Marquee Energy Ltd. announces record production and funds flow from operations for the quarter ended September 30, 2014.
Financial and Operational Highlights
• Achieved record production of 5,143 boe/d, an increase of 140% from the same quarter in 2013.
• Achieved a 50% increase in funds flow per share in the third quarter of 2014 versus the third quarter of 2013. Funds flow from operations increased 11% to $10.3 million ($0.09 per share), compared to $9.3 million ($0.08 per share) in the second quarter of 2014, and $3.1 million ($0.06 per share) in the third quarter of 2013.
• Enhanced balance sheet strength in the quarter. The Company's annualized third quarter debt-to-cash flow ratio has improved from 4.0 in 2013 to 1.3 in 2014. The company's net debt at the end of the third quarter was $54.7 million.
• Reduced field operating costs in the third quarter of 2014 to less than $15/boe from $23.51/boe in the same quarter of 2013 and $19.66/boe in the second quarter of 2014.