EX-99.1 2 ex99-1.htm

 

Exhibit 99.1

 

 

CONDENSED CONSOLIDATED INTERIM

FINANCIAL STATEMENTS

 

SEPTEMBER 30, 2023

 

 

 

 

Notice of No Auditor Review of Condensed Consolidated Interim Financial Statements

 

In accordance with National Instrument 51-102 Part 4, subsection 4.3(3)(a), if an auditor has not performed a review of these condensed consolidated interim financial statements they must be accompanied by a notice indicating that the condensed consolidated interim financial statements have not been reviewed by an auditor.

 

The accompanying unaudited condensed consolidated interim financial statements of the Company have been prepared by and are the responsibility of the Company’s management.

 

1

 

 

KOLIBRI GLOBAL ENERGY INC.

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

(Unaudited, Expressed in Thousands of United States Dollars)

 

   September 30,   December 31, 
   2023   2022 
Current assets          
Cash and cash equivalents  $501   $1,037 
Trade and other receivables   5,405    5,773 
Deposits and prepaid expenses   1,094    670 
    7,000    7,480 
           
Non-current assets          
Property, plant and equipment (Note 4)   203,217    176,554 
Right of use assets   1,528    48 
    204,745    176,602 
Total assets          
   $211,745   $184,082 
           
Current liabilities          
Trade and other payables  $16,995   $12,596 
Lease payable   1,116    32 
Fair value of commodity contracts (Note 2)   1,982    1,421 
    20,093    14,049 
           
Non-current liabilities          
Loans and borrowings (Note 7)   23,809    17,799 
Asset retirement obligations   1,873    1,425 
Fair value of commodity contracts (Note 2)   294    594 
Lease payable   364    17 
    26,340    19,835 
           
Equity          
Share capital   296,232    296,221 
Contributed surplus   23,874    23,254 
Deficit   (154,794)   (169,277)
Total equity   165,312    150,198 
           
Total equity and liabilities  $211,745   $184,082 

 

2

 

 

KOLIBRI GLOBAL ENERGY INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

(Unaudited, expressed in Thousands of United States dollars, except per share amounts)

 

  

Three months ended

September 30

  

Nine months ended

September 30

 
   2023   2022   2023   2022 
Revenue                    
Oil and natural gas revenue, net of royalties (Note 9)  $12,746   $9,851   $37,153   $27,826 
Other income   1    16    2    45 
    12,747    9,867    37,155    27,871 
Expenses                    
Production and operating expenses   1,628    1,216    4,328    3,487 
Depletion and depreciation (Note 4)   3,790    1,860    11,503    5,086 
General and administrative expenses   1,170    905    3,121    2,435 
Share based compensation (Note 8)   157    75    531    232 
    6,745    4,056    19,483    11,240 
Finance income                    
Unrealized gain on financial commodity contracts (Note 2)   -    4,648    -    1,608 
Interest income   -    -    -    3 
    -    4,648    -    1,611 
Finance expense                    
Realized loss on financial commodity contracts (Note 2)   412    856    1,126    3,646 
Unrealized loss on financial commodity contracts (Note 2)   2,579    -    412    - 
Interest on loans and borrowings   651    281    1,511    718 
Accretion   40    8    129    20 
Foreign exchange loss   1    15    11    8 
    3,683    1,160    3,189    4,392 
                     
Net income and comprehensive income  $2,319   $9,299   $14,483   $13,850 
                     
Basic net income per share (Note 6)  $0.07    0.26    0.41    0.39 
Diluted net income per share (Note 6)   0.06    0.26    0.40    0.39 

 

See accompanying notes to the condensed consolidated interim financial statements.

 

3

 

 

KOLIBRI GLOBAL ENERGY INC.

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

(Unaudited, Expressed in Thousands of United States Dollars, except number of common shares)

 

   Number of
common
shares		   Share
capital		   Contributed
Surplus		   Deficit   Total
Equity		 
Balance at January 1, 2022   35,258,778   $296,060   $22,948   $(185,920)  $133,088 
Share based compensation (Note 8)   -    -    258    -    258 
Rights offering   357,143    161              161 
Net income for the period   -    -    -    13,850    13,850 
Balance at September 30, 2022   35,615,921   $296,221   $23,206   $(172,070)  $147,357 
                          
Balance at January 1, 2023   35,615,921   $296,221   $23,254   $(169,277)  $150,198 
Share based compensation (Note 8)   -    -    625    -    625 
Stock options exercised (Note 8)   9,666    11    (5)        6 
Net income for the period   -    -    -    14,483    14,483 
Balance at September 30, 2023   35,625,587   $296,232   $23,874   $(154,794)  $165,312 

 

See accompanying notes to the condensed consolidated interim financial statements.

 

4

 

 

KOLIBRI GLOBAL ENERGY INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

NINE MONTHS ENDED SEPTEMBER 30

(Unaudited, Expressed in Thousands of United States Dollars)

 

   2023   2022 
         
Cash flows from operating activities          
Net income  $14,483   $13,850 
Adjustments for:          
Depletion and depreciation (Note 4)   11,503    5,086 
Accretion   129    20 
Unrealized loss (gain) on financial commodity contracts   412    (1,608)
Share based compensation (Note 8)   531    232 
Unrealized foreign exchange loss   1    14 
Amortization of loan acquisition costs   113    74 
Other non-cash income   -    (16)
Change in non-cash working capital (Note 3)   1,501    (1,708)
Net cash from operating activities   28,673    15,944 
           
Cash flows from investing activities          
Additions to property, plant and equipment (Note 4)   (37,177)   (19,913)
Proceeds from sale of assets, net   -    124 
Change in non-cash working capital (Note 3)   2,690    2,381 
Net cash used in investing activities   (34,487)   (17,408)
           
Cash flows from financing activities          
Proceeds from loans and borrowings   8,897    - 
Repayment of long term debt   (3,000)   (1,085)
Proceeds from stock option exercises   6    - 
Lease payments   (625)   (49)
Proceeds from equity offering, net   -    161 
Net cash from financing activities   5,278    (973)
           
Foreign exchange effect on cash and cash equivalents   -    (1)
           
Change in cash and cash equivalents   (536)   (2,438)
Cash and cash equivalents, beginning of period   1,037    7,316 
Cash and cash equivalents, end of period  $501   $4,878 

 

See accompanying notes to the condensed consolidated interim financial statements.

 

5

 

 

Notes to the Condensed Interim Consolidated Financial Statements

For the Three and Nine Months Ended September 30, 2023 and 2022

(Unaudited, expressed in Thousands of United States dollars except per share information)

 

1. NATURE OF OPERATIONS AND BASIS OF PRESENTATION

 

Kolibri Global Energy Inc. (the “Company” or “KEI”), was incorporated under the Business Corporations Act (British Columbia) on May 6, 2008. KEI is a North American energy company focused on finding and exploiting energy projects in oil and gas. The Company owns and operates energy properties in the United States. The Company continues to utilize its technical and operational expertise to identify and acquire additional projects in oil, gas and clean and sustainable energy. The Company’s shares are traded on the Toronto Stock Exchange under the stock symbol KEI and on the NASDAQ under the stock symbol KGEI.

 

These condensed consolidated interim financial statements have been prepared in accordance with International Accounting Standard (IAS) 34, “Interim Financial Reporting” following the same accounting policies, except as described in Note 3, and methods of computation as the annual consolidated financial statements of the Company for the year ended December 31, 2022. The disclosures provided below are incremental to those included with the annual consolidated financial statements and certain disclosures, which are normally required to be included in the notes to the annual consolidated financial statements, have been condensed or omitted. These condensed consolidated interim financial statements should be read in conjunction with the consolidated financial statements and notes thereto in the Company’s annual filings for the year ended December 31, 2022.

 

The condensed consolidated interim financial statements were approved by the Company’s Board of Directors on November 13, 2023.

 

2. FINANCIAL RISK MANAGEMENT

 

Credit Risk

 

The Company’s accounts receivable are with customers and joint interest partners in the petroleum and natural gas business and are subject to normal credit risks. Concentration of credit risk is mitigated by marketing to numerous purchasers under normal industry sale and payment terms. The Company routinely assesses the financial strength of its customers. The Company is exposed to certain losses in the event of non-performance by counterparties to commodity price contracts. The Company mitigates this risk by entering into transactions with highly rated financial institutions.

 

Commodity price risk

 

The Company has entered into financial commodity contracts which are summarized in the table below. Total Volume Hedged in the table is the annual volumes and Price is the fixed price specified in the financial commodity contracts.

 

6

 

 

Notes to the Condensed Interim Consolidated Financial Statements

For the Three and Nine Months Ended September 30, 2023 and 2022

(Unaudited, expressed in Thousands of United States dollars except per share information)

 

At September 30, 2023 the following financial commodity contracts were outstanding and recorded at estimated fair value:

 

      Total Volume Hedged   Price 
Commodity  Period  (BBLS)   ($/BBL) 
Oil – WTI Swap  July 1, 2023 to December 29, 2023   9,000   $90.45 
Oil – WTI Costless Collars  July 1, 2023 to December 29, 2023   12,000   $70.00 - $94.00 
Oil – WTI Swap  July 1, 2023 to December 31, 2023   27,000   $64.90 
Oil – WTI Put  July 1, 2023 to March 31, 2024   42,000   $60.00 
Oil – WTI Costless Collars  July 1, 2023 to September 30, 2024   75,000   $65.00 - $89.50 
Oil – WTI Swap  January 1, 2024 to May 31, 2024   40,000   $62.77 
Oil – WTI Costless Collars  January 1, 2024 to June 30, 2024   6,000   $65.00 - $79.50 
Oil – WTI Costless Collars  January 1, 2024 to June 30, 2024   24,000   $65.00 - $86.00 
Oil – WTI Put  April 1, 2024 to June 30, 2024   1,650   $60.00 
Oil – WTI Costless Collars  June 1, 2024 to June 30, 2024   8,000   $60.00 - $78.15 
Oil – WTI Costless Collars  July 1, 2024 to September 30, 2024   21,000   $60.00 - $86.65 
Oil – WTI Costless Collars  July 1, 2024 to September 30, 2024   18,000   $60.00 - $78.00 
Oil – WTI Costless Collars  October 1, 2024 to December 31, 2024   39,000   $60.00 - $82.50 
Oil – WTI Costless Collars  January 1, 2025 to March 31, 2025   36,000   $60.00 - $77.00 
Oil – WTI Costless Collars  April 1, 2025 to June 30, 2025   20,400   $60.00 - $75.40 
Oil – WTI Costless Collars  July 1, 2025 to September 30, 2025   21,000   $65.00 - $82.00 
Oil – WTI Costless Collars  April 1, 2025 to June 30, 2025   750   $65.00 - $80.50 

 

The estimated fair value results in a $2.3 million liability as of September 30, 2023 (December 31, 2022: $2.0 million liability) for the financial oil and gas contracts which has been determined based on the prospective amounts that the Company would receive or pay to terminate the contracts, consisting of a current liability of $2.0 million and a long term liability of $0.3 million (December 31, 2022: current liability of $1.4 million and a long term liability of $0.6 million).

 

In October 2023, the Company entered into the following additional financial commodity contracts:

 

      Total Volume Hedged   Price 
Commodity Contract  Period  (BBLS)   ($/BBL) 
Oil – WTI Costless Collars  April 1, 2024 to June 30, 2024   1,950   $65.00 - $94.55 
Oil – WTI Costless Collars  July 1, 2024 to September 30, 2024   3,600   $65.00 - $90.65 
Oil – WTI Costless Collars  April 1, 2025 to June 30, 2025   1,350   $65.00 - $80.50 

 

7

 

 

Notes to the Condensed Interim Consolidated Financial Statements

For the Three and Nine Months Ended September 30, 2023 and 2022

(Unaudited, expressed in Thousands of United States dollars except per share information)

 

The realized and unrealized gains/losses from the financial commodity contracts are as follows:

 

   Three months ended
September 30,		   Nine months ended
September 30,		 
   2023   2022   2023   2022 
                 
Realized loss on financial commodity contracts  $(412)  $(856)  $(1,126)  $(3,646)
                     
Unrealized gain (loss) on financial commodity contracts  $(2,579)  $4,648   $(412)  $1,608 

 

The Company classifies fair value measurements according to the following hierarchy based on the amount of observable inputs used to value the instrument:

 

Level 1 fair value measurements are based on unadjusted quoted market prices.

 

Level 2 fair value measurements are based on valuation models and techniques where the significant inputs are derived from quoted indices.

 

Level 3 fair value measurements are based on unobservable information.

 

The Company’s cash and cash equivalents are classified as Level 1 and the commodity derivative contracts are classified as Level 2.

 

3. SUPPLEMENTAL CASH FLOW INFORMATION

 

Changes in non-cash flow working capital is comprised of:

 

   Nine months ended
September 30,		 
   2023   2022 
         
Trade and other receivables  $368    (2,234)
Deposits and prepaid expenses   (424)   (820)
Trade and other payables   4,248    3,738 
Foreign currency   (1)   (11)
   $4,191    673 
           
Related to operating activities  $1,501    (1,708)
           
Related to investing activities  $2,690    2,381 

 

8

 

 

Notes to the Condensed Interim Consolidated Financial Statements

For the Three and Nine Months Ended September 30, 2023 and 2022

(Unaudited, expressed in Thousands of United States dollars except per share information)

 

4. PROPERTY, PLANT AND EQUIPMENT

 

   Oil and
Natural Gas
Interests		   Processing
and Other
Equipment		   Total 
Cost or deemed cost               
Balance at January 1, 2022  $197,116   $1,379   $198,495 
Additions   37,112    5    37,117 
Disposals   (102)   (6)   (108)
Balance at December 31, 2022  $234,126   $1,378   $235,504 
Additions (a)   37,610    52    37,662 
Balance at September 30, 2023  $271,736   $1,430   $273,166 
                
Accumulated depletion and depreciation               
Balance at January 1, 2022  $50,095   $1,324   $51,419 
Depletion and depreciation for the period   7,515    16    7,531 
Balance at December 31, 2022  $57,610   $1,340   $58,950 
Depletion and depreciation for the period   5,031    12    5,043 
Balance at September 30, 2023  $68,589   $1,360   $69,949 
                
Net carrying amounts               
                
At December 31, 2022  $176,516   $38   $176,554 
At September 30, 2023  $203,147   $70   $203,217 

 

(a)Includes non-cash additions of $26 from capitalized stock-based compensation and $199 from assets related to ARO liabilities.

 

5. LEASES AND RIGHT OF USE ASSETS

 

   Right of Use Assets 
Balance at January 1, 2022  $38 
Additions   61 
Depreciation   (51)
Balance at December 31, 2022   48 
Additions   1,984 
Depreciation   (504)
Balance at September 30, 2023  $1,528 

 

The amount of interest accretion recorded in the statement of operations totaled $19 and $1 for the third quarter of 2023 and 2022, respectively, and $74 and $2 for the nine months ended September 30, 2023 and 2022, respectively.

 

9

 

 

Notes to the Condensed Interim Consolidated Financial Statements

For the Three and Nine Months Ended September 30, 2023 and 2022

(Unaudited, expressed in Thousands of United States dollars except per share information)

 

6. EARNINGS PER SHARE

 

   Three months ended
September 30,		   Nine months ended
September 30,		 
   2023   2022   2023   2022 
Basic Earnings per share                    
                     
Net income  $2,319   $9,299   $14,483   $13,850 
                     
Weighted average number of common shares - basic   35,625    35,616    35,621    35,608 
Net income per share – basic  $0.07   $0.26   $0.41   $0.39 
                     
Diluted earnings per share                    
                     
Net income  $2,319   $9,299   $14,483   $13,850 
                     
Effect of outstanding options   844    373    840    301 
                     
Weighted average number of common shares - diluted   36,469    35,989    36,461    35,909 
                     
Net income per share –
diluted		  $0.06   $0.26   $0.40   $0.39 

 

7. LOANS AND BORROWINGS

 

In May 2022, the Company’s US subsidiary amended the credit facility from BOK Financial, which is secured by the US subsidiary’s interests in the Tishomingo Field. The credit facility expires in June 2026 and is intended to fund the drilling of the Caney wells in the Tishomingo Field.

 

The borrowing base of the credit facility was increased to $40.0 million in May 2023 and the Company has an available borrowing capacity of $15.8 million at September 30, 2023. In October 2023, the credit facility was redetermined at a borrowing base of $40.0 million and the credit facility was amended to allow for distributions from the US subsidiary to KEI under certain conditions. The credit facility is subject to a semi-annual review and redetermination of the borrowing base. The next redetermination will be in the second quarter of 2024. Future commitment amounts will be subject to new reserve evaluations and there is no guarantee that the size and terms of the credit facility will remain the same after the borrowing base redetermination. Any redetermination of the borrowing base is effective immediately and if the borrowing base is reduced, the Company has six months to repay any shortfall.

 

The credit facility has two primary debt covenants. One covenant requires the US subsidiary to maintain a positive working capital balance which includes any unused excess borrowing capacity and excludes the fair value of commodity contracts, the current portion of long-term debt (the “Current Ratio”). The second covenant ensures the ratio of outstanding debt and long-term liabilities to a trailing twelve month adjusted EBITDA amount (the “Maximum Leverage Ratio”) be no greater than 3 to 1 at any quarter end. Adjusted EBITDA is defined as net income excluding interest expense, depreciation, depletion and amortization expense, and other non-cash and non-recurring charges including severance, share based compensation expense and unrealized gains or losses on commodity contracts.

 

10

 

 

Notes to the Condensed Interim Consolidated Financial Statements

For the Three and Nine Months Ended September 30, 2023 and 2022

(Unaudited, expressed in Thousands of United States dollars except per share information)

 

The Company was in compliance with both covenants for the quarter ended September 30, 2023. At September 30, 2023, the Current Ratio of the US Subsidiary was 1.3 to 1.0 and the Maximum Leverage Ratio was 0.8 to 1.0 for the three months ended September 30, 2023.

 

At September 30, 2023, loans and borrowings of $24.2 million (December 31, 2022: $17.8 million) are presented net of loan acquisition costs of $0.4 million (December 31, 2022: $0.4 million).

 

8. SHARE BASED COMPENSATION

 

Stock Options

 

The Company has an option program that entitles officers, directors, employees and certain consultants to purchase shares in the Company. Options are granted at the market price of the shares at the date of grant, have a five to ten year term and generally vest over two years.

 

The number and weighted average exercise prices of share options are as follows:

 

   Nine months ended September 30, 
   2023   2022 
                 
   Number of options   Weighted average exercise price   Number of options   Weighted average exercise price 
                 
Outstanding at January 1   776,000   $1.67    143,500    5.00 
Granted   206,800    5.23    634,500    0.93 
Exercised   (9,666)   0.80    -    - 
Expired/cancelled   (108,500)   5.62    -    - 
Outstanding at September 30   864,634   $2.04    778,000    1.68 
                     
Exercisable at September 30   515,268   $1.64    329,999    2.62 

 

The range of exercise prices of the outstanding stock options is as follows:

 

Range

of exercise

prices

  

Number of

outstanding stock

options

  

Weighted average

exercise

price

  

Weighted

average

Contractual

life (years)

 
              
$5.00 to $6.00    206,800   $5.23    4.5 
$1.80 to $4.90    108,000   $2.23    2.7 
$0.80    549,834   $0.80    3.3 
      864,634   $2.04    3.5 

 

The fair value of the stock options was estimated using Black Scholes model with the following weighted average inputs:

 

   2023   2022 
         
Fair value at grant date (per option)  $5.00    0.70 
           
Volatility (%)   110.00    149.68 
Forfeiture rate (%)   5%   5%
Option life (years)   10    5 
Risk-free interest rate (%)   2.89    1.56 

 

11

 

 

Notes to the Condensed Interim Consolidated Financial Statements

For the Three and Nine Months Ended September 30, 2023 and 2022

(Unaudited, expressed in Thousands of United States dollars except per share information)

 

Restricted Stock Units

 

The Company has a restricted stock unit (“RSU”) program that entitles officers, directors and employees to obtain RSUs that are issuable as shares in the Company as they are vested. The RSUs are redeemable over a three year vesting period, with the 1/3 of the grant vesting on the first, second and third years from the date of grant. The Company granted 119,140 RSUs in the second quarter of 2023 to directors, officers and employees. The fair value at grant date for the RSUs was $5.28 per RSU which was the closing share price on the date of grant.

 

RSUs are valued using the fair-value method where compensation cost attributable to all share units granted are measured at fair value at the grant date and expensed over the vesting period with a corresponding increase to contributed surplus. The Company capitalizes a portion of share based compensation that is directly attributable to development activities. A forfeiture rate is estimated on the grant date and is adjusted to reflect the actual number of units that vest.

 

Share based compensation was recorded as follows:

 

   Three months ended
September 30,		   Nine months ended
September 30,		 
   2023   2022   2023   2022 
                 
Expensed  $157   $75   $531   $232 
                     
Capitalized  $27   $4   $94   $26 

 

9. REVENUES

 

Revenue is recognized when the performance obligations are satisfied and revenue can be reliably measured. Revenue is measured at the consideration specified in the contracts and represents amounts receivable for goods or services provided in the normal course of business, net of discounts, customs duties and sales taxes. All revenue is based on variable prices. Performance obligations associated with the sale of crude oil, natural gas, and natural gas liquids are satisfied at the point in time when the products are delivered to and title passes to the customer. Performance obligations associated with processing services, transportation, and marketing services are satisfied at the point in time when the services are provided.

 

Oil, natural gas liquids and natural gas are mostly sold under contracts of varying price and volume terms. Revenues for oil are typically collected on the 20th day of the month following production, while natural gas and NGL revenues are collected by the 45th day of the month following production.

 

The following table presents the Company’s gross oil and gas revenue disaggregated by revenue source:

 

   Three months ended
September 30,		   Nine months ended
September 30,		 
   2023   2022   2023   2022 
                 
Oil revenue  $15,270   $10,773   $43,537   $31,317 
Natural gas revenue   390    1,020    1,437    2,161 
NGL revenue   718    873    2,224    2,443 
    16,378    12,666    47,198    35,921 
Royalties   (3,632)   (2,815)   (10,045)   (8,095)
   $12,746   $9,851    37,153   $27,826 

 

12

 

 

Notes to the Condensed Interim Consolidated Financial Statements

For the Three and Nine Months Ended September 30, 2023 and 2022

(Unaudited, expressed in Thousands of United States dollars except per share information)

 

10. SEGMENTED INFORMATION

 

The Company defines its reportable segments based on the countries where it conducts business.

 

Three months ended September 30, 2023

 

   United
States		   Canada and
Other		   Total 
             
Oil and natural gas revenues, net of royalties  $12,746   $-   $12,746 
Other income   1    -    1 
    12,747    -    12,747 
                
Production and operating expenses   1,628    -    1,628 
Depletion and depreciation   3,790    -    3,790 
General and administrative expenses   811    359    1,170 
Share based compensation   141    16    157 
    6,370    375    6,745 
                
Finance income   -    -    - 
Finance expense   (3,682)   (1)   (3,683)
Net income (loss)  $2,695   $(376)  $2,319 
                
Total Assets  $211,602   $143   $211,745 
                
Capital expenditures  $17,247   $-   $17,247 

 

Nine months ended September 30, 2023`

 

   United
States		   Canada   Total 
             
Oil and natural gas revenues, net of royalties  $37,153   $-   $37,153 
Other income   2    -    2 
    37,155    -    37,155 
                
Production and operating expenses   4,328    -    4,328 
Depletion and depreciation   11,503    -    11,503 
General and administrative expenses   2,447    674    3,121 
Share based compensation   494    37    531 
    18,772    711    19,483 
                
Finance income   -    -    - 
Finance expense   (3,178)   (11)   (3,189)
Net income (loss)  $15,205   $(722)  $14,483 
                
Total Assets  $211,602   $143   $211,745 
                
Capital expenditures  $37,177   $-   $37,177 

 

13

 

 

Notes to the Condensed Interim Consolidated Financial Statements

For the Three and Nine Months Ended September 30, 2023 and 2022

(Unaudited, expressed in Thousands of United States dollars except per share information)

 

10. SEGMENTED INFORMATION (continued)

 

Three months ended September 30, 2022

 

   United
States		   Canada and
Other		   Total 
             
Oil and natural gas revenues, net of royalties  $9,851   $-   $9,851 
Other income   16    -    16 
    9,867    -    9,867 
                
Production and operating expenses   1,216    -    1,216 
Depletion and depreciation   1,860    -    1,860 
General and administrative expenses   699    206    905 
Share based compensation   27    48    75 
    3,802    254    4,056 
                
Finance income   4,648    -    4,648 
Finance expense   (1,145)   (15)   (1,160)
Net income (loss)  $9,568   $(269)  $9,299 
                
Total Assets  $172,487   $147   $172,634 
                
Capital expenditures  $4,940   $-   $4,940 

 

Nine months ended September 30, 2022

 

   United
States		   Canada   Total 
             
Oil and natural gas revenues, net of royalties  $27,826   $-   $27,826 
Other income   51    (6)   45 
    27,877    (6)   27,871 
                
Production and operating expenses   3,487    -    3,487 
Depletion and depreciation   5,086    -    5,086 
General and administrative expenses   1,981    454    2,435 
Share based compensation   161    71    232 
    10,715    525    11,240 
                
Finance income   1,608    3    1,611 
Finance expense   (4,384)   (8)   (4,392)
Net income (loss)  $14,386   $(536)  $13,850 
                
Total Assets  $172,487   $147   $172,634 
                
Capital expenditures  $19,913   $-   $19,913 

 

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