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Cuda Oil and Gas Inc. Announces Third Quarter Financial and Operating Results24.11.2020 | 2:27 Uhr | Newsfile
Calgary, November 23, 2020 - Cuda Oil and Gas Inc. (TSXV: CUDA) ("Cuda" or the "Company") announces its financial and operating results for the three and nine months ended September 30, 2020. Cuda's unaudited interim condensed consolidated financial statements and related management's discussion and analysis ("MD&A") as at and for the periods ended September 30, 2020 and 2019, are available under the Company's profile on the SEDAR website at www.sedar.com. Selected financial and operating information for the three and nine months ended September 30, 2020 appear below and should be read in conjunction with the related financial statements and MD&A. Summary Financial and Operational Results (See "Non-GAAP Measures")
Third Quarter Highlights
Financial Position At September 30, 2020, the Company has a working capital deficiency (including the credit facilities, the convertible debentures and the promissory note) of $61,886,328 and an accumulated deficit of $70,045,144. For the three and nine months ended September 30, 2020, the Company reported net losses of $3,735,350 and $8,205,469 respectively and cash flows from operating activities of $961,383 and $2,308,193, respectively. The COVID-19 health pandemic continues to cause unprecedented decline in crude oil demand and prices in 2020. The pandemic has negatively impacted the Company's performance in 2020 in spite of increased oil and gas production from both its Wyoming and Alberta assets. With uncertainty related to current COVID-19 circumstances, the Company has elected to focus towards capital expenditures at the Shannon Secondary Recovery Unit in Wyoming, through the Increased Miscible Gas Injection project. The Company estimates capital expenditures of approximately USD $0.73 million for the remainder of 2020, to return the Shannon Reservoir to initial pressures maximizing production response and oil revenue. At September 30, 2020, the Company had $48.0 million outstanding under the Credit Facilities which matured on July 30, 2020 and remains unpaid which constitutes an event of default under the loan agreement. No waiver has been obtained for the event of default; however, the Company is working with the lender to amend key terms of the loan agreement, including the maturity date. At September 30, 2020, the Company had $1.6 million outstanding under the convertible debentures which matured on July 21, 2020 and remains unpaid. The debenture holder granted an extension to the notice period to September 23, 2020 to avoid a situation of default. A further extension to the notice period has not been obtained and the Company is working with the debenture holder to amend key terms of the debenture agreement including the maturity date to cure the event of default. At September 30, 2020, the Company had USD $7.4 million in outstanding joint interest billings and accrued interest with the operator of the Wyoming properties. On July 22, 2020, the Company received formal notification it was in default of its payment obligations under the Unit Operating Agreement. On August 26, 2020, the Company received notification from the operator that it granted the Company a 60-day extension to September 20, 2020 to cure the default. The Company has been unable to pay the outstanding amounts in the time period set out in the notice. A further extension to cure the default has not been obtained. The Company is working with the operator to cure the default. Further rationalization of assets and/or funding through share issuances, private placements, restructuring of existing or new credit facilities, non-core property sales, increased production from core properties combined with improvements in realized oil and gas prices received and/or a combination of these alternatives will be required to continue as a going concern. Non-GAAP Measures This news release contains the terms "adjusted funds flow from (used in) operations", and "operating netback", which do not have standardized meanings prescribed by IFRS and therefore may not be comparable with the calculation of similar measures presented by other issuers.
Forward-Looking Information This news release contains forward-looking information. All statements other than statements of historical fact included in this news release are forward-looking statements that involve various risks and uncertainties and are based on forecasts of future operational or financial results, estimates of amounts not yet determinable and assumptions of management. Risk factors that could prevent forward looking statements from being realized include the nature and scope of public health restrictions, the availability of key personnel, market conditions, third party and regulatory approvals, ongoing permitting requirements, the actual results of current exploration and development activities, operational risks, risks associated with drilling and completions, uncertainty of geological and technical data, conclusions of economic evaluations and changes in project parameters as plans continue to be refined as well as future oil and gas prices. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company disclaims any intention and has no obligation or responsibility, except as required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. For further information please contact: To view the source version of this press release, please visit https://www.newsfilecorp.com/release/68813 Dieser Artikel stammt von Rohstoff-Welt.de
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