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.
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