DOME ENERGY PRESENTS Q1-REPORT 2016

FIRST QUARTER 

  • Revenue from oil & gas production incl. realized derivates of $2,242’ (3,637’).
  • Effect from unrealized derivatives of -$641’ (280’).
  • Gross result from production incl. realized derivates of $735’ (2,224’) with a margin of 33% (61%).
  • EBITDA of -$172’ (2,126’).
  • EBITDA for US operations adj. for unrealized derivates amounted to $1,279’ (2,137’).
  • Net result of -$2,574’ (489’).
  • Earnings per share -$0.07’ (0.01).

SIGNIFICANT EVENTS DURING THE QUARTER

  • Refinancing-prepare and negotiate with company lenders.
  • Volumes significantly down compared with previous year due to un-economical wells.
  • Drilling programs, recompletions and workovers on hold due to re-financing negotiations.
  • Continued implementation and pursuing of cost cutting program on both operational and G&A in Q1.

SIGNIFICANT EVENTS AFTER CLOSING THE QUARTER
Dome Energy Executes Agreement for Significant Favorable Debt Refinancing (pressrelease 30 May,2016):

  • Reduction of total debt from approx. $55,000,000 to
  • Dome Energy Inc. will monetize its current hedge portfolio for $4,100,000.
  • Dome Energy AB, has agreed with Range Ventures LLC in principle, on a conversation of the Note payable to shares at a prices of 1 USD per share. The proposal is subject to shareholder approval at the next shareholder meeting on June 21, 2016.     
FINANCIAL KEY RATIOS 
US$ Thousand  Q1  Q1  FY 
2016  2015  2015 
Revenues from oil and gas sales incl. realized derivatives  2,242 3,637 12,323
Value change in unrealized derivatives  -641  280 1,041 
Gross profit from oil & gas operations incl. realized derivatives  735  2,224 5,353
Gross margin, %  33% 61% 47%
EBITDA  -172  2,126 808 
EBT  -2,595  489  -49,983
Net result  -2,574  489  -50,333
EPS (in US$)  -0.07  0.01 -1.46 
Production (boepd)  547  1,271 1,068

For further information please contact:

Paul Morch, CEO
Phone: +1 713 385 4104
E-mail: pm@domeenergy.com

About Dome Energy
Dome Energy AB. is an independent Oil & Gas Company publicly traded on the Nasdaq OMX First North exchange in Sweden (Ticker: DOME). Mangold Fondkommission AB is the Company’s Certified Adviser. Headquartered in Houston, Texas, the Company’s focus is on the development and production of existing onshore Oil & Gas reserves in the United States. For more information visit www.domeenergy.com.

Tags:

Subscribe

Documents & Links