Calgary, Alberta-based PrairieSky Royalty Ltd. (TO: PSK.TO) detailed its financial results for the 35-day interim period that ended June 30, the company said July 21. The company began its active operations on May 27 and completed its IPO on May 29, after its royalty business was acquired from Encana Corp. (NYSE: ECA, TO: ECA.TO), PrairieSky added.
Funds from operations were $31 million, the company said. Regarding production, an average of 15,664 barrels of oil (bbl) was produced. Of that amount, 44% was crude oil, 10% was NGL and 46% was natural gas, PrairieSky said.
Its working capital was $57.4 million, and this included $27.7 million of cash, cash equivalents and “nil bank debt,” the company said.
"The first several weeks of active operations have been very busy and productive, and I would like to thank all of our employees and directors for their contributions and hard work in ensuring a successful start for PrairieSky" said Andrew Phillips, president & CEO.
"Going in to the third quarter of 2014, PrairieSky is well positioned to carry out its business plan to organically grow royalty revenue, actively manage our royalty assets to ensure compliance with lease terms and contractual provisions, and pursue strategic opportunities that are low risk to PrairieSky and accretive to shareholders," he added
Regarding commodities, per thousand cubic feet, natural gas cost $4.51 for the interim period, while crude oil cost $98.50/bbl and NGL cost $63.55/bbl, the company said.
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