Border Petroleum Corp.

Border Petroleum Corp.

July 29, 2015 17:31 ET

Border Announces Filing of Financials

CALGARY, ALBERTA--(Marketwired - July 29, 2015) - Border Petroleum Limited ("Border" or the "Corporation") (TSX VENTURE:BOR) announces financial results for its financial year ended March 31, 2015. The audited financial statements and management's discussion & analysis ("MD&A") have been filed on SEDAR. The Corporation also announces that pursuant to NI 51-101, it has filed its Form 51-101F1 Statement of Reserves Data and Other Oil and Gas Information, Form 51-101F2 Report on Reserves data by Independent Qualified Reserves Evaluator and Form 51- 101F3 Report of Management and Directors on Oil and Gas Disclosure for the financial year ended March 31, 2015 on SEDAR. Copies of the annual and NI 51-101 filings of the Corporation are available for viewing at


The Corporation continues to focus on production optimization and cost cutting. Effective January 1, 2015, office rent costs and certain staffing costs have been reduced by 40%. Additional general and administrative cost reductions are on-going. Operating costs for properties that are not operated by Border are under constant review to maximize field cash flows. We continue to review assorted alternatives to enhance shareholder value.


Certain selected financial and operational information for the financial year ended March 31, 2015 is set out below and should be read in conjunction with the Corporation's audited financial statements and related MD&A. The following table provides a summary of key financial results for the financial year ended March 31, 2015 and 2014:

March 31,
2015 2014 % Change
Petroleum and natural gas revenues $ 1,576,695 $ 2,180,534 (28 )
Funds flow from operations $ (785,558 ) $ (2,011,055 ) 61
per share - basic and diluted $ (0.02 ) $ (0.06 ) 75
Net loss $ (2,301,188 ) $ (21,327,582 ) 89
per share - basic and diluted $ (0.04 ) $ (0.64 ) 93
Capital expenditures, including decommissioning liabilities $ 6,249,498 $ (4,129,522 ) 251
Weighted average shares outstanding
basic and diluted restated for 10:1 share 51,609,472 33,081,310 56
Total common shares outstanding 63,691,664 33,691,664 89
March 31,
2015 2014 % Change
Oil and liquids (bbls/d) 54 50 8
Natural gas (mcf/d) 308 528 (42 )
Oil equiavlent (boe/d) 105 137 (23 )
Sales price per unit
Oil and liquids ($/bbl) 59.99 78.27 (23 )
Natural gas ($/mcf) 3.62 3.98 (9 )
Oil equiavlent ($/boe) 41.26 43.46 (5 )
Reserves (Proved plus probable)
Oil and liquids (bbls) 810,000 171,000 374
Natural gas (mcf) 5,215,000 808,000 545
Oil equivalent (mboe) 1,679,000 306,000 449
Net Present Value Before Income Taxes
Discounted at 10%
Total Proved $ 8,079,000 $ 1,859,000 335
Total Probable $ 8,266,000 $ 1,114,000 642
Total Proved Plus Probable $ 16,345,000 $ 2,973,000 450

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements

The forward-looking statements contained in this document are based on certain key expectations and assumptions made by Border. Although Border believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because Border can give no assurance that they will prove to be correct.

Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, the failure to obtain necessary regulatory approvals, risks associated with the oil and gas industry in general (e.g., operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production, costs and expenses, and health, safety and environmental risks), commodity price and exchange rate fluctuations and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in Border's disclosure documents on the SEDAR website at

The forward-looking statements contained in this document are made as of the date hereof and Border undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.


BOEs may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 Mcf:1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

Contact Information

  • Border Petroleum Limited
    Al Kroontje
    Interim President & CEO
    200, 407- 3rd Street SW
    Calgary, AB T2P 4Z2
    Telephone: (403) 538-8448

    Border Petroleum Limited
    John Aihoshi
    Chief Financial Officer
    200, 407 - 3rd Street SW
    Calgary, AB T2P 4Z2
    Telephone: (403) 538-8445