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Who is paying that. I got a letter but the deadline was last week.
GXOCF: effective March 10,2020: Pursuant to a plan of arrangement, Granite shareholders will receive $0.95 per Granite Share.
FINRA will delete the symbol:
https://otce.finra.org/otce/dailyList?viewType=Deletions
You taking about the 'offering'? Can you make any sense out of it?
Just came across my desk. Interesting
I have been buying shares of this company for a long time and keep adding when possible I think they will turn around in the next few years.
This company is making a comeback, cant wait to see what happens later in the year.
Hey Renee
Any thoughts on this and oil in general. Im feeling its almost time to be buying oil again.
Deethree Exploration Ltd., DTHRF, changed to Granite Oil Corp., GXOCF:
http://otce.finra.org/DLSymbolNameChanges
DeeThree Video Presentation
Martin Cheyne, President & CEO of DeeThree Exploration (TSX:DTX), gives a presentation on his company at the 2012 Subscriber Investment Summit in Vancouver.
Click here to watch the DeeThree Video Presentation
DeeThree Announces Second Quarter Results and Increased 2012 Guidance on Continued Bakken and Belly River Drilling Success
MarketwirePress Release: DeeThree Exploration Ltd. –
DEETHREE EXPLORATION LTD
http://finance.yahoo.com/news/deethree-announces-second-quarter-results-120000911.html
DTX.TO 4.60
CALGARY, ALBERTA--(Marketwire -08/14/12)- NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES
DeeThree Exploration Ltd. ("DeeThree" or the "Company") (DTX.TO) (DTHRF) is pleased to announce its financial and operational results for the three and six months ended June 30, 2012. DeeThree continued to deliver impressive financial and operating results during the three months ended June 30, 2012. Highlighting the strength of our oil targets in the Lethbridge Alberta Bakken and Brazeau Belly River properties, DeeThree increased its operating netback per barrel to $30.86 in the second quarter of 2012, being a 25% increase as compared to the first quarter of 2012.
OPERATIONAL UPDATE
Continued success in the Company's Alberta Bakken and Belly River oil resource plays has driven significant production increases early in the third quarter with the Company recently achieving a production rate of 5,000 boe/d, being equal to the Company's previously forecast 2012 exit rate. The Company is currently operating two drilling rigs on its Alberta Bakken property.
LETHBRIDGE BAKKEN
The Company continued to develop its Alberta Bakken area throughout the second quarter drilling 4 gross (4.0 net) wells. The Company's two most recently completed wells respectively tested at 808 boe/d over a nine day test and 630 boe/d over an eight day test. See table below.
The sixth location drilled this year was a 6.8 mile step out and is of unique significance as it is the first well drilled by DeeThree on the Crown lands that comprise part of its Bakken properties. This well is subject to the 5% Crown royalty rate holiday with this lower rate being anticipated to drive substantial netback and cash flow benefits for DeeThree. Based on the success of this well, DeeThree acquired an additional 22 sections of offsetting Crown land in the second quarter and DeeThree now has a total of 39 sections of Crown land believed to be highly prospective for Alberta Bakken potential in addition to its extensive freehold landholdings in the area.
The 2012 drilling program has successfully tested the upper Bakken formation over an eight mile east-west by three mile north-south fairway. The Company intends to further test the limits of the known Bakken oil pool throughout the second half of the year by drilling an additional 8 gross (8.0 net) Bakken wells. In order to accommodate anticipated additional production increases from its Alberta Bakken drilling program, the Company is currently installing an amine plant to handle CO2 volumes associated with Alberta Bakken solution gas. Additionally, the Company is designing and procuring equipment for a second 4,000 bbl/d expandable crude oil facility which is to be operational by year end.
The table below highlights results of our 2012 Bakken drilling program to date:
----------------------------------------------------------------------------
Average End of
Test Test Current
Rate Rate IP 30 IP 60 IP 90 Rate Oil
Well (bbl/d (bbl/d (bbl/d (bbl/d (bbl/d (bbl/d Cumulative
Identification oil) (1) oil) (1) oil) oil) oil) oil) (bbls)
----------------------------------------------------------------------------
Location #1 765
(4 day) 550 415 370 320 107 38,000
----------------------------------------------------------------------------
Location #2 957
(6 day) 800 520 429 390 270 41,000
----------------------------------------------------------------------------
Location #3 940
(10 day) 620 497 - - 308 20,000
----------------------------------------------------------------------------
Location #4 960
(5 day) 650 442 - - 306 20,000
----------------------------------------------------------------------------
Location #5 808
(9 day) 525 467 - - - 17,000
----------------------------------------------------------------------------
Location #6 630
(8 day) 508 - - - - 6,000
----------------------------------------------------------------------------
(1) Test rates are not necessarily indicative of long-term performance or of ultimate recovery.
BRAZEAU BELLY RIVER
DeeThree continued to have success on its Belly River light oil resource play during the second quarter with 3.0 gross (2.8 net) horizontal wells drilled. These wells targeted different sands than previously drilled in this multi-zone play. Two wells were drilled into the "upper" Belly River sands highlighted by an IP30 rate of 400 boe/d (76% oil and NGLs) on the first location and 222 boe/d (100% oil) on a five day test on its most recently completed well. The third well was drilled into a "lower" Belly River marine sand which tested at 512 boe/d (78% oil & NGLs) over an eight day test and has recently been brought on-stream. These results have confirmed the multi-zone potential of the hydrocarbon bearing Belly River package over DeeThree's significant land position at Brazeau. The success of these three wells has resulted in a substantial increase in DeeThree's drilling inventory and reserves at Brazeau as DeeThree's 2011 year-end reserve report did not attribute any reserves associated with the exploitation of these sands by horizontal drilling methods.
INCREASED 2012 GUIDANCE
The Company is well positioned to continue to deliver strong growth in its production, cash flow and reserves over the balance of 2012. Having already achieved its forecast 2012 year end production rate of 5,000 boe/d, the Board of Directors has approved another increase in the Company's 2012 capital expenditures budget from $82 million to $110 million.
DeeThree now anticipates to exit 2012 with a production rate of approximately 6,000 boe/d (76% oil and NGLs), up 20% from our previous guidance. Throughout the second half of 2012, DeeThree plans to deploy its capital primarily on its Lethbridge Alberta Bakken properties with plans to drill another 8 (8.0 net) wells prior to year end. This expanded budget is fully funded through cash flow and funds available from its credit facility. The Company expects to exit 2012 with net debt of approximately $60 - $65 million and debt to fourth quarter annualized cash flow of approximately 0.8:1.0 times.
2012 SECOND QUARTER FINANCIAL AND OPERATIONAL HIGHLIGHTS
We are pleased to provide the following highlights of our financial and operating results for the three and six months ended June 30, 2012.
-- Current field production is approximately 5,000 boe/d. Current
production consists of approximately 70 % oil and NGLs and 30 % natural
gas.
-- The Company achieved record production for the second quarter averaging
3,805 boe/d (62% oil and NGLs and 38% natural gas), an increase of 76%
over the same quarter of 2011 and a 25% increase over the first quarter
of 2012.
-- Increased oil and NGL production by 47% over the previous quarter to
2,357 bbls/d compared to 1,599 bbls/d.
-- Funds flow from operations grew to $9.9 million, representing a 106%
increase from the second quarter of 2011 and a 72% improvement from the
first quarter of 2012.
-- Funds from operations on a per share basis increased to $0.15, up 88%
from the same quarter last year and 67% from the first quarter of this
year.
-- Invested $30.0 million in capital expenditures which included the
drilling of 7 (6.8 net) wells, achieving 100% success rate.
-- Exited the quarter with total net debt of $50.8 million. This represents
a debt to annualized cash flow ratio of 1.3:1.
-- A 100% drilling success rate to date in 2012.
-- Increased 2012 exit production rate guidance by 1,000 boe/d to 6,000
boe/d due to strong results from the Company's drilling program to date.
HIGHLIGHTS: BY THE NUMBERS
----------------------------------------------------------------------------
Three Months Ended June 30, Six Months Ended June 30,
2012 2011 Change 2012 2011 Change
----------------------------------------------------------------------------
(000s, except
per share
amounts) ($) ($) (%) ($) ($) (%)
Financial
Oil and natural
gas revenues 18,437 9,465 95 32,714 11,434 186
Funds from
operations (1) 9,852 4,777 106 15,593 3,944 295
Per share -
basic 0.15 0.08 88 0.24 0.08 200
Per share -
diluted 0.14 0.08 75 0.22 0.08 175
Cash flow from
(used in)
operating
activities 14,696 2,299 539 18,760 (2,564) 832
Net income
(loss) 5,603 (899) 723 2,404 (2,890) 183
Per share -
basic 0.08 (0.01) 900 0.04 (0.06) 167
Per share -
diluted 0.08 (0.01) 900 0.03 (0.06) 150
Capital
expenditures
(2) 29,699 12,490 138 66,414 142,019 (53)
Working capital
(deficit) (3) (50,803) 17,871 (384) (50,803) 17,871 (384)
Shareholders'
equity 185,207 174,850 6 185,207 174,850 6
----------------------------------------------------------------------------
(000s) (#) (#) (%) (#) (#) (%)
Share Data
At period-end 66,986 62,572 7 66,986 62,572 7
Weighted average
- basic 66,986 62,572 7 65,153 49,596 31
Weighted average
- diluted 70,161 62,572 12 69,484 49,596 40
----------------------------------------------------------------------------
Operating(4)
Production
Natural gas
(mcf/d) 8,687 8,214 6 8,672 5,991 45
Crude oil
bbls/d) 2,091 609 243 1,704 341 400
NGLs (bbls/d) 266 189 41 274 104 163
Total (boe/d) 3,805 2,167 76 3,423 1,444 137
Average wellhead
prices
Natural gas
($/mcf) 2.06 3.85 (46) 2.11 3.82 (45)
Crude oil and
NGLs ($/bbl) 78.67 90.74 (13) 81.42 90.37 (10)
Total ($/boe) 53.25 47.99 11 52.51 43.74 20
Netbacks
Operating
netback
($/boe) 30.86 28.04 10 28.08 24.82 13
Funds flow
netback
($/boe) 28.36 24.18 17 24.94 15.06 66
----------------------------------------------------------------------------
Gross (net)
wells drilled
Oil (#) 7 (6.8) 2 (2.0) 250 (240) 15 (13.9) 4 (4.0) 275 (248)
Standing (#) -- -- -- 2 (2.0) -- --
----------------------------------------------------------------------------
Total (#) 7 (6.8) 2 (2.0) 250 (240) 17 (15.9) 4 (4.0) 325 (298)
Average working
interest (%) 97 100 (3) 94 100 (6)
----------------------------------------------------------------------------
(1) Funds from operations and funds from operations per share are not
recognized measures under International Financial Reporting Standards
("IFRS"). Refer to the commentary in the Management's Discussion and
Analysis under the heading "Non-IFRS Measurements" for further
discussion.
(2) Total capital expenditures, including acquisitions and excluding non-
cash transactions. Refer to commentary in the Management's Discussion
and Analysis under the heading "Capital Expenditures and Acquisitions"
for further information.
(3) Current assets less current liabilities, excluding current derivative
financial instruments.
(4) For a description of the boe conversion ratio, refer to the commentary
in the Management's Discussion and Analysis under the heading "Other
Measurements".
Reader Advisory
Forward-Looking Statements. Certain statements contained in this press release may constitute forward-looking statements. These statements relate to future events or the DeeThree's future performance. 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 "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe" and similar expressions. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. DeeThree believes that the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this press release should not be unduly relied upon by investors. These statements speak only as of the date of this press release and are expressly qualified, in their entirety, by this cautionary statement.
In particular, this press release contains forward-looking statements, pertaining to the following: projections of market prices and costs, supply and demand for oil and natural gas, the quantity of reserves, oil and natural gas production levels, capital expenditure programs, treatment under governmental regulatory and taxation regimes, expectations regarding DeeThree's ability to raise capital and to continually add to reserves through acquisitions and development, and projections of market prices and costs.
With respect to forward-looking statements contained in this press release, DeeThree has made assumptions regarding, among other things: the legislative and regulatory environments of the jurisdictions where DeeThree carries on business or has operations, the impact of increasing competition, and DeeThree's ability to obtain additional financing on satisfactory terms.
DeeThree's actual results could differ materially from those anticipated in these forward-looking statements as a result of risk factors that may include, but are not limited to: volatility in the market prices for oil and natural gas; uncertainties associated with estimating reserves; uncertainties associated with DeeThree's ability to obtain additional financing on satisfactory terms; geological, technical, drilling and processing problems; liabilities and risks, including environmental liabilities and risks, inherent in oil and natural gas operations; incorrect assessments of the value of acquisitions; competition for, among other things, capital, acquisitions of reserves, undeveloped lands and skilled personnel.
This forward-looking information represents DeeThree's views as of the date of this document and such information should not be relied upon as representing its views as of any date subsequent to the date of this document. DeeThree has attempted to identify important factors that could cause actual results, performance or achievements to vary from those current expectations or estimates expressed or implied by the forward-looking information. However, there may be other factors that cause results, performance or achievements not to be as expected or estimated and that could cause actual results, performance or achievements to differ materially from current expectations. There can be no assurance that forward-looking information will prove to be accurate, as results and future events could differ materially from those expected or estimated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. . Except as required by law, the Company undertakes no obligation to publicly update or revise any forward-looking statements.
Non-IFRS Measurements. This news release contains the terms "funds from other operations" and "funds from operations per share", which should not be considered an alternative to or more meaningful than cash flow from operating activities as determined in accordance with IFRS or previous GAAP. These terms do not have any standardized meaning as prescribed by IFRS or previous GAAP. DeeThree's determination of funds from operations and funds from operations per share may not be comparable to that reported by other companies. Management uses funds from operations to analyze operating performance and leverage, and considers funds from operations to be a key measure as it demonstrates the Company's ability to generate cash necessary to fund future capital investments and to repay debt. Funds from operations is calculated using cash flow from operating activities as presented in the statement of cash flows before changes in non-cash working capital and settlement of retirement costs. DeeThree presents funds from operations per share whereby per share amounts are calculated using weighted average shares outstanding consistent with the calculation of earnings per share.
BOE Presentation. References herein to "boe" mean barrels of oil equivalent derived by converting gas to oil in the ratio of six thousand cubic feet (Mcf) of gas to one barrel (bbl) of oil. Boe may be misleading, particularly if used in isolation. A boe conversion ratio of 6 Mcf: 1 bbl is based on an energy conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.
This new release shall not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction.
We seek Safe Harbor.
Contact:
DeeThree Exploration Ltd.
Martin Cheyne
President and Chief Executive Officer
(403) 263-9130
www.deethree.ca
@yahoofinance on Twitter, become a fan on Facebook
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Website
http://www.deethree.ca/
May 9, 2012 Alberta Bakken Update and 2012 First Quarter Results
Mar. 29, 2012 2011 Financial and Operating Results
Mar. 29, 2012 Bakken and Belly River Drilling Results and an Increase in 2012 Guidance
Mar. 27, 2012 Completion of Short Form Prospectus Offering
Mar. 8, 2012 Filing of Preliminary Prospectus for $15 Million Offering
Mar. 6, 2012 458% Increase in 2011 Year End Reserves
Mar. 2, 2012 $15 Million Bought Deal
Feb. 14, 2012 Significant Bakken Discover Well
Jan. 19, 2012 Record Production In Early 2012 and Releases 2012 Guidance
Jan. 10, 2012 Significant Brazeau Well
Operations
Peace River Arch Area
Brazeau Area
Lethbridge Area
DeeThree Announces Alberta Bakken Update and First Quarter Results Very Nice.
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED
STATES
DeeThree Exploration Ltd. ("DeeThree" or the "Company") (TSX:DTX) (OTCQX:DTHRF)
is pleased to announce an update on its 2012 Alberta Bakken and Brazeau Belly
River drilling program and its financial and operational results for the three
months ended March 31, 2012 as follows.
OPERATIONAL UPDATE
Alberta Bakken
Production test results and additional data from the first four Alberta Bakken
wells (100% working interest) drilled by DeeThree in 2012 are provided in the
following table. The production test results from the recently completed third
and fourth wells exceeded expectations averaging 940 bbls/d and 960 bbls/d of
oil after a 10 day and 5 day test respectively.
----------------------------------------------------------------------------
Average End of Current
Test Rate Test Rate IP 30 IP 60 Rate Oil
Well (bbl/d (bbl/d (bbl/d (bbl/d (bbl/d Cumulative
Identification oil) (1) oil) (1) oil) oil) oil) (bbls)
----------------------------------------------------------------------------
Location #1 765 550 415 370 240 25,000
(4 day) (70 days)
----------------------------------------------------------------------------
Location #2 957 800 N/A N/A 385 12,700
(6 day) (22 days)
----------------------------------------------------------------------------
Location #3 940 620 N/A N/A N/A 9,800
(10 day) (10 days)
----------------------------------------------------------------------------
Location #4 960 650 N/A N/A N/A 5,400
(5 day) (5 days)
----------------------------------------------------------------------------
(1) Test rates are not necessarily indicative of long-term performance or of
ultimate recovery.
DeeThree continues to augment its Alberta Bakken program with modifications to
the horizontal well lengths and fracing dynamics. Overall, the Company is very
pleased with the continuity of the sand being targeted. Continuous improvement
in the flow rates to date has resulted in IP30 and IP60 production results
exceeding type curve expectations. The Company currently has two drilling rigs
in the area with two additional Alberta Bakken wells anticipated to be completed
and tested prior to the end of the second quarter.
The Company has continued to expand its 100% owned oil infrastructure to
accommodate anticipated future production volumes. The oil battery has been
expanded and pipeline infrastructure has also been constructed to the Company's
recently drilled wells to accommodate year round production. DeeThree is in the
process of procuring and installing CO2 removal facilities to process additional
solution gas volumes which should be completed by the end of the third quarter.
Lethbridge Commitment Agreement
DeeThree is pleased to announce that it has extended the primary lease term on
its Lethbridge property. The primary lease term has been extended for an
additional two years to November 30, 2015. In exchange for the lease extension,
the Company has surrendered approximately 50,000 acres while still retaining
approximately 180,000 acres of what it feels is the most prospective acreage for
Bakken reserves. Also as part of this extension, and in place of the twenty well
commitment related to the April 13, 2010 agreement, the Company now has a
commitment to drill 12 wells over the three-year period (five wells in each of
2012 and 2013 and two wells in 2014), with six of these commitment wells having
been drilled to date.
Brazeau Belly River
In addition to the 3 (2.9 net) wells drilled in the first quarter of 2012, the
Company has continued to drill through the second quarter on its Brazeau Belly
River oil play. It is currently drilling the second well of the quarter with one
additional well to be drilled prior to the end of June. All three of these wells
will be completed as soon as weather permits.
Corporate Summary
The Company's production over the past two weeks has averaged 3,750 boe/d, not
including flow rates from the two most recently completed Bakken wells described
in the table above. The Company expects as many as 4.0 gross (4.0 net)
additional Bakken wells and 3.0 gross (2.9 net) additional Belly River wells to
be on production by the end of the second quarter.
2012 FIRST QUARTER FINANCIAL AND OPERATIONAL HIGHLIGHTS
DeeThree's first quarter of 2012 was significant with record average production
of 3,042 boe/d being achieved as well as our busiest quarter operationally in
Company history. Highlights for the period include the following:
-- Achieved record production of 3,042 boe/d, resulting in a year over year
increase of 327 percent and a 27 percent increase over the last quarter
of 2011;
-- Increased oil and NGL production by 43 percent over the previous quarter
to 1,599 bbls/d compared to 1,118 bbls/d;
-- Recorded $5.7 million in funds from operations, respectively a 40
percent and 789 percent increase over the fourth and first quarters of
2011;
-- Funds from operations on a per share basis increased to $0.09, up 50 and
550 percent respectively from the fourth and first quarters of 2011;
-- Invested $36.7 million in capital expenditures which included the
drilling of 10 (9.1 net) wells;
-- Closed a $16.0 million dollar (net of expenses) flow-through financing
at a flow through share price of $4.50/share; and
-- Completed the annual credit review in April 2012 which resulted in the
Company's bankers increasing DeeThree's borrowing base to $60 million
from $50 million.
Financial and operational highlights for the quarter ended March 31, 2012
with comparative data for the same period of 2011 are as follows.
----------------------------------------------------------------------------
Three Months Ended March 31, 2012 2011 Change
----------------------------------------------------------------------------
(000s, except per share
amounts) ($) ($) (%)
Financial
Oil and natural gas revenues 14,277 1,969 625
Funds from (used in)
operations(1) 5,741 (833) 789
Per share - basic and
diluted(1) 0.09 (0.02) 550
Cash flow from (used in)
operating activities 4,064 (4,863) 184
Net loss (3,199) (1,991) (61)
Per share - basic and diluted (0.05) (0.05) --
Capital expenditures(2) 36,715 129,529 (72)
Working capital(3) (30,898) 20,659 (250)
Shareholders' equity 178,732 175,423 2
----------------------------------------------------------------------------
(000s) (#) (#) (%)
Share Data
At period-end 66,986 62,752 7
Weighted average - basic and
diluted 63,321 36,294 74
----------------------------------------------------------------------------
(%)
Operating(4)
Production
Natural gas (mcf/d) 8,657 3,744 131
Crude oil (bbls/d) 1,316 71 1,754
NGLs (bbls/d) 283 18 1,472
Total (boe/d) 3,042 713 327
Average wellhead prices
Natural gas ($/mcf) 2.17 3.77 (42)
Crude oil and NGLs ($/bbl) 85.48 86.98 (2)
Total ($/boe) 51.58 30.68 68
Netbacks
Operating netback ($/boe) 24.59 14.92 65
Funds flow netback ($/boe) 20.64 (12.99) 259
Gross (net) wells drilled
Gas (#) -- (--) -- (--) --
Oil (#) 8 (7.1) 2 (2.0) 300 (255)
Standing (#) 2 (2.0) -- (--) --
Dry and abandoned (#) -- (--) -- (--) --
----------------------------------------------------------------------------
Total (#) 10 (9.1) 2 (2.0) 400 (355)
Average working interest (%) 91 100 (9)
----------------------------------------------------------------------------
(1) Funds from (used in) operations, funds from (used in) operations per
share and funds flow netback are not recognized measures under
International Financial Reporting Standards ("IFRS"). Refer to the
commentary under the heading "Non-IFRS Measurements" for further
discussion.
(2) Total capital expenditures, including acquisitions and excluding non-
cash transactions. Refer to the commentary in the Corporation's
Management's Discussion and Analysis for the interim period ended March
31, 2012 (the "MD&A") under the heading "Capital Expenditures and
Acquisitions" for further information.
(3) Current assets less current liabilities, excluding current derivative
financial instruments.
(4) For a description of the boe conversion ratio, refer to the commentary
in the MD&A under the heading "Other Measurements".
Reader Advisory
Forward-Looking Statements. Certain statements contained in this press release
may constitute forward-looking statements. These statements relate to future
events or the DeeThree's future performance. 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
"seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will",
"project", "predict", "potential", "targeting", "intend", "could", "might",
"should", "believe" and similar expressions. These statements involve known and
unknown risks, uncertainties and other factors that may cause actual results or
events to differ materially from those anticipated in such forward-looking
statements. DeeThree believes that the expectations reflected in those
forward-looking statements are reasonable, but no assurance can be given that
these expectations will prove to be correct and such forward-looking statements
included in this press release should not be unduly relied upon by investors.
These statements speak only as of the date of this press release and are
expressly qualified, in their entirety, by this cautionary statement.
In particular, this press release contains forward-looking statements,
pertaining to the following: projections of market prices and costs, supply and
demand for oil and natural gas, the quantity of reserves, oil and natural gas
production levels, capital expenditure programs, treatment under governmental
regulatory and taxation regimes, expectations regarding DeeThree's ability to
raise capital and to continually add to reserves through acquisitions and
development, and projections of market prices and costs.
With respect to forward-looking statements contained in this press release,
DeeThree has made assumptions regarding, among other things: the legislative and
regulatory environments of the jurisdictions where DeeThree carries on business
or has operations, the impact of increasing competition, and DeeThree's ability
to obtain additional financing on satisfactory terms.
DeeThree's actual results could differ materially from those anticipated in
these forward-looking statements as a result of risk factors that may include,
but are not limited to: volatility in the market prices for oil and natural gas;
uncertainties associated with estimating reserves; uncertainties associated with
DeeThree's ability to obtain additional financing on satisfactory terms;
geological, technical, drilling and processing problems; liabilities and risks,
including environmental liabilities and risks, inherent in oil and natural gas
operations; incorrect assessments of the value of acquisitions; competition for,
among other things, capital, acquisitions of reserves, undeveloped lands and
skilled personnel.
This forward-looking information represents DeeThree's views as of the date of
this document and such information should not be relied upon as representing its
views as of any date subsequent to the date of this document. DeeThree has
attempted to identify important factors that could cause actual results,
performance or achievements to vary from those current expectations or estimates
expressed or implied by the forward-looking information. However, there may be
other factors that cause results, performance or achievements not to be as
expected or estimated and that could cause actual results, performance or
achievements to differ materially from current expectations. There can be no
assurance that forward-looking information will prove to be accurate, as results
and future events could differ materially from those expected or estimated in
such statements. Accordingly, readers should not place undue reliance on
forward-looking information. . Except as required by law, the Company undertakes
no obligation to publicly update or revise any forward-looking statements.
Non-IFRS Measurements. This news release contains the terms "funds from other
operations" and "funds from operations per share", which should not be
considered an alternative to or more meaningful than cash flow from operating
activities as determined in accordance with IFRS or previous GAAP. These terms
do not have any standardized meaning as prescribed by IFRS or previous GAAP.
DeeThree's determination of funds from operations and funds from operations per
share may not be comparable to that reported by other companies. Management uses
funds from operations to analyze operating performance and leverage, and
considers funds from operations to be a key measure as it demonstrates the
Company's ability to generate cash necessary to fund future capital investments
and to repay debt. Funds from operations is calculated using cash flow from
operating activities as presented in the statement of cash flows before changes
in non-cash working capital and settlement of retirement costs. DeeThree
presents funds from operations per share whereby per share amounts are
calculated using weighted average shares outstanding consistent with the
calculation of earnings per share.
BOE Presentation. References herein to "boe" mean barrels of oil equivalent
derived by converting gas to oil in the ratio of six thousand cubic feet (Mcf)
of gas to one barrel (bbl) of oil. Boe may be misleading, particularly if used
in isolation. A boe conversion ratio of 6 Mcf: 1 bbl is based on an energy
conversion method primarily applicable at the burner tip and does not represent
a value equivalency at the wellhead.
This new release shall not constitute an offer to sell or the solicitation of an
offer to buy any securities in any jurisdiction.
We seek Safe Harbor.
DeeThree Exploration Announces Completion of Short Form Prospectus Offering
(OTCQX:DTHRF) is pleased to announce that it has completed its previously
announced short form prospectus offering (the "Offering"), raising gross
proceeds of $17,253,450.
The Offering was led by Dundee Securities Ltd. and included a syndicate of
underwriters consisting of Casimir Capital Ltd., Cormark Securities Inc.,
Macquarie Capital Markets Canada Ltd., Stifel Nicolaus Canada Inc. and NCP
Northland Capital Partners Inc. (collectively, the "Underwriters"). Under the
Offering, a total of 3,834,100 common shares were issued on a "flow-through"
basis (the "Flow-Through Shares") under the Income Tax Act (Canada). This
included 500,100 Flow-Through Shares issued pursuant to the full exercise of the
over-allotment option by the Underwriters. The completion of the Offering is
subject to final approval from the Toronto Stock Exchange.
Feb 14 Update
The farmee under the Farmout and Joint Venture agreement described in DeeThree news release of April 18, 2011 has elected to terminate the agreement after having drilled only one well of the four well commitment. This well is currently producing. The farmee earned a 60% working interest in the well and in 6.0 sections of the farmout lands and has no right to earn additional interests in the farmout lands. A termination fee of $3 million has been paid to DeeThree. The lands subject to the agreement are located approximately 41 kilometers from the discovery well described above and targeted a different Bakken interval.
http://www.otcmarkets.com/stock/DTHRF/news/DeeThree-Exploration-Ltd.-Announces-Significant-Bakken-Discovery-Well?id=42394&b=y
Very impressive. Thank you.
Go to DTX out of CANADA
DTHRF in USA
DeeThree Exploration Ltd. Announces 458% Increase in 2011 Year End ReservesMarketWire Canada • Tue Mar 6,2012 7:00 AM (11 hours ago)
DeeThree Exploration Announces $15 Million Bought DealMarketWire Canada • Fri Mar 2,2012 7:06 AM
DeeThree Announces Significant Bakken Discovery WellMarketWire Canada • Tue Feb 14,2012 6:45 AM
DeeThree Exploration Achieves Record Production in Early 2012 and Releases 2012 GuidanceMarketWire Canada • Thu Jan 19,2012 6:45 AM
DeeThree Exploration Announces Significant Brazeau WellMarketWire Canada • Tue Jan 10,2012 6:45 AM
DeeThree Exploration Ltd.: News ReleaseMarketWire Canada • Tue Nov 22,2011 8:00 AM
DeeThree Exploration Ltd. Announces 2011 Third Quarter ResultsMarketWire Canada • Wed Nov 9,2011 6:14 PM
DeeThree Exploration Ltd. Announces Increased Production Rates and Expands 2011 Capital ProgramMarketWire Canada • Wed Sep 28,2011 9:00 AM
DeeThree Exploration Ltd. Announces 2011 Second Quarter Results and Senior Officer AppointmentsMarketWire Canada • Thu Aug 11,2011 5:44 PM
DeeThree Accelerates Bakken Exploration With Joint Venture Agreement on Its Northern Lethbridge LandsMarketWire Canada • Mon Jun 27,2011 8:47 AM
DeeThree Provides Bakken Operational UpdateMarketWire Canada • Wed May 11,2011 9:00 AM
DeeThree Announces Farmout and Joint Venture Agreement With Major Oil and Gas CompanyMarketWire Canada • Mon Apr 18,2011 9:10 AM
Tough day for the markets. I just became aware of this one today. Looks very interesting. The responses here are rather limited. Any sage advice for a newby?
These guys are making big wells, 600 BOPD per well is a lot of oil & this number will climb as they perfect their completions techniques...
These guys are making big wells, 600 BOPD per well is a lot of oil & this number will climb as they perfect their completions techniques...
DTHRF breaking through major resistance at $3!!!!
DEETHREE EXPLORATION ANNOUNCES SIGNIFICANT BRAZEAU WELL
http://www.deethree.ca/assets/content/investorpages/pressreleases/DeeThree%20-%20Press%20Release%20announcing%20results%20from%20Brazeau%20well.pdf
Way, way oversold here folks........get your tickets for the next run.
DeeThree Exploration Limited Joins OTCQX
http://ih.advfn.com/p.php?pid=nmona&article=50139270&symbol=DTHRF
NEW YORK, Nov. 22, 2011
NEW YORK, Nov. 22, 2011 /PRNewswire/ -- OTC Markets Group Inc. (OTCQX: OTCM), the financial information and technology services company that provides the world's largest electronic marketplace for broker-dealers to trade over-the-counter ("OTC") stocks, announced that DeeThree Exploration Limited (OTCQX: DTHRF; TSX: DTX), a Calgary-based oil and gas exploration and production company, is now trading on the highest tier of the OTC market, OTCQX®.
(Logo: http://photos.prnewswire.com/prnh/20110118/MM31963LOGO)
DeeThree began trading today on the OTC market's prestigious tier, OTCQX International. Investors can find current financial disclosure and Real-Time Level 2 quotes for the Company on www.otcmarkets.com.
"The OTCQX platform supports a transparent marketplace with high quality issuers, financial information disclosure and efficient trading for U.S. investors," said R. Cromwell Coulson, President and Chief Executive Officer of OTC Markets Group. "We are pleased to welcome DeeThree to OTCQX."
Hodgson Russ LLP will serve as DeeThree's Principal American Liaison ("PAL") on OTCQX, responsible for providing guidance on OTCQX requirements.
About DeeThree Exploration Limited
DeeThree Exploration Limited (OTCQX: DTHRF; TSX: DTX) trades in the United States on OTCQX under the symbol "DTHRF", and in Canada on the TSX Exchange under the symbol "DTX". DeeThree Exploration Ltd. ("DeeThree") is a growth-oriented, Calgary-based oil and gas exploration and production company. DeeThree has a team of dedicated and experienced professionals that is largely comprised of members of management from Devlan/Dual Exploration Ltd. and Cequel/Cyries Energy Inc. Our management team is focused on the creation of shareholder value through exploration for crude oil and natural gas reserves in western Canada, complemented with strategic acquisition and development activities.
About OTC Markets Group Inc.
OTC Markets Group Inc. (OTCQX: OTCM) operates the world's largest electronic marketplace for broker-dealers to trade unlisted stocks. Our OTC Link™ platform supports an open network of competing broker-dealers that provide investors with the best prices in over 10,000 OTC securities. We categorize the wide spectrum of OTC-traded companies into three tiers - OTCQX (the intelligent marketplace), OTCQB® (the venture marketplace), and OTC Pink™ (the open marketplace) - so investors can identify the level and quality of information companies provide. To learn more about how OTC Markets Group makes the unlisted markets more transparent, informed, and efficient, visit www.otcmarkets.com.
Way oversold here, however the MACD is showing no signs of turning. Every time the MFI has dropped into the oversold area there has been a fairly decent rebound. My last swing was from $1.97 to $2.80 in the trading account. Long term position is at a $2.20 average. Might even make a double bottom....
Looking for an entry again.
Looks like it just made it up to the pinks from the greys...
This company is going places and is way undervalued at the current price of 2.67.
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