Steel Reef Infrastructure Corp.

Steel Reef Infrastructure Corp.

August 18, 2016 17:13 ET

Steel Reef Announces $0.015 per Common Share Dividend

CALGARY, ALBERTA--(Marketwired - Aug. 18, 2016) - Steel Reef Infrastructure Corp. -

President's Message

On behalf of the Management of Steel Reef Infrastructure Corp. ("Steel Reef" or the "Company") I am pleased to report our financial and operational results for the second quarter of 2016.

Financial Highlights
($ thousands, except production and per share data)
Three Months Ended
June 30,

Six Months Ended
June 30,

2016 2015 2016 2015
Net earnings 2,905 174 5,754 1,606
Per share - basic and diluted 0.02 0.00 0.04 0.01
Cash flow from operating activities 7,969 (10,327 ) 13,433 (8,166 )
EBITDA(i) 6,625 2,317 13,140 5,111
Capital expenditures 9,934 8,022 20,698 21,859
Working capital (ii) 35,939 28,693 35,939 28,693
Processing throughput (net boe/day) 12,070.0 7,788.7 12,206.7 7,194.0
Transmission throughput (net boe/day) 5,915.6 3,336.2 5,777.2 3,745.9
Common shares outstanding 169,359,466 133,928,679 169,359,466 133,928,679
Weighted average number of shares outstanding
basic 161,612,921 128,936,769 147,953,180 121,985,639
diluted 166,946,560 133,119,637 153,286,819 126,168,507
(i)
EBITDA is defined as earnings before interest, taxes, depreciation, amortization, unrealized gains and losses, accretion, impairment expenses and other non-cash charges. EBITDA is not a standard measure under GAAP.
(ii) Working capital is defined as current assets less current liabilities.

On August 18, 2016 Steel Reef declared a dividend of $0.015 per common share for the second quarter of 2016 payable on September 15, 2016 to all shareholders of record as of September 5, 2016.

Construction of the sour gas processing facility located in the Alameda area of Southeast Saskatchewan is proceeding as planned and commissioning continues to be expected in the fourth quarter of 2016.

Steel Reef is well positioned for future growth in this challenging energy market with a cash of balance in excess of $32 million and no amounts drawn on its $60 million credit facility at the beginning of the third quarter of 2016.

Thank you for your continued support,

Scott Southward, President and Chief Executive Officer

Contact Information

  • Steel Reef Infrastructure Corp.
    Scott Southward
    President and Chief Executive Officer
    403.263.8333
    403.237.9464 (FAX)