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Razor Energy Corp. Announces Third Quarter 2022 Results

25.11.2022 | 1:48 Uhr | GlobeNewswire

CALGARY, Nov. 24, 2022 - Razor Energy Corp. ("Razor" or the "Company") (TSXV: RZE) announces its third quarter 2022 financial and operating results. Selected financial and operational information is outlined below and should be read in conjunction with Razor's unaudited interim condensed consolidated financial statements and management's discussion and analysis for the three and nine months ended September 30, 2022 which are available on SEDAR at www.sedar.com and the Company's website www.razor-energy.com.

All amounts are expressed in Canadian dollars. Certain metrics, including those expressed on an adjusted basis, are non-IFRS and other financial measures. See "Non-IFRS and Other Financial Measures" below.

RECENT HIGHLIGHTS

  • Geothermal Project: FutEra Power Corp. ("FutEra"), a subsidiary of Razor Energy, has partially commissioned the first co-produced geothermal power plant in Canada ("Swan Hills Geothermal Power Project"), with a nameplate capacity of 21 MW of which up to 30% will be sustainable clean power generation. The Swan Hills Geothermal Power Project began producing power to the grid on September 9th, 2022 and generated revenue of $1.9 million in September. The final stages of construction and commissioning are ongoing, with the Swan Hills Geothermal Power Project anticipated to be fully operational by the end of 2022.
  • CO2 Enhanced Oil Recovery Engineering Review: Sproule Associates Limited ("Sproule") completed an engineering review of the results of a previous operator's CO2 enhanced oil recovery ("EOR") pilot (the "CO2 Pilot") in Razor's South Swan Hills Unit ("SSHU") and Sproule's work confirmed additional and continued injection of CO2 should result in incremental recoverable reserves.
  • CO2 Enhanced Oil Recovery Scheme Approval: Razor received approval from the Alberta Energy Regulator for a miscible CO2 EOR scheme in the Beaverhill Lake U and V Pools located in the SSHU. Razor is actively developing a long-term plan to inject CO2 and expects incremental recovery of hydrocarbons when CO2 is injected into the reservoir.

Q3 2022 FINANCIAL AND OPERATIONAL HIGHLIGHTS

  • Production: Averaged 4,514 boe/d, an increase of 27% from Q3 2021 and 4% from Q2 2022. Average production was 4,437 boe/d for the nine months ended September 30, 2022, an increase of 37% compared to the same period in 2021.
  • Cash Flow From Operating Activities: Generated cash flow from operating activities of $12.2 million in Q3 2022, representing an increase of $14.6 million from Q3 2021.
  • Capital Expenditures: Invested $6.7 million in Q3 2022, with $4.3 million attributed to the advance the Swan Hills Geothermal Power Project and the remaining $2.4 million attributed to Razor and Blade Energy Services Corp.

NEAR AND MEDIUM-TERM OBJECTIVES

  • Safely execute our production enhancement programs and commission the Swan Hills Geothermal Power Project.
  • Reduce net debt through a measured investment in production enhancement while continuing to optimize operational and administrative costs.
  • Actively identify and consider asset acquisitions and business combinations with other oil and gas producers, energy related service companies, and lower carbon electricity producers and technologies.

SELECT QUARTERLY HIGHLIGHTS
The following tables summarizes key financial and operating highlights associated with the Company's financial performance.

Three Months Ended
Nine Months Ended
September 30
September 30
($000s, except for per share amounts and production) 2022 2021 % Change 2022 2021 % Change
Production
Light oil (bbl/d) 2,816 2,282 23 2,755 2,074 33
Natural gas (mcf/d)1 4,948 4,381 13 4,737 3,934 20
NGLs (boe/d) 873 554 58 893 513 74
Total (boe/d) 4,514 3,567 27 4,437 3,242 37
Sales Volumes
Light oil (bbl/d) 2,831 2,304 23 2,768 2,075 33
Natural gas (mcf/d)1 4,342 3,831 13 4,255 3,533 20
NGLs (boe/d) 873 554 58 893 513 74
Total (boe/d) 4,428 3,497 27 4,370 3,177 38
Oil inventory volumes(bbls) 11,645 7,752 50 11,645 7,752 50
Financial
Oil and NGL sales 33,158 19,295 72 102,706 47,108 118
Natural gas sales 1,979 1,348 47 6,931 3,179 118
Power generation 1,893 - 100 1,893 - 100
Blending and processing income 873 455 92 2,692 2,599 4
Other revenue 667 248 169 1,670 800 109
Total Revenue 38,570 21,346 81 115,892 53,686 116
Cash flow from (used in) operating activities 12,235 (2,340 ) 623 15,954 (5,454 ) 393
Funds flow2 3,426 306 1,020 19,175 (755 ) 2,640
Adjusted funds flow2 2,929 1,113 163 18,637 852 2,087
Net income (loss) (8,788 ) 9,669 (191 ) (11,842 ) (1,510 ) 684
Per share - basic and diluted (0.36 ) 0.46 (178 ) (0.50 ) (0.07 ) 614
Common shares outstanding, end of period 25,275 21,064 20 25,275 21,064 20
Weighted average, basic 25,275 21,064 20 24,334 21,064 16
Weighted average, diluted 25,275 21,064 20 24,334 21,064 16
Total Assets 200,861 199,233 1 200,861 199,233 1
Cash 3,681 3,952 (7 ) 3,681 3,952 (7 )
Long-term debt (principal) 84,750 72,251 17 84,750 72,251 17
Net debt2 110,746 91,968 20 110,746 91,968 20
Netback($/boe)2
Oil and gas sales 84.61 62.91 34 90.51 56.81 59
Royalties (24.39 ) (11.39 ) 114 (23.12 ) (8.13 ) 184
Adjusted net operating expenses2 3 (42.99 ) (39.52 ) 9 (39.41 ) (38.61 ) 2
Production enhancement expenses2 (6.23 ) (3.87 ) 61 (7.38 ) (5.47 ) 35
Transportation and treating (2.75 ) (2.65 ) 4 (2.56 ) (2.36 ) 8
Realized gain (loss) on commodity contracts (2.73 ) (0.42 ) 550 (0.83 ) (0.21 ) 295
Operating Netback2 5.52 5.06 9 17.21 2.03 748
1) Natural gas production includes internally consumed natural gas primarily used in power generation.
2) See "Non-IFRS and other financial measures".
3) Excludes production enhancement expenses incurred in the period.


THIRD QUARTER OPERATIONAL UPDATE

Production volumes in Q3 2022 averaged 4,514 boe/d, an increase of 27% from Q3 2021 volumes of 3,567 boe/d and represents a 4% increase from Q2 2022 of 4,340 boe/d. Production volumes averaged 4,437 boe/d for the nine months ended September 30, 2022, an increase of 37% from the same period in the prior year. Highlights of the causes for the differences in production volumes are as follows:

  • Swan Hills - production volumes increased 25% from the same period of 2021. Production in both Q2 and Q3 2022 was negatively impacted by decreased production of approximately 500 boe/d as a result of a non-operated partner reclaiming their working interest in certain properties. This decrease was partially offset by the Company beginning a production enhancement program in Swan Hills in Q2 2022 which extended into Q3 2022. This program has increased production by approximately 216 boe/d in Q3 2022 and 348 boe/d for the nine months ended September 30, 2022. In addition, the operator in Swan Hills Unit No.1 has embarked on various production enhancement activities and the Company anticipates production enhancement activities to continue throughout Q4 2022.

  • Kaybob - production volumes increased 30% from the same period in 2021 as the Company's production enhancement program was focused in the Kaybob area in the first half of 2022 increasing production by 4 boe/d in Q3 2022 and 238 boe/d for the nine months ended September 30, 2022.

  • Southern Alberta - production volumes increased 27% from the same period in 2021 as the result of the Company's production enhancement program positively impacting volumes by 12 boe/d for the nine months ended September 30, 2022.

The increase in production volumes for both the three and nine months ended September 30, 2022, as compared to the three and nine months ended September 30, 2021, is largely due to production enhancement activities increasing production 220 boe/d in Q3 2022 and 598 boe/d for the nine months ended September 30, 2022, offset by natural declines, various third-party operational downtime, temporary infrastructure issues and reclaimed working interest by a non-operated partner as discussed above.

Adjusted net operating expenses increased $5.0 million or 39% on a total dollar basis and increased 9% on a per boe basis in Q3 2022 compared to the same period in 2021. The increase in the adjusted net operating expense on a both a total dollar basis and a per boe basis was due primarily to fuel and electricity costs which increased $3.5 million in Q3 2022 as compared to Q3 2021 as well as additional operating costs incurred due to increase in operating activity with the improved price environment.

The primary factors affecting operating costs on a $/boe basis are production levels, workover activity and electricity pricing. Inherent within the Company's hydrocarbon operations is a prominent fixed cost element, or those costs that are not correlated to production levels. On a relative basis these costs are higher with lower production. Razor's reactivation program continued during Q3 2022 and will extend into 2022/2023 with the majority of the costs being expensed. Furthermore, the electricity market has seen a continual rise in prices.

In the nine months ended September 30, 2022, Razor experienced more than expected operational spending in both operated and non-operated areas. Over the last couple of years, due to lower commodity prices, Razor and its operating partners deferred certain operations where possible. These operations were deferable at the time but had to be executed in the 2022 year. A majority of these deferred projects will be completed in the 2022 year, which will allow for normal operations and spending in future years.

CAPITAL EXPENDITURES
Total capital expenditures, before grant proceeds was $6.7 million in Q3 2022 and $18.2 million for the nine months ended September 30, 2022. For the nine months ended September 30, 2022, Razor invested $17.4 million on its Swan Hills Geothermal Power Project.

CO2 ENHANCED OIL RECOVERY
Sproule Associates Limited has completed an engineering review of the results of a previous operator's CO2 Pilot in Razor's SSHU. The CO2 Pilot ran from June 2008 to August 2010 with 2 injectors and 6 oil producers. The review of the CO2 Pilot indicated the project appears to have resulted in incremental oil recovery of 4% in the CO2 Pilot area from the lower reservoir layers with total CO2 injection during the CO2 Pilot totaling approximately 7% of the original hydrocarbon pore volume in the flooded layers. Additional and continued CO2 injection should result in higher recoveries. It is expected the CO2 flood could be expanded to additional regions of SSHU in future years to increase overall unit recoveries.

In addition, Razor recently received approval from the Alberta Energy Regulator for a miscible CO2 EOR scheme in the Beaverhill Lake U and V Pools located in the SSHU. Razor is actively developing a plan to inject CO2 and expects incremental recovery of hydrocarbons when CO2 is injected into the reservoir. Currently, Razor is evaluating local, pipelined supplies of CO2 as potential sources to possibly restart CO2 injection in the original CO2 Pilot project region within the SSHU, which includes the possible use of emissions from FutEra's Swan Hills Geothermal Power Project.

The overall objectives of reactivating the CO2 Pilot and expanding thereafter are to economically reduce CO2 emissions and increase oil recovery in SSHU.

OUTLOOK

Razor
Razor continues to look forward with plans for the future while remaining focused on its mid to long-term sustainability. Razor recognizes multiple deep value streams in its assets and is actively engaged in liberating them for the benefit of shareholders. The Company has an extensive opportunity set of high-quality wells requiring reactivation, many of which have payout metrics which exceed the Company's economic thresholds. Razor will continue production enhancement activity into 2023. Most activities involve repairs and maintenance work which will be expensed for accounting purposes and operating netbacks will be reduced during this timeframe. In aggregate, the annual base decline of these wells is anticipated to be consistent with the Company's current corporate rate of approximately 12%.

The Company continues to focus on cost control on its operated properties. In addition to the planned production enhancement program, Razor will take a cautious and case-by-case approach to capital spending in 2023, focusing on low risk, capital efficient opportunities to increase field efficiencies and corporate netbacks.

The significant improvement in oil prices in 2022, combined with a strong price outlook in the medium term, offset by historically high electricity prices, provides Razor with improved cash flow from operations and the Company anticipates reducing its net debt over time.

Razor has high reservoir quality, low decline, isolate carbonate Swan Hills reef light oil pools that contain large original oil in place with over 60 years of production history. Razor believes these reefs are ideally suited for carbon capture, utilization and storage and EOR purposes1, in addition to geothermal power production and conventional open-hole horizontal development drilling upside.

1 These programs have been successfully demonstrated by the previous operator's South Swan Hills Unit CO2 EOR Injection Pilot which ran from 2008 to 2010 in addition to CO2 injection programs carried out in the Swan Hills Unit No. 1 and Judy Creek oil pools from 2004 to 2010.

FutEra
FutEra, a subsidiary of Razor Energy, has partially commissioned the first co-produced geothermal power plant in Canada, with a nameplate capacity of 21 MW of which up to 30% will be sustainable clean power generation. The Swan Hills Geothermal Power Project began producing power to the grid on September 9th, 2022. The final stages of construction and commissioning are ongoing, with the Power Plant anticipated to be fully operational by the end of 2022.

Power generation revenue for September 2022 from the natural gas turbine was $1.9 million, which exceeded expectations due to a historically higher than average merchant power price of $280/MWH. FutEra has successfully partnered with provincial and federal government agencies to invigorate the emerging geothermal industry. To date, Razor has received $16.3 million in government grants to support this power generation project. The total construction and commissioning budget for the Swan Hills Geothermal Power Project is project to be $48 million.

Legacy oil and gas fields can face economic challenges with lower production levels and high fixed costs. However, these fields also have practical advantages when considering the existing infrastructure, pipelines, wells, and operational footprints. The Swan Hills Geothermal Power Project is an example of leveraging existing assets to lower carbon economic outcomes. Razor and FutEra continue to demonstrate the synergies and cooperation needed to define a type of transformation energy and sets the standard of how oil and gas companies can evolve into the 'energy and technology' companies necessary for the future of the Alberta energy complex.

Continuing on the transition energy theme, on May 11, 2022, Razor closed a rights offering for $5.0 million of common shares ("Rights Offering"). The common shares were issued on a flow-through basis in respect of Canadian Renewable and Conservation Expense ("CRCE") within the meaning of the Income Tax Act (Canada). The proceeds will be used to fund certain eligible expenses on the Swan Hills Geothermal Power Project, solar and eligible expenses on various early-stage power projects including additional geothermal initiatives in 2022 and 2023 of which $0.8 million was spent in Q3 2022.

About Razor

Razor is a publicly traded junior oil and gas development and production company headquartered in Calgary, Alberta, concentrated on acquiring, and subsequently enhancing, and producing oil and gas from properties primarily in Alberta. The Company is led by experienced management and a strong, committed Board of Directors, with a long-term vision of growth focused on efficiency and cost control in all areas of the business. Razor currently trades on TSX Venture Exchange under the ticker "RZE.V".

www.razor-energy.com

About FutEra

FutEra leverages Alberta's resource industry innovation and experience to create transformational power and sustainable infrastructure solutions to commercial markets and communities, both in Canada and globally. Currently, it is in final construction and commissioning of a 21 MW co-produced geothermal and natural gas hybrid power project in Swan Hills, Alberta.

www.futerapower.com

About Blade

Blade Energy Services is a subsidiary of Razor. Operating in west central Alberta, Blade's primary services include fluid hauling, road maintenance, earth works including well site reclamation and other oilfield services.

www.blade-es.com

For additional information please contact:
Doug Bailey Kevin Braun
President and Chief Executive Officer Chief Financial Officer
Razor Energy Corp.
800, 500-5th Ave SW
Calgary Alberta T2P 3L5
Telephone: 403-262-0242


READER ADVISORIES

FORWARD-LOOKING STATEMENTS:

This press release may contain certain statements that may be deemed to be forward-looking statements. Such statements relate to possible future events, including, but not limited to, the Company's objectives and anticipated results, including the Company's capital program and other activities; the Swan Hills Geothermal Power Project and its capacity, construction and commissioning budget; the CO2 enhanced oil recovery; opportunities for power generation, oil blending and services integration; restarting wells; execution of production enhancement programs; future rates of production; expectations regarding commodity prices, cash flow from operating activities, working capital and net debt; possible business combination transactions; and future projects including solar, wind and other low carbon technologies. All statements other than statements of historical fact may be forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "anticipate", "believe", "expect", "plan", "estimate", "potential", "will", "should", "continue", "may", "objective" and similar expressions. The forward-looking statements are based on certain key expectations and assumptions made by the Company, including but not limited to expectations and assumptions concerning the availability of capital, current legislation, receipt of required regulatory approvals, the timely performance by third-parties of contractual obligation, the success of future geothermal, drilling and development activities, the performance of existing wells, the performance of new wells, the Company's growth strategy, general economic conditions, availability of required equipment and services prevailing commodity prices, price volatility, price differentials and the actual prices received for the Company's products. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, risks associated with the oil and gas industry and geothermal electricity projects in general (e.g., operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; variability in geothermal resources; as the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production, costs and expenses, and health, safety and environmental risks), electricity and commodity price and exchange rate fluctuations, changes in legislation affecting the oil and gas and geothermal industries and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures. In addition, the Company cautions that COVID-19 or other global pandemics may have a material adverse effect on global economic activity and worldwide demand for certain commodities, including crude oil, natural gas and NGL, and may continue to result in volatility and disruption to global supply chains, operations, mobility of people and the financial markets, which could continue to affect commodity prices, interest rates, credit ratings, credit risk, inflation, business, financial conditions, results of operations and other factors relevant to the Company. The duration of the current commodity price volatility is uncertain. Please also refer to the risk factors identified in the most recent annual information form and management discussion and analysis of the Company which are available on SEDAR at www.sedar.com. The forward-looking statements contained in this press release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

This press release contains future-oriented financial information and financial outlook information (collectively, "FOFI") about Razor's prospective results of operations, sales volumes, including sale of inventory volumes, production and production efficiency, balance sheet, capital spending, cost and net debt reductions, operating efficiencies, investment infrastructure and components thereof, all of which are subject to the same assumptions, risk factors, limitations, and qualifications as a set forth in the above paragraph. FOFI contained in this document was approved by management as of the date of this document and was provided for the purpose of providing further information about Razor's future business operations. Razor disclaims any intention or obligation to update or revise any FOFI contained in this document, whether as a result of new information, future events or otherwise, unless required pursuant to applicable law. Readers are cautioned that the FOFI contained in this document should not be used for purposes other than for which it is disclosed herein.

NON-IFRS AND OTHER FINANCIAL MEASURES
This press release contains certain specified measure consisting of non-IFRS measures and non-IFRS financial ratios. Since these specified financial measures may not have a standardized meaning, they must be clearly defined and, where required, reconciled with their nearest IFRS measure. Accordingly, they may not be comparable to similar measures used by other companies

FUNDS FLOW AND ADJUSTED FUNDS FLOW
Funds Flow

Management utilizes funds flow as a useful measure of Razor's ability to generate cash not subject to short-term movements in non-cash operating working capital. As shown below, funds flow is calculated as cash flow from operating activities excluding change in non-cash working capital.

Adjusted funds flow

Management utilizes adjusted funds flow as a key measure to assess the ability of the Company to generate the funds necessary for financing activities, operating activities, and capital expenditures. As shown below, adjusted funds flow is calculated as funds flow excluding purchasing of commodity contracts, and decommissioning expenditures since Razor believes the timing of collection, payment or incurrence of these items involves a high degree of discretion and variability. Expenditures on decommissioning obligations vary from period to period depending on the maturity of the Company's operating areas and availability of adjusted funds flow and are viewed as part of the Company's capital budgeting process.

The following table reconciles cash flow from operating activities, funds flow and adjusted funds flow:

Three Months Ended
Nine Months Ended
September 30
September 30
($000's) 2022 2021 2022 2021
Cash flow from (used in) operating activities 12,235 (2,340 ) 15,954 (5,454 )
Changes in non-cash working capital (8,809 ) 2,646 3,221 4,699
Funds flow 3,426 306 19,175 (755 )
Decommissioning costs incurred 550 758 995 1,040
Sale (purchase) of commodity contracts
(1,047 ) 49 (1,533 ) 567
Adjusted funds flow 2,929 1,113 18,637 852


NET DEBT

Net debt is calculated as the sum of the long-term debt (includes AIMCo Term Loan, Amended Arena Term Loan and Promissory Notes) and lease obligations, less working capital (or plus working capital deficiency), with working capital excluding mark-to-market risk management contracts. Razor believes that net debt is a useful supplemental measure of the total amount of current and long-term debt of the Company.

Reconciliation of net debt September 30, December 31,
($000's) 2022 2021
Long term debt (75,328 ) (64,047 )
Long term lease obligation (2,932 ) (435 )
(78,260 ) (64,482 )
Less: Working capital
Current assets 31,174 22,108
Exclude commodity contracts 3,275 573
Current liabilities (66,935 ) (57,219 )
(32,486 ) (34,538 )
Net debt 110,746 99,020


Adjusted operating expenses

Adjusted operating expenses are regular field or general operating costs that occur throughout the year and do not include production enhancement expenses. Management believes that removing the expenses related to production enhancements from total operating expenses is a useful supplemental measure to analyze regular operating expenses.

Production enhancement expenses

Production enhancement expenses are expenses made by the Company to increase production volumes which are not regular field or general operating costs that occur throughout a year. Management believes that separating the expenses related to production enhancements is a useful supplemental measure to analyze the cost of bringing wells back on production and the related increases in production volumes.

Reconciliation of Adjusted Operating expenses, Production Enhancement Expenses and Operating Expenses

Three Months Ended
Nine Months Ended
September 30
September 30
($000's) 2022 2021 2022 2021
Operating expenses 21,499 14,240 57,154 39,021
Production enhancement expenses (2,588 ) (1,271 ) (8,935 ) (4,844 )
Other corporate operating expenses & elimination entries1 (481 ) - (481 ) -
Adjusted operated expenses 18,430 12,969 47,738 34,177
1) Represents operating costs and intercompany eliminations on the Company's non-oil & gas production activities.


Adjusted Net Operating Expenses

Adjusted net operating expenses equals adjusted operating expenses less net blending and processing income. Management considers adjusted net operating expenses and important measure to evaluate its operational performance.

Three Months Ended
Nine Months Ended
September 30
September 30
($000's) 2022 2021 2022 2021
Adjusted operating expenses 18,430 12,969 47,738 34,177
Net blending and processing income (577 ) (304 ) (1,691 ) (1,486 )
Adjusted net operating expenses 17,853 12,665 46,047 32,691


NET BLENDING AND PROCESSING INCOME

Net blending and processing income is calculated by adding blending and processing income and deducting blending and processing expense. Net blending and processing income may not be comparable to similar measures used by other companies.

Three Months Ended June 30,
Nine Months Ended
September 30,
September 30,
($000's) 2022 2021 2022 2021
Blending and processing income 873 455 2,692 2,599
Blending and processing expenses (296 ) (151 ) (1,001 ) (1,113 )
Net blending and processing income 577 304 1,691 1,486


OPERATING NETBACK

Operating netback is a measure that represents sales net of royalties and operating expenses. Management believes that operating netback is a useful supplemental measure to analyze operating performance and provide an indication of the results generated by the Company's principal business activities prior to the consideration of other income and expenses.

Three Months Ended
Nine Months Ended
September 30,
September 30,
($000's) 2022 2021 2022 2021
Petroleum and natural gas sales1 35,137 20,643 109,637 50,287
Royalties (10,128 ) (3,738 ) (28,001 ) (7,192 )
Adjusted net operating expenses (17,853 ) (12,969 ) (46,047 ) (34,177 )
Production enhancement expenses (2,588 ) (1,271 ) (8,935 ) (4,844 )
Transportation and treating expenses (1,144 ) (870 ) (3,096 ) (2,091 )
Realized derivative gain (loss) on settlement (1,135 ) (138 ) (1,003 ) (190 )
Operating netback 2,289 1,657 22,555 1,793
1) Natural gas production includes internally consumed natural gas primarily used in power generation.


NON-IFRS AND FINANCIAL RATIOS
Operating expenses per BOE

Operating expenses per boe is consists of adjusted operating expenses per boe and production enhancement expenses per boe. Operating expense per boe is a useful supplemental measure to calculate the efficiency of its operating expenses on a per unit of production basis.

Three Months Ended
Nine Months Ended
September 30,
September 30,
($/boe)1 2022 2021 2022 2021
Operating expenses per BOE 50.61 43.39 46.79 44.08
Production enhancement expenses (6.23 ) (3.87 ) (7.38 ) (5.47 )
Adjusted operating expenses 44.38 39.52 39.41 38.61
1) $/boe amounts are calculated using production volumes


Three Months Ended
Nine Months Ended
September 30,
September 30,
($/boe)1 2022 2021 2022 2021
Adjusted operating expenses 44.38 39.52 39.41 38.61
Net blending and processing income (1.39 ) (0.93 ) (1.40 ) (1.68 )
Adjusted net operating expenses per BOE 42.99 38.59 38.01 36.93
1) $/boe amounts are calculated using production volumes


Operating Netback per Boe
Operating netback per boe is used to calculate the results of Razor's operating efficiency of its petroleum and natural gas assets on a per unit of production basis. Net operating expense per boe is a useful supplemental measure to analyze operating performance and provide an indication of the results generated by the Company's principal business activities prior to the consideration of other income and expenses.

Three Months Ended
Nine Months Ended
September 30,
September 30,
($/boe)2 2022 2021 2022 2021
Petroleum and natural gas sales1 84.61 62.91 90.51 56.81
Royalties (24.39 ) (11.39 ) (23.12 ) (8.13 )
Adjusted net operating expenses (42.99 ) (39.52 ) (39.41 ) (38.61 )
Production enhancement expenses (6.23 ) (3.87 ) (7.38 ) (5.47 )
Transportation and treating expenses (2.75 ) (2.65 ) (2.56 ) (2.36 )
Realized derivative gain (loss) on settlement (2.73 ) (0.42 ) (0.83 ) (0.21 )
Operating netback per BOE 5.52 5.06 17.21 2.03
1) Natural gas production includes internally consumed natural gas primarily used in power generation.
2) $/boe amounts are calculated using production volumes


ADVISORY PRODUCTION INFORMATION
Unless otherwise indicated herein, all production information presented herein is presented on a gross basis, which is the Company's working interest prior to deduction of royalties and without including any royalty interests.

BARRELS OF OIL EQUIVALENT
The term "boe" or barrels of oil equivalent may be misleading, particularly if used in isolation. A boe conversion ratio of six thousand cubic feet of natural gas to one barrel of oil equivalent (6 Mcf: 1 bbl) is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Additionally, given that the value ratio based on the current price of crude oil, as compared to natural gas, is significantly different from the energy equivalency of 6:1; utilizing a conversion ratio of 6:1 may be misleading as an indication of value.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.


 
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