brought 12 new gross STACK wells on production, four in Canadian County and eight in Garfield County, five of which were part of its joint venture drilling program with Bayou City Energy.

The company continues to see strong results within the Merge Miss in Canadian County and from its Osage and Meramec program in Garfield County. In the third quarter, Chaparral brought online its first Canadian County Merge Miss partial section spacing test. The three-well Denali pad has exceeded expectations, producing at an average three-phase, 30-day initial production (IP) rate of more than 1,200 Boe/d per well, of which 75% was liquids. In Garfield County, recent notable wells include the Pear 2106, which produced at a three-phase, 30-day IP rate of 1,351 Boe/d, of which 87% was liquids and the Platter 2007, a joint venture well, which recorded 729 Boe/d on the same basis, of which 83% was liquids.

Overall, results from the company’s Meramec and Osage programs continue to exceed type curve expectations. The company currently believes approximately 50% of its Garfield County position has been de-risked in at least two distinct drillable targets — the Meramec and Osage. In addition, Chaparral believes it has effectively de-risked more than 80% of its Canadian County Merge Miss position.

The company continues to optimize the development of its STACK acreage and plans to test different pad sizes and spacing throughout 2019. As a result of Chaparral’s strategic well optimization and spacing test activities, the company expects some variability in its quarter-over-quarter STACK production growth profile moving forward.

Chaparral’s total capital expenditures during the third quarter were $74 million. This includes $54.5 million associated with STACK drilling and completions activity and $15.2 million spent on additional STACK acreage acquisitions, of which $4.4 million was associated with non-cash acreage trades as part of the company’s ongoing strategy to block up its core STACK acreage.

Financial Summary — Adjusted EBITDA Drives Strong Third Quarter
Chaparral recorded a net loss of $12.1 million, or 27 cents per share, during the third quarter of 2018. This loss was driven by a $16.8 million non-cash loss associated with commodity derivatives. Chaparral’s adjusted EBITDA for the third quarter was $34.3 million, an increase of 27% compared to the second quarter. On a year-over-year basis, adjusted EBITDA, as well as the company’s production, revenues and expenses mentioned in this release, were impacted by the sale of its EOR assets in November 2017, as well as other non-core asset sales.

Total gross commodity sales for the quarter were $70.1 million, which represents a 13% quarter-over-quarter increase compared to $62.3 million in the second quarter and an 8% year-over-year decrease. This year-over-year decline was driven by a decrease in total company production associated with prior asset sales.

Chaparral’s average realized price, excluding derivative settlements, for crude oil increased to $70.14 per barrel in the third quarter of 2018. This represented a 6% quarter-over-quarter increase, compared to $66.28 per barrel in the second quarter of 2018. It also marked a 50% increase compared to $46.64 per barrel in the third quarter of 2017. The company’s realized natural gas liquids price during the third quarter was $25.93 per barrel, which was up 6% compared to $24.39 per barrel in the second quarter of this year. On a year-over-year basis, Chaparral’s natural gas liquids price increased by 16% from $22.40 per barrel during the third quarter of 2017. The company’s realized natural gas price was up slightly on a quarter-over-quarter basis from $2.01 per thousand cubic feet (Mcf) in the second quarter to $2.08 per Mcf in the third quarter. On a year-over-year basis, natural gas prices were down 18% from $2.53 per Mcf in the third quarter of 2017.

Total company LOE for the third quarter of 2018 was $12.5 million, or $6.36 per Boe, which was down 24% on a quarter-over-quarter basis compared to $8.36 in the second quarter. Chaparral’s STACK LOE/Boe for the third quarter was $4.34, which was down 18% compared to the second quarter. The company’s cost reductions associated with LOE were primarily driven by increased production, the sale of higher cost, non-core properties and sustainable saltwater disposal cost reductions. Chaparral has lowered its full year total company LOE/Boe from $7.60 - $8.20 to $7.25 - $7.65.

Chaparral’s net general and administrative (G&A) expenses were $9.0 million, or $4.59 per Boe, which was virtually flat compared to $4.56 per Boe, or $8.2 million in the second quarter of 2018. Adjusted for non-cash compensation, the company’s net cash G&A expense per Boe in the third quarter was $3.42, which was down 6% from the previous quarter. Chaparral previously lowered its 2018 full year G&A/Boe guidance to $3.50 - $4.00 in the second quarter.

Production taxes for the third quarter of 2018 were $4.0 million, or $2.05 per Boe, which was higher on a quarter-over-quarter basis, compared to $2.8 million, or $1.54 per Boe, during the second quarter. This increase was driven by an increase in Oklahoma production taxes, which went into effect in the third quarter of 2018.

Divestitures
During the third quarter Chaparral realized $29.7 million in proceeds from non-core assets sales. This included the successful monetization of a portion of its saltwater disposal infrastructure for $8.3 million. It also closed on various other non-core assets in the third quarter resulting in cash proceeds of $21.4 million, which brings the company’s year-to-date total cash proceeds to $36.3 million and accounts for approximately 1.4 MBoe/d of associated net production. Chaparral continues to forecast additional non-core asset sales in the fourth quarter and anticipates proceeds to be in line with its previously stated 2018 asset sale guidance of $50 - 60 million.

Balance Sheet and Liquidity
As of September 30, 2018, Chaparral had approximately $49 million in cash and cash equivalents and had no borrowings under its $265 million borrowing base. The company’s balance sheet remains strong with no significant debt maturities due until 2022.

NYSE Listing
Chaparral uplisted its Class A common stock from the OTCQB market to the NYSE in July when it began trading under the ticker symbol “CHAP.”


Updated 2018 Guidance – STACK Results Drive Increase in Production Growth

2018 GuidancePreviousRevisedTotal Company
Average Daily Production (MBoe/d)19.0 - 20.0

20.25 - 20.75

  STACK
  Average Daily Production (MBoe/d)13.0 - 14.0

14.25 - 14.75

Total CAPEX$300 - $325 millionno changeLOE ($/Boe)$7.60 - $8.20$7.25 - $7.65Cash G&A Expense ($/Boe)$3.50 - $4.00no changeAnticipated Proceeds from Asset Sales$50 - $60 millionno change   

Chaparral increased its full year 2018 STACK production guidance by 7% to 14,250 - 14,750 Boe/d and increased total company production guidance by 5% to 20,250 - 20,750 MBoe/d. This increase in production is driven by strong STACK well results and includes estimated fourth quarter STACK production of 16,250 - 17,250 Boe/d and total company production of 21,250 - 22,250 Boe/d.

The company also decreased its full year LOE/Boe guidance by 6% to $7.25 - $7.65. This decrease is primarily a result of increased production, the sale of higher cost, non-core properties and sustainable saltwater disposal cost reductions.

Earnings Call Information
Chaparral will hold its financial and operating results call this morning, Tuesday, November 13, at 10 a.m. Central. Interested parties may access the call toll-free at 888-208-1711 and ask for the Chaparral Energy conference call 10 minutes prior to the start time. The conference ID number is 1391619. A live webcast of the call will be available on the company’s website at chaparralenergy.com/investors.

The company has also provided an updated investor presentation for the quarter, which along with its form 10-Q, is available on the Investor section of its website at chaparralenergy.com/investors. A recording of this morning’s call will also be available shortly after the call’s conclusion on the company’s website.

All statements, other than statements of historical facts, included in this press release that address activities, events or developments that Chaparral expects, believes or anticipates will or may occur in the future are forward-looking statements. Statements made in this release contain “forward-looking statements.” These statements are based on certain assumptions and expectations made by Chaparral, which reflect management’s experience, estimates and perception of historical trends, current conditions, anticipated future developments, potential for reserves and drilling, completion of current and future acquisitions and growth, benefits of acquisitions, future competitive position and other factors believed to be appropriate. These forward-looking statements are subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected. Among those risks, trends and uncertainties are our ability to find oil and natural gas reserves that are economically recoverable, the volatility of oil and natural gas prices, the uncertain economic conditions in the United States and globally, the decline in the reserve values of our properties that may result in ceiling test write-downs, our ability to replace reserves and sustain production, our estimate of the sufficiency of our existing capital sources, our ability to raise additional capital to fund cash requirements for future operations, the uncertainties involved in prospect development and property acquisitions or dispositions and in projecting future rates of production or future reserves, the timing of development expenditures and drilling of wells, the impact of natural disasters on our present and future operations, the impact of government regulation and the operating hazards attendant to the oil and natural gas business. Initial production (IP) rates are discreet data points in each well’s productive history. These rates are sometimes actual rates and sometimes extrapolated or normalized rates. As such, the rates for a particular well may decline over time and change as additional data becomes available. Peak production rates are not necessarily indicative or predictive of future production rates or economic rates of return from such wells and should not be relied upon for such purpose. The ability of the company or the relevant operator to maintain expected levels of production from a well is subject to numerous risks and uncertainties, including those referenced and discussed above. In addition, methodology the company and other industry participants utilize to calculate peak IP rates may not be consistent and, as a result, the values reported may not be directly and meaningfully comparable. Please read “Risk Factors” in our annual reports, form 10-K or other public filings. We undertake no duty to update or revise these forward-looking statements, whether as a result of new information or future events.

About Chaparral
Chaparral Energy (NYSE: CHAP) is an independent oil and natural gas exploration and production company headquartered in Oklahoma City. Founded in 1988, Chaparral is a pure-play operator focused in Oklahoma’s highly economic STACK Play, where it has approximately 127,000 net acres primarily in Kingfisher, Canadian and Garfield counties. The company has approximately 265,000 net surface acres in the Mid-Continent region. For more information, visit chaparralenergy.com.

       Investor Contact    Media Contact Joe Evans    Brandi Wessel Chief Financial Officer    Communications Manager 405-426-4590    405-426-6657 joe.evans@chaparralenergy.com    brandi.wessel@chaparralenergy.com        


Operating Results Data (Unaudited)

(in thousands, except share and per share data)Three months
ended
September 30, 2018
Three months
ended
September 30, 2017
Revenues:    Net commodity sales$  65,519 $  75,947 Sublease revenue   1,199    — Total revenues   66,718    75,947 Costs and expenses:    Lease operating   12,493    24,209 Transportation and processing   -     2,942 Production taxes   4,028    4,536 Depreciation, depletion and amortization   22,252    32,167 General and administrative   9,021    9,924 Cost reduction initiatives   210    34 Other   402    — Total costs and expenses   48,406    73,812      Operating income   18,312    2,135      Non-operating (expense) income:    Interest expense   (4,205)   (5,283)Derivative (losses) gains   (23,677)   (15,448)(Loss) gain on sale of assets   (2,024)   (13)Other income, net   19    389 Net non-operating (expense) income   (29,887)   (20,355)Reorganization items, net   (493)   (858)(Loss) income before income taxes   (12,068)   (19,078)Income tax expense   —    37 Net (loss) income$  (12,068)$  (19,115)Earnings per share:    Basic for Class A and Class B$  (0.27)$  (0.42)Diluted for Class A and Class B$  (0.27)$  (0.42)Weighted average shares used to compute earnings per share:    Basic for Class A and Class B   45,333,745    44,982,142 Diluted for Class A and Class B   45,333,745    44,982,142        


Operating Results Data (Unaudited)

 SuccessorPredecessor(in thousands, except share and per share data)Nine months
ended
September 30, 2018
Period from
March 22, 2017
through
September 30, 2017
Period from
January 1, 2017
through
March 21, 2017
Revenues:      Net commodity sales$ 181,835    157,803  $66,531 Sublease revenue   3,595    -     — Total revenues   185,430    157,803    66,531 Costs and expenses:      Lease operating   42,045    51,527    19,941 Transportation and processing   -     6,370    2,034 Production taxes   9,473    8,235    2,417 Depreciation, depletion and amortization   63,765    66,432    24,915 General and administrative   28,718    24,641    6,843 Cost reduction initiatives   1,034    155    629 Other   1,633    —    — Total costs and expenses   146,668    157,360    56,779        Operating income (loss)   38,762    443    9,752        Non-operating (expense) income:      Interest expense   (7,315)   (10,984)   (5,862)Derivative (losses) gains   (72,464)   (4,089)   48,006 (Loss) gain on sale of assets   (2,599)   (876)   206 Other income, net   123    696    1,167 Net non-operating (expense) income   (82,255)   (15,253)   43,517 Reorganization items, net   (2,010)   (2,548)   988,727 (Loss) income before income taxes   (45,503)   (17,358)   1,041,996 Income tax expense   —    75    37 Net (loss) income$  (45,503)$ (17,433)$  1,041,959 Earnings per share:      Basic for Class A and Class B$ (1.01)$ (0.39)  *Diluted for Class A and Class B$(1.01)$  (0.39) *Weighted average shares used to compute earnings per share:      Basic for Class A and Class B   45,272,595    44,982,142   *Diluted for Class A and Class B   45,272,595    44,982,142   *         


Consolidated Balance Sheets

(dollars in thousands)September 30, 2018
(unaudited)
December 31, 2017Assets    Current assets:    Cash and cash equivalents$  48,960 $  27,732 Accounts receivable, net   65,780    60,363 Inventories, net   5,774    5,138 Prepaid expenses   2,312    2,661 Total current assets   122,826    95,894 Property and equipment, net   43,996    50,641 Oil and natural gas properties, using the full cost method:    Proved   771,028    634,294 Unevaluated (excluded from the amortization base)   558,081    482,239 Accumulated depreciation, depletion, amortization and impairment   (179,540)   (124,180)Total oil and natural gas properties   1,149,569    992,353 Derivative instruments   —    — Other assets   446    418 Total assets$  1,316,837 $  1,139,306 Liabilities and stockholders’ equity    Current liabilities:    Accounts payable and accrued liabilities$  66,614 $  75,414 Accrued payroll and benefits payable   8,315    11,276 Accrued interest payable   7,057    187 Revenue distribution payable   28,470    17,966 Long-term debt and capital leases, classified as current   3,444    3,273 Derivative instruments   29,905    8,959 Total current liabilities   143,805    117,075 Long-term debt and capital leases, less current maturities   305,760    141,386 Derivative instruments   39,042    4,167 Deferred compensation   453    696 Asset retirement obligations   24,358    33,216 Commitments and contingencies    Stockholders’ equity:    Preferred stock   —    — Class A Common stock   388    389 Class B Common stock   79    79 Additional paid in capital   972,229    961,200 Treasury stock   (4,872)   — Accumulated deficit   (164,405)   (118,902)Total stockholders' equity   803,419    842,766 Total liabilities and stockholders' equity$  1,316,837 $  1,139,306        


Consolidated Statements of Cash Flows (Unaudited)

 SuccessorPredecessor(in thousands)Nine months
ended
September 30, 2018
Period from
March 22, 2017
through
September 30, 2017
Period from
January 1, 2017
through
March 21, 2017
Cash flows from operating activities      Net (loss) income$  (45,503)$  (17,433)$  1,041,959 Adjustments to reconcile net (loss) income
  to net cash provided by operating activities      Non-cash reorganization items   —    —    (1,012,090)Depreciation, depletion and  
  amortization   63,765    66,432    24,915 Derivative losses (gains)   72,464    4,089    (48,006)Loss (gain) on sale of assets   2,599    876    (206)Other   4,376    1,300    645 Change in assets and liabilities      Accounts receivable   (6,743)   (16,082)   198 Inventories   (1,415)   2,683    466 Prepaid expenses and other
  assets   322    2,560    (497)Accounts payable and accrued
  liabilities   (12,383)   (13,369)   8,733 Revenue distribution payable   10,895    4,549    (1,875)Deferred compensation   7,890    2,565    143 Net cash provided by
  operating activities   96,267    38,170    14,385 Cash flows from investing activities      Expenditures for property, plant, and equipment
  and oil and natural gas properties   (252,731)   (114,358)   (31,179)Proceeds from asset dispositions   36,335    7,791    1,884 (Payments) proceeds from derivative
  instruments   (16,642)   15,143    1,285 Cash in escrow   -     42    — Net cash used in investing
  activities   (233,038)   (91,382)   (28,010)Cash flows from financing activities      Proceeds from long-term debt   116,000    33,000    270,000 Repayment of long-term debt   (243,554)   (1,154)   (444,785)Proceeds from Senior Notes   300,000    -     — Proceeds from rights offering, net   —    —    50,031 Principal payments under capital lease
  obligations   (2,003)   (1,362)   (568)Payment of debt issuance costs and other
  financing fees   (7,572)   -     (2,410)Treasury stock purchased   (4,872)   —    — Net cash provided by (used in)
  financing activities   157,999    30,484    (127,732)Net increase (decrease) in
  cash, cash equivalents, and
  restricted cash   21,228    (22,728)   (141,357)Cash, cash equivalents, and restricted cash at beginning of period   27,732    45,123    186,480 Cash, cash equivalents, and restricted cash at end of period$  48,960 $  22,395 $  45,123           

Non-GAAP Financial Measures and Reconciliations
Adjusted EBITDA is a Non-GAAP financial measure and is described and reconciled to net income in the table “Adjusted EBITDA Reconciliation, NON-GAAP.”

Adjusted EBITDA Reconciliation, Non-GAAP

(in thousands)Three months
ended
September 30, 2018
Three months
ended
September 30, 2017
Net (loss) income$  (12,068)   (19,115)Interest expense   4,205    5,283 Income tax expense   -     37 Depreciation, depletion, and amortization   22,252    32,167 Non-cash change in fair value of derivative instruments   16,804    22,236 Impact of derivative pricing   (1,698)   — Interest income   (7)   (4)Stock-based compensation expense   2,304    2,776 (Gain) loss on sale of assets   2,024    13 Restructuring, reorganization and other   493    892 Adjusted EBITDA$  34,309 $  44,285        


    SuccessorPredecessor(in thousands)Nine months
ended
September 30, 2018
Period from
March 22, 2017
through
September 30, 2017
Period from
January 1, 2017
through
March 21, 2017
Net (loss) income$  (45,503)$  (17,433)$  1,041,959 Interest expense   7,315    10,984    5,862 Income tax expense   -     75    37 Depreciation, depletion, and amortization   63,765    66,432    24,915 Non-cash change in fair value of derivative
  instruments   55,822    19,232    (46,721)Impact of derivative pricing   (3,950)   -     — Loss (gain) on settlement of liabilities subject
  to compromise   48    -     (372,093)Fresh start accounting adjustments   —    —    (641,684)Interest income   (9)   (9)   (133)Stock-based compensation expense   8,598    2,776    155 Loss (gain) on sale of assets   2,599    876    (206)Write-off of debt issuance costs, discount and
  premium   —    —    1,687 Restructuring, reorganization and other   1,962    2,703    24,297 Adjusted EBITDA$  90,647 $  85,636 $  38,075           

 

Categories: State

Enphase Energy Rolls Out Service Program for Early Adopters

7 hours 19 sec ago

FREMONT, Calif., Nov. 13, 2018 (GLOBE NEWSWIRE) -- Enphase Energy, Inc. (NASDAQ:ENPH), a global energy technology company and the world’s leading supplier of solar microinverters, today announced that over 1,000 homeowners have joined the Enphase Upgrade Program, a program that gives homeowners several options for upgrading to the latest, more efficient and reliable seventh-generation microinverter technology from Enphase. The program is for warranty holders of legacy Enphase microinverters and represents the company’s commitment to quality and service. Participation is optional, and Enphase continues to stand by the warranties for products in the field.

“As a longtime Enphase solar installation contractor, we are excited about supporting both existing and new customers on their paths to upgrading their solar systems to the latest Enphase technology through this program,” said Chaz Mathias, co-owner and chief operating officer of First Response Solar. “This is a great opportunity for us to improve the experience some of the earliest Enphase customers have with clean home energy. We’re getting enthusiastic responses from all kinds of homeowners who have chosen to participate in the upgrade program.”

"I was psyched when Enphase first approached us about upgrading to their latest technology for our 7-year-old solar system,” said Mark Obergfell, a Santa Rosa, California homeowner. “Enphase introduced us to Chaz, and he’s helped us breathe new life into our solar system with new micros we now also have the peace of mind of a new warranty. I’ve never seen a company offer this kind of program for a major home appliance, but I think more of them should, especially when it comes to new, cutting-edge products.”

The Enphase Upgrade Program is a close collaboration between Enphase, homeowners and solar installation contractors around the country. Enphase reaches out directly to eligible homeowners and upon confirmation, pairs up the homeowner with a local solar installation contractor. Since the commercial introduction of the first Enphase Microinverter in 2008, the company has made significant advancements in microinverter design, efficiency and reliability. Tens of millions of test-cycle hours have advanced product performance and reliability to best-in-class levels. Program details are available in Enphase installer and homeowner webinars.

“A major side effect of solar installation companies exiting the business is that it leaves customers in the lurch, without support for their systems,” said Stephen Pelton, co-owner of EcoSmart Home Services. “Since EcoSmart is an Enphase installation contractor, Enphase is now introducing us to these homeowners through the upgrade program, and we have the pleasure of introducing them to the latest generation of solar products. It also helps that Enphase offers participating installers a two-year window during which they will reimburse us for rolling a truck and replacing an upgraded micro, should one fail; that’s a fair policy.”

“Enphase is one of many Silicon Valley companies with a history of delivering groundbreaking innovation,” said JD Dillon, vice president of marketing of Enphase Energy. "We want to show our appreciation to the homeowners who embraced our products early on and reward them for placing their bets with us. I’m proud that Enphase is now able to offer this service program on a broad scale.”

About Enphase Energy, Inc.

Enphase Energy, a global energy technology company, delivers smart, easy-to-use solutions that connect solar generation, storage and management on one intelligent platform. The Company revolutionized solar with its microinverter technology and produces the world’s only truly integrated solar plus storage solution. Enphase has shipped more than 18 million microinverters, and over 820,000 Enphase systems have been deployed in more than 120 countries. For more information, visit www.enphase.com/  and follow the company on Facebook, LinkedIn and Twitter.

Enphase Energy®, the Enphase logo and other trademarks or service names are the trademarks of Enphase Energy, Inc.

Forward-Looking Statements

This press release may contain forward-looking statements, including statements related to Enphase Energy's: continued growth prospects; timeline for introduction of new products; and ability to create value for our employees, customers, shareholders, partners, and vendors. These forward-looking statements are based on the company's current expectations and inherently involve significant risks and uncertainties. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of these risks and uncertainties and other risks detailed in the "Risk Factors" and elsewhere in Enphase Energy's latest Securities and Exchange Commission filings and reports. Enphase Energy undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events or changes in its expectations.

Images Available: http://go.enphase.com/enphase-media-room

Contact: Christian Zdebel, pr@enphase.com, 484-788-2384

Categories: State

SAExploration Announces Third Quarter 2018 Unaudited Consolidated Financial Results

7 hours 19 sec ago

HOUSTON, Nov. 13, 2018 (GLOBE NEWSWIRE) -- SAExploration Holdings, Inc. (NASDAQ: SAEX, OTCQB: SXPLW) today announced its financial results for the third quarter of 2018.

Third Quarter 2018 Summary

  • Revenue of $15.0 million, compared to $22.5 million in Q3 2017
  • Gross (loss) profit of $(4.0) million, or (26.9)% of revenues, compared to $1.5 million, or 6.6% of revenues, in Q3 2017
  • Adjusted gross (loss) profit, a non-GAAP measure, of $(1.1) million, or (7.2)% of revenues, compared to $4.3 million, or 19.1% of revenues, in Q3 2017
  • Net loss attributable to SAExploration of $25.3 million, compared to $13.8 million in Q3 2017
  • Adjusted EBITDA, a non-GAAP measure, of $(8.9) million, compared to $(1.2) million in Q3 2017
  • Contracted backlog of $173.2 million through 2019 and $383.7 million of bids outstanding as of September 30, 2018
  • Acquired substantially all of the assets of Geokinetics in a transformative and accretive transaction for $21.7 million, including transaction advisory fees and other acquisition costs
  • Recapitalized balance sheet and improved liquidity through series of transactions, including upsizing credit facility to $30.0 million, repaying $1.9 million of stub notes, and converting 8% Series A preferred stock into common stock and warrants
  • Further simplified capital structure and reduced interest expense through a private placement of $60.0 million 6% convertible notes due 2023 with proceeds used to repay certain existing credit facilities and provide working capital

Jeff Hastings, Chairman and CEO of SAE, commented, “As expected, activity in many of our markets remained historically low during the third quarter, due to the continued and sustained lack of exploration spending. However, despite the first nine months of 2018 being one of the most challenging periods in our history, I am encouraged by the effort put into formulating and executing the necessary changes to realign SAE’s business model and financial structure for long-term success. Beginning in January and ending in September, we initiated and completed a comprehensive strategy to further reduce our overall leverage and interest expense, enhance our liquidity, and effect much needed consolidation in a fragmented industry by opportunistically acquiring accretive assets. Even though we would always prefer to be busier at the field level, I believe these strategic initiatives could prove to be well timed if exploration spending increases, particularly given how soon we could deploy and benefit from our expanded and upgraded equipment profile.”

Mr. Hastings continued, “Looking forward, we are beginning to see some positive momentum with customers evaluating and approving new projects. As evidenced by our improved backlog, we currently expect to see higher than normal activity in the fourth quarter, which historically, has been a seasonally weak period for SAE. Most of this activity will result from active contracts in the Lower 48, as well as from the start of our recently-announced ocean-bottom marine project in Asia. As our customers continue to formulate their plans for 2019, we think it is possible that we could see some improvement in exploration spending return to a market driven almost exclusively by production-related spending. In particular, the ocean-bottom marine market appears to be the most active, with a large number of opportunities competing for limited available capacity in the nodal market. While the ocean-bottom marine market remains a relatively new market for SAE, we expect the overall healthy economic conditions to benefit our ability to compete and secure additional projects.”

Mr. Hastings concluded, “During the fourth quarter, we plan to continue the integration of the Geokinetics asset acquisition, which we expect will involve cost reductions and asset sales as we trim down to keep an efficient and productive equipment fleet without redundancies. We also continue to maintain our core focus on maximizing potential cash flow from ongoing and new projects. While we cannot control exploration spending, nor predict when growth may return, we are executing on a plan to put SAE in the best possible position to not only be sustainable in the current market environment, but to prosper in any broader recovery. We believe the strategic steps we have taken with the asset acquisition and the related capital structure transactions, along with the continued support of our employees and key stakeholders, will enable us to achieve our goal of leveraging SAE’s outstanding operational history to become a market leader in seismic data acquisition and processing services worldwide.”

Third Quarter 2018 Results

SAE reported revenues of $15.0 million for the third quarter of 2018, an 11.1% decrease from the second quarter of 2018 and a 33.2% decrease from the third quarter of 2017. The decrease from the second quarter of 2018 was due to fewer projects in Colombia offset by an increase in projects in North America. The decrease from the third quarter of 2017 was due to more projects in North America offset by fewer projects in Colombia.

SAE reported adjusted gross (loss) profit of $(1.1) million for the third quarter of 2018 compared to adjusted gross (loss) profit of $(2.8) million for the second quarter of 2018 and adjusted gross (loss) profit of $4.3 million for the third quarter of 2017. Adjusted EBITDA was $(8.9) million for the third quarter of 2018 compared to $(7.6) million for the second quarter of 2018 and $(1.2) million for the third quarter of 2017. Both adjusted gross loss and adjusted EBITDA in the third quarter of 2018 were negatively impacted by less favorable pricing when taking into account the fixed costs involved in our projects. Adjusted gross (loss) profit and adjusted EBITDA are non–GAAP financial measures and are described in the attached tables under “Non–GAAP Measures.”

For the third quarter of 2018, SAE reported a net loss of $25.3 million, or $27.80 basic and diluted loss per share, compared to a net loss of $33.3 million, or $44.90 basic and diluted loss per share for the second quarter of 2018. For the third quarter of 2017, SAE reported a net loss of $13.8 million, or $29.30 basic and diluted loss per share. 

As of September 30, 2018, cash and cash equivalents totaled $20.3 million, working capital was $14.1 million, total debt at face value, excluding net unamortized premiums or discounts, was $111.0 million, and total stockholders’ equity was $37.6 million.

Capital expenditures for the third quarter of 2018 were $0.3 million compared to $0.1 million in the third quarter of 2017. The low level of capital expenditures in both periods was primarily due to the continuation of unfavorable conditions in the oil and natural gas industry.

As of September 30, 2018, SAE’s backlog was $173.2 million and bids outstanding totaled $383.7 million. Please note, however, this backlog includes the recently contracted $100.0 million ocean-bottom marine project award, of which approximately 70% of the revenues are expected to be third-party pass-through revenues at cost. Approximately 98% of the backlog is comprised of data acquisition projects and the remainder is comprised of data processing projects. Additionally, approximately 41% of the data acquisition projects are located in North America, split primarily between Alaska and the Lower 48, with the balance attributable to projects in Asia. SAE currently expects to complete approximately 31% of the projects in its backlog as of September 30, 2018 during the fourth quarter of 2018, with the remainder scheduled to be performed during 2019. The estimations of realization from SAE’s backlog can be impacted by a number of factors, however, including deteriorating industry conditions, customer delays or cancellations, permitting or project delays and environmental conditions.

Investor Conference Call

SAE will host a conference call on Tuesday, November 13, 2018 at 10:00 a.m. Eastern Time to discuss its unaudited consolidated financial results for the third quarter ended September 30, 2018. Participants can access the conference call by dialing (855) 433-0934 (toll-free) or (484) 756-4291 (toll). SAE will also offer a live webcast of the conference call on the Investors section of its website at www.saexploration.com.

To listen live via the company’s website, please go to the website at least 15 minutes prior to the start of the call to register and download any necessary audio software. A replay of the webcast for the conference call will be archived on the company’s website and can be accessed by visiting the Investors section of SAE’s website.

About SAExploration Holdings, Inc. 

SAE is an internationally-focused oilfield services company offering a full range of vertically-integrated seismic data acquisition and logistical support services in remote and complex environments throughout Alaska, Canada, South America, Southeast Asia and West Africa. In addition to the acquisition of 2D, 3D, time-lapse 4D and multi-component seismic data on land, in transition zones and offshore in depths reaching 3,000 meters, SAE offers a full suite of logistical support and data processing services, such as program design, planning and permitting, camp services and infrastructure, surveying, drilling, environmental assessment and reclamation and community relations. SAE operates crews around the world, performing major projects for its blue-chip customer base, which includes major integrated oil companies, national oil companies and large independent oil and gas exploration companies. Operations are supported through a multi-national presence in Houston, Alaska, Canada, Peru, Colombia, Bolivia, Australia and Singapore. For more information, please visit SAE’s website at www.saexploration.com.

The information in SAE’s website is not, and shall not be deemed to be, a part of this notice or incorporated in filings SAE makes with the Securities and Exchange Commission. 

Forward–Looking Statements

This press release contains certain "forward–looking statements" within the meaning of the U.S. federal securities laws with respect to SAE. These statements can be identified by the use of words or phrases such as “expects,” “estimates,” “projects,” “budgets,” “forecasts,” “anticipates,” “intends,” “plans,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” and similar expressions. These forward–looking statements include statements regarding SAE's financial condition, results of operations and business and SAE's expectations or beliefs concerning future periods and possible future events. These statements are subject to significant known and unknown risks and uncertainties that could cause actual results to differ materially from those stated in, and implied by, this press release. Risks and uncertainties that could cause actual results to vary materially from SAE’s expectations are described under “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in SAE’s filings with the Securities and Exchange Commission. Except as required by applicable law, SAE is not under any obligation to, and expressly disclaims any obligation to, update or alter its forward looking statements, whether as a result of new information, future events, changes in assumptions or otherwise.

 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(In thousands, except per share amounts)(Unaudited)   Three Months Ended
September 30, Nine Months Ended
September 30,   2018   2017   2018   2017          Revenue from services $15,003  $22,452  $69,009  $122,180 Cost of services  16,085   18,172   61,800   87,575 Depreciation and amortization expense  2,951   2,809   7,667   9,007 Gross (loss) profit  (4,033)  1,471   (458)  25,598          Selling, general and administrative expenses  14,858   6,005   46,998   18,880          Operating (loss) income  (18,891)  (4,534)  (47,456)  6,718          Other (expense) income, net:        Interest expense, net  (4,738)  (7,496)  (10,225)  (24,415)Costs incurred on debt restructuring  –   (208)  –   (208)Foreign exchange (loss) gain, net  (331)  341   (2,510)  (695)Other income (expense), net  27   2   181   (83)Total other expense, net  (5,042)  (7,361)  (12,554)  (25,401)         Loss before income taxes  (23,933)  (11,895)  (60,010)  (18,683)         Income taxes  1,364   1,950   107   4,175          Net loss  (25,297)  (13,845)  (60,117)  (22,858)         Less: net income (loss) attributable to noncontrolling interest  10   (75)  904   1,972          Net loss attributable to SAExploration $(25,307) $(13,770) $(61,021) $(24,830)         Basic and diluted loss per common share $(27.80) $(29.30) $(141.82) $(52.94)         Weighted average common shares outstanding (basic and diluted)  1,120   470   804   469 


CONDENSED CONSOLIDATED BALANCE SHEETS(In thousands, except number of shares)   September 30,
2018 December 31,
2017ASSETS (Unaudited)  Current assets:    Cash and cash equivalents $20,341  $3,613 Restricted cash  –   41 Accounts receivable, net  19,165   6,105 Deferred costs on contracts  448   2,107 Prepaid expenses and other current assets  3,164   6,395 Total current assets  43,118   18,261      Property and equipment, net of accumulated depreciation of $79,336 and $72,649, respectively  38,080   32,946 Goodwill  1,782   1,832 Intangible assets, net of accumulated amortization of $807 and $732, respectively  4,182   671 Long–term accounts receivable, net  59,117   78,102 Deferred income taxes  4,914   4,592 Other assets  3,242   5,534 Total assets $154,435  $141,938      LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)    Current liabilities:    Accounts payable $7,594  $4,551 Accrued liabilities  6,891   6,311 Income and other taxes payable  5,581   7,887 Current portion of long–term debt  6,954   995 Deferred revenue  2,043   1,477 Total current liabilities  29,063   21,221      Long–term debt, net  87,349   120,298 Other long–term liabilities  381   608      Commitments and contingencies         Stockholders’ equity:    Common stock, 1,747,990 and 471,177 shares outstanding, respectively  –   – Additional paid-in capital  231,644   133,742 Accumulated deficit  (194,033)  (133,306)Accumulated other comprehensive loss  (3,077)  (5,082)Treasury stock, at cost, 111,003 and 1,901 shares outstanding, respectively  (1,866)  (113)Total stockholders’ equity (deficit) attributable to SAExploration  32,668   (4,759)Noncontrolling interest  4,974   4,570 Total stockholders’ equity (deficit)  37,642   (189)Total liabilities and stockholders’ equity (deficit) $154,435  $141,938 


CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME(In thousands)(Unaudited)   Three Months Ended
September 30, Nine Months Ended
September 30,   2018   2017   2018   2017          Net loss $(25,297) $(13,845) $(60,117) $(22,858)Other comprehensive income (loss):        Foreign currency translation adjustment  192   (362)  2,005   (434)Comprehensive loss  (25,105)  (14,207)  (58,112)  (23,292)Less: comprehensive income (loss) attributable to noncontrolling interest  10   (75)  904   1,972 Comprehensive loss attributable to SAExploration $(25,115) $(14,132) $(59,016) $(25,264)


REVENUE FROM SERVICES BY REGION(In thousands)(Unaudited)   Three Months Ended September 30, Nine Months Ended September 30,   2018   2017   2018   2017                  North America $12,556 83.7% $2,723 12.1% $44,995 65.2% $50,518 41.3%South America  1,525 10.2%  19,729 87.9%  23,092 33.5%  32,224 26.4%Southeast Asia  714 4.7%  – 0.0%  714 1.0%  4,266 3.5%West Africa  – –%  – 0.0%  – –%  35,172 28.8%Other  208 1.4%      208 0.3%    Total $15,003 100.0% $22,452 100.0% $69,009 100.0% $122,180 100.0%                         

Non–GAAP Measures

We define Adjusted EBITDA as net loss plus interest expense, income taxes, depreciation and amortization, provision for doubtful accounts, non–cash equity–based compensation, (gain) loss on disposal of property and equipment, foreign exchange loss (gain), (gain) on extinguishment of long-term debt, costs incurred on debt restructuring, and certain non–recurring expenses. Adjusted Gross (Loss) Profit is defined as gross (loss) profit plus depreciation and amortization expense related to cost of services.

Adjusted EBITDA is used by our management as a supplemental financial measure to assess: (i) the financial performance of our assets without regard to financing methods, capital structures, taxes, historical cost basis or non-recurring expenses; (ii) our liquidity and operating performance over time in relation to other companies that own similar assets and calculate Adjusted EBITDA in a similar manner; and (iii) the ability of our assets to generate cash sufficient to pay potential interest cost. We consider Adjusted EBITDA as presented below to be the primary measure of period–over–period changes in our operational cash flow performance.

Our management uses Adjusted Gross (Loss) Profit as a substantial financial measure to assess the cost management and performance of our projects. Within the seismic data services industry, gross profit is presented both with and without depreciation and amortization expense on equipment used in operations and, therefore, we also use this measure to assess our performance over time in relation to other companies that own similar assets and calculate gross profit in the same manner.

Adjusted EBITDA and Adjusted Gross (Loss) Profit are not defined under GAAP, and we acknowledge that these are not measures of operating income, operating performance or liquidity presented in accordance with GAAP. When assessing our operating performance or liquidity, investors and others should not consider this data in isolation or as a substitute for any other measure of financial performance or liquidity presented in accordance with GAAP. In addition, our calculations of Adjusted EBITDA and Adjusted Gross (Loss) Profit may not be comparable to EBITDA, gross profit or other similarly titled measures utilized by other companies since such other companies may not calculate EBITDA, gross profit or similarly titled measures in the same manner. Further, the results presented by Adjusted EBITDA and Adjusted Gross (Loss) Profit cannot be achieved without incurring the costs that the measure excludes.

 Reconciliation of Net Loss to Adjusted EBITDA($ in thousands)(Unaudited)   Three Months Ended
September 30, Nine Months Ended
September 30,   2018   2017   2018   2017          Net loss $(25,297) $(13,845) $(60,117) $(22,858)Interest expense, net  4,738   7,496   10,225   24,415 Income taxes  1,364   1,950   107   4,175 Depreciation and amortization expense (1)  3,092   2,900   7,960   9,300 Provision for doubtful accounts  –   –   19,120   – Non–cash equity–based compensation  6,473   384   9,114   1,649 (Gain) loss on disposal of property and equipment, net  (130)  12   (315)  (71)Foreign exchange loss (gain), net (2)  331   (341)  2,510   695 Gain on extinguishment of long–term debt  –   –   (53)  – Costs incurred on debt restructuring  –   208   –   208 Non–recurring expenses (3)(4)  538   81   974   261 Adjusted EBITDA $(8,891) $(1,155) $(10,475) $17,774  (1) Additional depreciation and amortization expense not related to cost of services was $141 and $91 for the three months ended September 30, 2018 and 2017, respectively, and $293 for both the nine months ended September 30, 2018 and 2017 (2) Includes both realized and unrealized foreign exchange transactions (3) In 2018, consists of various non–operating expenses incurred at the corporate location. (4) In 2017, consists of severance payments incurred in Peru and Alaska and various non–operating expenses incurred at the corporate location


Reconciliation of Gross (Loss) Profit to Adjusted Gross (Loss) Profit($ in thousands)(Unaudited)   Three Months Ended
September 30, Nine Months Ended
September 30,   2018   2017   2018   2017          Gross (loss) profit as presented $(4,033) $1,471  $(458) $25,598 Depreciation and amortization expense (1)  2,951   2,809   7,667   9,007 Adjusted gross (loss) profit $(1,082) $4,280  $7,209  $34,605  (1) Depreciation and amortization on equipment used in operations CONTACT: Contact SAExploration Holdings, Inc. Ryan Abney Vice President, Finance (281) 258-4400 rabney@saexploration.com
Categories: State

Spectrum Global Solutions Reports Third Quarter 2018 Results

7 hours 30 min ago

LONGWOOD, Fla., Nov. 13, 2018 (GLOBE NEWSWIRE) -- Spectrum Global Solutions, Inc. (OTC:SGSI) (the "Company"), reported financial results for the fiscal period ended September 30, 2018.

Roger Ponder, CEO of the Company stated, “Revenue was just under $10 million which reflects consistent growth in our AW Solutions and ADEX subsidiaries.  We also reported net income of over $400,000 for the period and earnings per share of .04 on a fully diluted basis.

Mr. Ponder continued: “We are experiencing consistent revenue growth from our AW Solutions and ADEX subsidiaries, that is much stronger than the prior year and expect to continue this growth pattern both organically and through strategic, accretive acquisitions.”

Financial Highlights:

Revenue was $9,671,990 compared to $2,336,376,249 for the same period in 2017.  Gross profit was $1,604,763 attributable to the subsidiaries acquired in April 2017 and February 2018. The Company had net  income attributable to common stockholders of $414,485 during the period ended September 30, 2018 compared to net income of $214,910 for the comparable period of 2017.  The decrease in net income loss was primarily due to revenue derived from our new subsidiaries and decreases in derivative liabilities and other non-cash expenses.

Our operating results for the Period ended September 30, 2018 and 2017 are summarized as follows:

       Three Months Ended 
September 30, 2018 Three Months Ended 
September 30,2017Statement of Operations Data:        Revenues $9,671,990  $2,336,376 Gross profit  1,604,763   113,871 Operating expenses  1,912,215   891,222 Loss from operations  (307,452)  (777,351)Total other income (expense)   721,937   904,408 Net Income (loss) attributable to common stockholders  414,485   214,910                   Balance sheet data for period ended June 30, 2018:        Cash $301,080     Accounts receivable, net  8,022,749     Total current assets  8,339,955     Goodwill and intangible assets, net  3,854,971     Total assets  12,257,326              Total current liabilities  13,007,666     Derivative liabilities  5,932,5214     Stockholders' (deficit) equity  (6,682,861)             

About Spectrum Global Solutions, Inc.:

Spectrum Global Solutions operates through its subsidiaries AW Solutions and ADEX Corp. The Company is a leading provider of telecommunications engineering and infrastructure services across the United States, Canada, Puerto Rico, Guam and Caribbean. For more information about the Company and its technologies visit the Company’s public filings at SEC.gov.

Forward-looking statements:
The above news release contains forward-looking statements. The statements contained in this document that are not statements of historical fact, including but not limited to, statements identified by the use of terms such as "anticipate," "appear," "believe," "could," "estimate," "expect," "hope," "indicate," "intend," "likely," "may," "might," "plan," "potential," "project," "seek," "should," "will," "would," and other variations or negative expressions of these terms, including statements related to expected market trends and the Company's performance, are all "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and involve a number of risks and uncertainties. These statements are based on assumptions that management believes are reasonable based on currently available information, and include statements regarding the intent, belief or current expectations of the Company and its management. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performances and are subject to a wide range of external factors, uncertainties, business risks, and other risks identified in filings made by the company with the Securities and Exchange Commission. Actual results may differ materially from those indicated by such forward-looking statements. The Company expressly disclaims any obligation or undertaking to update or revise any forward-looking statement contained herein to reflect any change in the company's expectations with regard thereto or any change in events, conditions or circumstances upon which any statement is based except as required by applicable law and regulations.

CONTACT:
Investor Relations
Spectrum Global Solutions, Inc.
561-672-7068

Categories: State

Bonanza Creek Energy Appoints New Chief Financial Officer

8 hours 19 sec ago

DENVER, Nov. 13, 2018 (GLOBE NEWSWIRE) -- Bonanza Creek Energy, Inc. (NYSE: BCEI) (“Bonanza Creek” or the “Company”) today announces the hiring of Brant H. DeMuth as Chief Financial Officer. Mr. DeMuth’s appointment as Executive Vice President and Chief Financial Officer will take effect on November 14, 2018. He will be assuming the role of principal financial officer from Scott A. Fenoglio, who has served as the Company’s principal financial officer since August 2017.

Mr. DeMuth previously served as Vice President of Finance and Treasurer at SRC Energy Inc. from October 2014 until November 2018. Prior to joining SRC Energy, Mr. DeMuth served as Interim Chief Financial Officer of DJ Resources, LLC from August 2013 to September 2014 and as Executive Vice President of Strategy and Corporate Development of Gevo, Inc. from June 2011 to May 2013. Mr. DeMuth currently serves on the University of Northern Colorado’s Monfort College of Business Dean's Leadership Council. Mr. DeMuth is a Chartered Financial Analyst and received his M.B.A. in Oil and Gas Finance from the University of Denver and his B.S. in Business Administration from Colorado State University.

“We are excited to have Brant join the team.  His 34 years of management and finance experience in capital markets and the oil & gas industry will be a tremendous addition to our team,” said Eric Greager, President and Chief Executive Officer of the Bonanza Creek.  “After a comprehensive search and on behalf of the Board of Directors, we are pleased to welcome Brant to Bonanza Creek. Brant has the right background, experience and cultural disposition to successfully serve as Chief Financial Officer of our Company. We are confident that he will help strengthen Bonanza Creek, drive returns and cash flow growth, and create value for our shareholders, employees and community,” said Jack E. Vaughn, Chairman of Bonanza Creek.

In accordance with NYSE requirements, the Company hereby discloses that its Board of Directors has authorized the grant to Mr. DeMuth of an employment inducement award of restricted stock units with a grant-date fair value equal to $650,000 (the “Inducement RSUs”) as an inducement to Mr. DeMuth’s hiring as Executive Vice President and Chief Financial Officer and to compensate Mr. DeMuth for forfeited equity compensation from his former employer, such grant to be effective on November 14, 2018, the date Mr. DeMuth will commence employment with the Company. The Inducement RSUs will vest in 20% increments on each of the first through fifth anniversaries of the grant date, subject to Mr. DeMuth’s continued employment with the Company through such date; and will vest in full upon certain qualifying terminations of employment.

About Bonanza Creek Energy, Inc.

Bonanza Creek Energy, Inc. is an independent oil and natural gas company engaged in the acquisition, exploration, development and production of onshore oil and associated liquids-rich natural gas in the United States. The Company’s assets and operations are concentrated in the Rocky Mountain region in the Wattenberg Field, focused on the Niobrara and Codell formations. The Company’s common shares are listed for trading on the NYSE under the symbol: “BCEI.” For more information about the Company, please visit www.bonanzacrk.com. Please note that the Company routinely posts important information about the Company under the Investor Relations section of its website.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. These statements are based on certain assumptions made by the Company based on management’s experience, perception of historical trends and technical analyses, current conditions, anticipated future developments and other factors believed to be appropriate and reasonable by management. When used in this press release, the words “will,” “potential,” “believe,” “estimate,” “intend,” “expect,” “may,” “should,” “anticipate,” “could,” “plan,” “predict,” “project,” “profile,” “model” or their negatives, other similar expressions or the statements that include those words, are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These statements include statements regarding development and completion expectations and strategy; decreasing operating and capital costs; impact of the Company's reorganization; and updated 2018 guidance. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company, that may cause actual results to differ materially from those implied or expressed by the forward-looking statements, including the following: changes in natural gas, oil and NGL prices; general economic conditions, including the performance of financial markets and interest rates; drilling results; shortages of oilfield equipment, services and personnel; operating risks such as unexpected drilling conditions; ability to acquire adequate supplies of water; risks related to derivative instruments; access to adequate gathering systems and pipeline take-away capacity; and pipeline and refining capacity constraints. Further information on such assumptions, risks and uncertainties is available in the Company’s SEC filings. We refer you to the discussion of risk factors in our Annual Report on Form 10-K for the year ended December 31, 2017, filed on March 15, 2018, and other filings submitted by us to the Securities Exchange Commission. The Company’s SEC filings are available on the Company’s website at www.bonanzacrk.com and on the SEC’s website at www.sec.gov. All of the forward-looking statements made in this press release are qualified by these cautionary statements. Any forward-looking statement speaks only as of the date on which such statement is made, including guidance, and the Company undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law.

For further information, please contact:
Doug Atkinson
Senior Manager, Investor Relations
720-225-6690
datkinson@bonanzacrk.com

Categories: State

TransCanada to Highlight Sustainable Long-term Growth at Investor Day; Dividend Expected to Increase 8 to 10 Per Cent Annually Through 2021

9 hours 19 sec ago

CALGARY, Alberta, Nov. 13, 2018 (GLOBE NEWSWIRE) -- News Release – TransCanada Corporation (TSX, NYSE: TRP) (TransCanada) will host its annual Investor Day in Toronto today where it will provide a financial update and review strategic plans for its natural gas pipelines, liquids pipelines and energy businesses in Canada, the United States and Mexico.

“Our $94 billion portfolio of energy infrastructure assets are expected to generate record financial results in 2018 underpinned by strong market fundamentals,” said Russ Girling, TransCanada’s president and chief executive officer. “Looking forward, we will continue to advance $36 billion in commercially secured projects through 2023 that will expand and extend our asset footprint across North America.”

As those projects enter service, TransCanada expects comparable earnings before interest, taxes, depreciation and amortization (EBITDA) to grow to approximately $10 billion in 2021, a 35 per cent increase when compared to comparable EBITDA of $7.4 billion in 2017. Significantly, 95 per cent of comparable EBITDA is expected to come from regulated assets or long-term contracts.

At the same time, the company continues to methodically advance more than $20 billion of projects under development. They include Keystone XL and Bruce Power life extensions as well as numerous other organic growth opportunities that are expected to emanate from TransCanada’s five operating businesses across North America. 

“Based on the confidence we have in our business plans, we expect to grow our common share dividend at an average annual rate of eight to 10 per cent through 2021,” added Girling. “Notably, our dividend outlook is supported by expected growth in earnings and cash flow and in line with our historically strong dividend coverage ratios.”

On November 1, 2018, TransCanada announced that its Board of Directors declared a quarterly dividend of $0.69 per common share for the quarter ending December 31, 2018. The quarterly amount equates to $2.76 per common share on an annualized basis and represents a 10 per cent increase over the amount declared in 2017. TransCanada’s Board of Directors has increased the common share dividend in each of the last eighteen years, from $0.80 per common share in 2000 to $2.76 per common share in 2018. The current common share dividend equates to a dividend yield of approximately 5.3 per cent based on the closing price of TransCanada’s common shares on the Toronto Stock Exchange on November 12, 2018.

“With approximately $10 billion of new projects expected to enter service by early 2019, we are well positioned to fund the remainder of our secured capital program through internally generated cash flow, access to capital markets and further portfolio management activities,” concluded Girling. “We view the issuance of common shares under our At-The-Market Equity Program as being complete at this time but expect to operate our Dividend Reinvestment Program for some portion of 2019. This will allow us to continue to prudently fund our significant capital program in a manner that is consistent with achieving targeted credit metrics that support our strong credit ratings. Going forward we will continue to evaluate share count growth against further portfolio management activities.”

Today’s investor event will be webcast beginning at 8 a.m. EST (6 a.m. MST). Interested parties may participate in the webcast available on TransCanada’s website at https://www.transcanada.com/events or via the following URL: http://www.gowebcasting.com/9781.

A copy of the presentation and the webcast, which will be archived and accessible for replay, will be available on the website.

With more than 65 years' experience, TransCanada is a leader in the responsible development and reliable operation of North American energy infrastructure including natural gas and liquids pipelines, power generation and gas storage facilities. TransCanada operates one of the largest natural gas transmission networks that extends more than 91,900 kilometres (57,100 miles), tapping into virtually all major gas supply basins in North America. TransCanada is a leading provider of gas storage and related services with 653 billion cubic feet of storage capacity. A large independent power producer, TransCanada owns or has interests in approximately 5,700 megawatts of power generation in Canada and the United States. TransCanada is also the developer and operator of one of North America's leading liquids pipeline systems that extends approximately 4,900 kilometres (3,000 miles), connecting growing continental oil supplies to key markets and refineries. TransCanada's common shares trade on the Toronto and New York stock exchanges under the symbol TRP. Visit www.transcanada.com to learn more, or connect with us on social media.

Forward Looking Information
This release contains certain information that is forward-looking and is subject to important risks and uncertainties (such statements are usually accompanied by words such as "anticipate", "expect", "believe", "may", "will", "should", "estimate", "intend" or other similar words). Forward-looking statements in this document are intended to provide TransCanada security holders and potential investors with information regarding TransCanada and its subsidiaries, including management's assessment of TransCanada's and its subsidiaries' future plans and financial outlook. All forward-looking statements reflect TransCanada's beliefs and assumptions based on information available at the time the statements were made and as such are not guarantees of future performance. Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date it is expressed in this news release, and not to use future-oriented information or financial outlooks for anything other than their intended purpose. TransCanada undertakes no obligation to update or revise any forward-looking information except as required by law. For additional information on the assumptions made, and the risks and uncertainties which could cause actual results to differ from the anticipated results, refer to the Quarterly Report to Shareholders dated October 31, 2018 and the 2017 Annual Report filed under TransCanada's profile on SEDAR at www.sedar.com and with the U.S. Securities and Exchange Commission at www.sec.gov.

Non-GAAP Measures
This news release contains references to non-GAAP measures, including comparable earnings, comparable earnings per common share, comparable EBITDA, comparable distributable cash flow, comparable distributable cash flow per common share and comparable funds generated from operations, that do not have any standardized meaning as prescribed by U.S. GAAP and therefore are unlikely to be comparable to similar measures presented by other companies. These non-GAAP measures are calculated on a consistent basis from period to period and are adjusted for specific items in each period, as applicable except as otherwise described in the Condensed consolidated financial statements and MD&A. For more information on non-GAAP measures, refer to TransCanada's Quarterly Report to Shareholders dated October 31, 2018.

Media Inquiries:
Grady Semmens
403.920.7859 or 800.608.7859

TransCanada Investor & Analyst Inquiries:
David Moneta / Duane Alexander
403.920.7911 or 800.361.6522

Categories: State

Tethys Oil AB: Production update October 2018

9 hours 58 min ago

Tethys Oil's share of the production, before government take, from Blocks 3&4 onshore the Sultanate of Oman amounted in October 2018 to 371,357 barrels of oil, corresponding to 11,979 barrels of oil per day.

The Official Selling Price (OSP) for Oman Export Blend Crude Oil for the month of October 2018 amounts to USD 72.64 per barrel.[1] The OSP, as published by Sultanate of Oman's Ministry of Oil & Gas, is the benchmark price for Tethys Oil's monthly oil sales excluding trading and quality adjustments.

Tethys Oil AB, through its wholly owned subsidiary Tethys Oil Block 3 & 4 Ltd, has a 30 per cent interest in Blocks 3&4. Partners are Mitsui E&P Middle East B.V. with 20 per cent and the operator CC Energy Development S.A.L. (Oman branch) holding the remaining 50 per cent.

For further information, please contact
Magnus Nordin, Managing Director, phone +46 8 505 947 00
------------------------------------------------------------

The information was submitted for publication, through the agency of the contact person set out above, at 11:00 CET on 13 November 2018.

Tethys Oil AB (publ)
Tethys Oil is a Swedish oil company with focus on onshore areas with known oil discoveries. Tethys Oil's core area is Oman, where the company holds 2P reserves of 22 mmbo and 2C Contingent Resources of 17 mmbo and had an average oil production of 12,162 barrels per day from Blocks 3&4 during 2017. Tethys Oil also has onshore exploration licences in Lithuania and France and some production in Lithuania. The shares are listed on Nasdaq Stockholm (TETY). Website: www.tethysoil.com




[1] The October 2018 OSP is the arithmetic average of the daily market price of the DME Oman Crude Oil Futures Contract for October 2018, as traded through the month of August 2018.


Attachment

Categories: State

Awilco Drilling PLC: Q3 2018 Presentation

10 hours 45 min ago

Please find attached the Q3 2018 presentation to be held in Oslo today. 

Aberdeen, 13 November 2018

For further information please contact:

Jon Oliver Bryce, CEO
Phone: +44 1224 737900

Cathrine Haavind, IR Manager
Phone: +47 9342 8464
Email: ch@awilcodrilling.com

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

Attachment

Categories: State

Providence Resources P.l.c. - Frontier Exploration Licence 3/04 - Dunquin South, Porcupine Basin

12 hours 59 min ago

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

FRONTIER EXPLORATION LICENCE 3/04
DUNQUIN SOUTH, PORCUPINE BASIN

  • PARTNERS APPROVE 2019 WELL SITE SURVEY BUDGET

         

Dublin and London - November 13, 2018 - Providence Resources P.l.c. (PVR LN, PRP ID), the Irish based Oil & Gas Exploration Company ("Providence" or the "Company"), today provides a licence update on Frontier Exploration Licence ("FEL") 3/04 located in the southern Porcupine Basin.  FEL 3/04 is operated by Eni Ireland BV (36.913%) on behalf of its partners, Repsol Exploracion Irlanda SA (33.557%), Providence Resources P.l.c. (26.846%) and Sosina Exploration Limited (2.684%), collectively referred to as the "FEL 3/04 Partners".  The licence contains the undrilled Lower Cretaceous "Dunquin South" carbonate exploration prospect as well as the adjacent "Dunquin North" carbonate build-up, which hosts a residual oil column.

Having completed the interpretation of the newly acquired 3D seismic data, the FEL 3/04 Partners have now approved the 2019 Work Programme & Budget to include the acquisition of a well site survey over the Dunquin South prospect.

Commenting today, Tony O'Reilly, Chief Executive Officer of Providence Resources said:

 "We are very pleased to confirm that the Dunquin partners have approved the budget for the acquisition of a well site survey over Dunquin South, which is a prerequisite for the drilling of an exploration well on this high impact exploration prospect. We look forward to keeping all stakeholders updated on the forward plans for this licence."

INVESTOR ENQUIRIES   Providence Resources P.l.c. Tel: +353 1 219 4074 Tony O'Reilly, Chief Executive Officer   Dr. John O'Sullivan, Technical Director        Cenkos Securities plc Tel: +44 131 220 9771  Neil McDonald/Derrick Lee       J&E Davy Tel: +353 1 679 6363  Anthony Farrell        Mirabaud Securities Limited Tel: + 44 20 3167 7221 Peter Krens       MEDIA ENQUIRIES   Powerscourt Tel: +44 207 250 1446  Peter Ogden       Murray Consultants Tel: +353 1 498 0300  Pauline McAlester  

ANNOUNCEMENT 
This announcement has been reviewed by Dr John O'Sullivan, Technical Director, Providence Resources P.l.c.  John is a geology graduate of University College, Cork and holds a Masters in Applied Geophysics from the National University of Ireland, Galway. He also holds a Masters in Technology Management from the Smurfit Graduate School of Business at University College Dublin and a doctorate in Geology from Trinity College Dublin.  John is a Chartered Geologist and a Fellow of the Geological Society of London.  He is also a member of the Petroleum Exploration Society of Great Britain, the Society of Petroleum Engineers and the Geophysical Association of Ireland. John has more than 25 years of experience in the oil and gas exploration and production industry having previously worked with both Mobil and Marathon Oil.  John is a qualified person as defined in the guidance note for Mining Oil & Gas Companies, March 2006 of the London Stock Exchange. Definitions in this press release are consistent with SPE guidelines. SPE/WPC/AAPG/SPEE Petroleum Resource Management System 2007 has been used in preparing this announcement. 

ABOUT PROVIDENCE RESOURCES
Providence Resources is an Irish based Oil & Gas Exploration Company with a portfolio of appraisal and exploration assets located offshore Ireland.  Providence's shares are quoted on the AIM in London and the ESM in Dublin. Further information on Providence can be found on www.providenceresources.com

Categories: State

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