March 27, 2012 / 11:39 AM / in 6 years

UPDATE 1-WestFire FFO rises on higher output

March 27 (Reuters) - Oil and gas company WestFire Energy Ltd posted a five-fold rise in funds flow from operations (FFO) as production from its Viking areas increased.

Fourth quarter FFO, which excludes depreciation and several other charges, rose to C$29.5 million, or 35 Canadian cents a share, from C$5.9 million, or 15 Canadian cents a share, last year.

Net loss, however, widened to C$66.6 million, or 80 Canadian cents a share, from C$1 million, or 3 Canadian cents a share, last year.

Petroleum and natural gas sales rose 319 percent to C$56.2 million as production grew more than three fold to 8,601 barrels of oil equivalent per day(boepd).

In December, WestFire said it is exploring strategic alternatives including a potential sale, in the wake of disappointing output at its recently acquired unit Orion Oil & Gas Corp.

Net asset value increased 10 percent to $8.71 per share as of Dec. 31, 2011.

WestFire has assets in Western Canadian prairies, including Viking light oil resource play in Redwater and Provost Alberta and West Central Saskatchewan.

The company’s shares closed at C$5.08 on Monday on the Toronto Stock Exchange.

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below