Authorization

Granite Oil Corp. Reports Third Quarter 2019 Financial and Operating Results

CALGARY, Alberta, Nov. 06, 2019 (GLOBE NEWSWIRE) -- GRANITE OIL CORP. (a??Granitea?? or the a??Companya??) (TSX:GXO)(OTCQX:GXOCF) is pleased to report its operating and unaudited financial results for the three and nine months ended September 30, 2019.
FINANCIAL AND OPERATING HIGHLIGHTS

A



Three Months Ended
September 30



Nine Months Ended
September 30




A



A



2019



2018



2019



2018



A



(000a??s, except per share amounts)



($)



($)



($)



($)




A



FINANCIAL



A



A



A



A



Oil and natural gas revenues



A 9,543



A 12,724



A 30,344



A 37,493



A



Cash flow from operations



A 4,333



A 3,223



A 10,416



A 10,971



A



Funds from operations (1)



A 3,198



A 3,071



A 11,963



A 9,871



A



A Per share basic



A 0.08



A 0.09



A 0.31



A 0.29



A



A Per share diluted (2)



A 0.08



A 0.09



A 0.31



A 0.28



A



Net income (loss)



A 889



A 637



A 1,682



A (3,077



)



A Per share basic



A 0.02



A 0.02



A 0.04



A (0.09



)



A Per share diluted (2)



A 0.02



A 0.02



A 0.04



A (0.09



)



Capital expenditures (3)



A 1,540



A 703



A 5,601



A 10,005



A



Net debt (4)



A 41,140



A 47,069



A 41,140



A 47,069



A



Shareholdersa?? equity



A 195,415



A 189,441



A 195,415



A 189,441



A



OPERATING (5)



A



A



A



A



Production



A



A



A



A



A Crude oil (bbls/d)



A 1,511



A 1,951



A 1,584



A 2,100



A



A Natural gas (mcf/d)



A 22



A-



A 84



A 137



A



A Total (boe/d)



A 1,515



A 1,951



A 1,598



A 2,123



A



Average wellhead prices



A



A



A



A



A Crude oil ($/bbl)



A 68.65



A 70.90



A 69.95



A 65.26



A



A Natural gas ($/mcf)



A 0.96



A-



A 3.89



A 1.73



A



A Combined average ($/boe)(6)



A 68.50



A 70.90



A 69.55



A 64.69



A



Netback



A



A



A



A



A Operating netback ($/boe) (7)



A 34.73



A 26.38



A 38.43



A 25.09



A



Gross (net) oil wells drilled (#)



A- (-)



A- (-)



A1 (1.0)



A3 (3.0)



A



Average working interest (%)



AN/A



AN/A



A 100



A 100



A



(000s)



A(#)



A(#)



A(#)



A(#)




A



SHARE DATA



A



A



A



A



At period end



A 38,776



A 34,191



A 38,776



A 34,191



A



Weighted average common shares (basic)



A 38,776



A 34,191



A 38,098



A 34,191



A



Weighted average common shares (diluted) (2)



A 39,104



A 35,166



A 38,437



A 35,185



A

(1)AFunds from operations and funds from operations per share are not recognized measures under International Financial Reporting Standards (IFRS). Refer to the commentary in a??Reader Advisoriesa?? under a??Non-GAAP Measurementsa?? for further discussion.
(2)AThe Company uses the weighted average common shares (basic) when there is a net loss for the period to calculate net income (loss) per share diluted. The Company uses the weighted average common shares (diluted) to calculate the funds from operations diluted.
(3)ATotal capital expenditures, excluding acquisitions and excluding non-cash transactions. Refer to commentary in the Management Discussion and Analysis under a??Capital Expendituresa?? for further information.A
(4)ANet debt, which is calculated as current liabilities (excluding derivative financial instruments) and bank debt less current assets (excluding derivative financial instruments), is not a recognized measure under IFRS. Please refer to the commentary in a??Reader Advisoriesa?? under a??Non-GAAP Measurementsa?? for further discussion.
(5)AFor a description of the boe conversion ratio, refer to the commentary in the a??Reader Advisoriesa?? under a??Other Measurementsa??.
(6)ACombined average realized prices includes all oil, gas and NGL sales revenue, excluding other income.
(7)AOperating netback, which is calculated by deducting royalties, operating expenses and transportation expenses from oil and gas revenue and adjusting for any realized hedging on financial instruments is not a recognized measure under IFRS. Please refer to the commentary in a??Reader Advisoriesa?? under a??Non-GAAP Measurementsa?? for further discussion.Third-Quarter HighlightsHighlights from Granitea??s News Release dated October 17, 2019, are reiterated below. For additional details, readers are encouraged to reference that News Release, which is available on the Companya??s website.
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