Calgary, Alberta / ACCESSWIRE / June 25, 2014 / Canoel International Energy Ltd. ("Canoel" or the "Company") (TSX VENTURE: CIL) is pleased to report that the company earned 48 cents per share during the full year ending March 31st, 2014.
Highlights of Canoel's fiscal 2014 include the following:
-Revenues increased 66.02% year over year to $4,108,690
-Net income per share increased to $0.48 with the recognition of the value gained on the acquisition of Italian operating properties during fiscal 2014
-Cash and equivalents improved by 136.81% to $2,605,732 during the fiscal year.
-Working Capital at the end of fiscal year 2014 increased to $711,248
-Net debt (excluding decommissioning liabilities and deferred taxes) was $7,256,728.
-Notably, non-current assets of property and equipment were valued at $20,937,438 at the end of fiscal 2014.
At year end 2014, Canoel produced approximately 205 barrels of oil equivalent consisting of 151 barrels per day of oil in Argentina and an approximate additional 54 boe/d of natural gas and distillates in Italy. Management has also identified optimization opportunities which will increase production. As at June 1st, 2014, Canoel reports that a successful placement of stock was completed for upwards of $1 million dollars CDN which will augment existing credit facilities and be used for such operations.
The company intends to build on its improving fundamentals as reported in its audited year-end financial statements and corresponding management's discussion and analysis (MD&A). Canoel will continue to focus on its core strategy to acquire mature or shut-in production from governments or larger corporations that have deemed such assets as marginal to their existing business and investments.
At the end of fiscal year 2014, Canoel owns and operates two (2) producing oil fields in Argentina. As a business unit, the Argentine company is profitable with production of 151 barrels per day. Management has identified additional drilling opportunities in several deeper zones. This development-type drilling is anticipated to provide substantial growth opportunities.
Additionally, Canoel, through its 100-per-cent-owned Italian subsidiary, Canoel Italia Srl, has production in 11 onshore Italian concessions, including 8 operated and 3 non operated gas concessions. Canoel's licenses cover 847 km2 (209,209 acres) with net holdings of 369 km2 (91,143 acres). Canoel Italia Srl is one of only eight domestic operators in Italy. On June 4th, 2013, operations of the Italian assets were officially turned over to Canoel Italia Srl. Subsequent to that transaction, Canoel's experienced technicians and personnel have been directly responsible for operations and reporting to the appropriate government bodies and industry partners. As Canoel reaches its first full year of responsibility for operations, results continue to show accretive growth. Natural gas production is achieved through conventional operations in a manner that is acceptable and understood by the local communities. The company's NI 51-101 for the year ending March 31st, 2014 is anticipated to be released shortly, subject to final review and will indicate a marked increase in corporate assets within Italy.
According to Andrea Cattaneo, President and CEO of Canoel International Energy, "The continued quarter over quarter improvement of our financial position is a credit to the nature of the assets that Canoel has acquired by focusing on near term producing properties that can be further optimized with our engineering and technical experience. The company is capable of continuing its conventional production gains in Italy during fiscal 2015, while also engaging in a strategy to directly generate electricity to be sold into the Italian grid using cogeneration facilities in fields where the natural gas is not optimal for direct sale. Further, Canoel continues with its vision to pursue high impact opportunities in Azerbaijan and in Nigeria and believes that it will be able announce a potential acquisition within the next quarter."
Neither 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.
This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify forward-looking information or statements. More particularly and without limitation, this news release contains forward looking statements and information concerning the completion of the private placement. The forward-looking statements and information are based on certain key expectations and assumptions made by Canoel, including the ability to obtain the required Exchange approval. Although Canoel believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward looking statements and information because Canoel can give no assurance that they will prove to be correct. By its nature, such forward-looking information is subject to various risks and uncertainties, which could cause the actual results and expectations to differ materially from the anticipated results or expectations expressed. These risks and uncertainties, include, but are not limited to, Canoel being unable to obtain the required Exchange approvals. Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date hereof, and to not use such forward-looking information for anything other than its intended purpose. Canoel undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
For further information, please contact:
Jose Ramon Lopez Portillo Andrea Cattaneo
Chairman of the Board CEO & President
Telephone: (403) 938-8154
Telefax: (403) 775-4474
Canoel Earns $0.48 Cdn Per Share During Fiscal 2014
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SOURCE: Canoel International Energy Ltd.