PetroShale Reports Q1 Revenues Of $43.4 Million

PetroShale Inc. (TSXV: PSH) yesterday announced their operating results for the first quarter of 2021. Revenues from natural gas and petroleum sales totaled $43.4 million during Q1, showing a 16% increase over the last quarter of 2020. Net loss totaled out to $42.6 million for the quarter.

Operating costs per Boe were recorded at $10.18, versus $8.84 in Q1 2020. There was a decrease in transportation cost which was recorded at $2.17 per Boe, primarily attributed to lower production volumes. Net capital expenditures for the quarter were $2.1 million, and were mostly directed to operated and non-operated well workover operations as well as for the expansion of the company’s facilities.

The company decreased its net debt by approximately $8.6 million in Q1 2021, compared to year-end 2020, with net debt overall coming in at $318.3 million. Following quarter’s end, PetroShale closed a transformative transaction which decreased their net debt by $133.1 million to $185.2 million.

PetroShale’s adjusted EBITDA totaled $15.1 million in Q1 of 2021, in-line with the previous quarter, while cash provided by operating activities was recorded at $15.9 million, an increase of 19% when compared with Q4 of 2020.

The company also indicated that it expects to maintain production volumes between 10,500 Boe/d and 11,500 Boe/d, while capital expenditures are pegged to be between $50 and $60 million for the full fiscal year.

PetroShale Inc. last traded at CAD$0.20 on the TSX Venture.

Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

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