Calgary, Alberta (FSCwire) - Border Petroleum Limited ("Border" or the "Corporation") announces financial results for its financial year ended March  31, 2016.  The audited financial statements and management's discussion & analysis ("MD&A") have been filed on SEDAR.  The Corporation also announces that pursuant to the requirements of National Instrument  51-101, it has filed its Form 51-101F1 Statement of Reserves Data and Other Oil and Gas Information, Form 51-101F2 Report on Reserves data by Independent Qualified Reserves Evaluator and Form 51-101F3 Report of Management and Directors on Oil and Gas Disclosure for the financial year ended March 31, 2016 on SEDAR.  These filings may be viewed on the SEDAR website at www.sedar.com.

 

OUTLOOK

 

The Corporation continues to focus on production optimization and cost cutting including general and administrative cost reductions which are on-going. Currently, a significant portion of Border’s production is shut in due to the current low commodity price environment. Operating costs for properties that are not operated by Border are under review as management continues to review alternatives to enhance shareholder value. 

 

CHANGE OF DIRECTORS

 

Mr. Jake Pronk and Mr. William (Bill) Slipp have resigned as Directors of the Corporation.  Border greatly appreciates their guidance and dedication and wishes them continued success in the future. 

 

 

FINANCIAL OVERVIEW

 

Certain selected financial and operational information for the financial year ended March 31, 2016 is set out below and should be read in conjunction with the Corporation's audited financial statements and related MD&A. The following table provides a summary of key financial results for the financial year ended March 31, 2016 and 2015:

 

					March 31,
					2016		2015		% Change
Financial
Petroleum and natural gas revenues					$        883,332		$        1,576,695		(44)
Funds flow from operations					$      (562,745)		$         (785,558)		28
per share - basic and diluted					$            (0.01)		$               (0.02)		42
Net loss					$   (4,605,041)		$      (2,301,188)		(100)
per share - basic and diluted					$            (0.07)		$               (0.04)		(62)
Capital expenditures, including decommissioning liabilities					$          29,485		$        6,249,498		100
Exploration and evaluation expense					$     2,261,851		$                       -		100
Impairment					$     1,491,703		$           946,339		58
Weighted average shares outstanding					63,691,664		51,609,472		23

 

					March 31,
					2016		2015		% Change
Production
Oil and liquids     (bbls/d)					42		54		(22)
Natural gas     (mcf/d)					321		308		4
Oil equiavlent     (boe/d)					95		105		(10)
Sales price per unit
Oil and liquids     ($/bbl)					42.23		59.99		(30)
Natural gas     ($/mcf)					2.11		3.62		(42)
Royalty income  ($/boe)					0.28		0.31		(10)
Oil equiavlent     ($/boe)					25.80		41.57		(38)

Further Information

 

For further information, please contact:

 

Al Kroontje Interim CEO 200, 407- 3rd Street SW Calgary, AB  T2P 4Z2 Telephone: (403) 607-4009

John Aihoshi Chief Financial Officer 200, 407 – 3rd Street SW Calgary, AB  T2P 4Z2 Telephone: (403) 617-9169

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 release.

 

Forward-Looking Statements

 

The forward-looking statements contained in this document are based on certain key expectations and assumptions made by Border. Although Border 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 Border 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, the failure to obtain necessary regulatory approvals, risks associated with the oil and gas industry 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; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production, costs and expenses, and health, safety and environmental risks), commodity price and exchange rate fluctuations and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in Border's disclosure documents on the SEDAR website at www.sedar.com.

 

The forward-looking statements contained in this document are made as of the date hereof and Border 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.

 

BOE

 

BOEs may be misleading, particularly if used in isolation. A BOE conversion ratio of 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.

To view this press release as a PDF file, click onto the following link:
public://news_release_pdf/Border07292016.pdf

Source: Border Petroleum Limited (TSX Venture:BOR)

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