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Petrominerales Corp
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September 2013 Corporate Presentation
| Corey C. Ruttan | Page 2 of 11 |
May 09, 2024
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"September 2013 Corporate Presentation"
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| 2 Cautionary Statements + Statements in this presentation may contain forward-looking statements including management’s assessment of future plans, operations, expectations of future production and capital expenditures. Information concerning reserves may also be deemed to be forward-looking statements as such estimates involve the implied assessment that the resources described can be economically produced. These statements are based on current expectations that involve numerous risks and uncertainties, which will cause actual results to differ from those anticipated. These risks include, but are not limited to: the risks of the oil and gas industry (e.g. operational risks relating to exploration, development and production; potential 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), fluctuation in foreign currency exchange rates and commodity price fluctuation. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements. In addition, the THAI®/CAPRI® processes and other technologies are early stage and future results may differ from those anticipated. Undiscovered Petroleum Initially-In-Place (“UPIIP”), equivalent to undiscovered resources, are those quantities of petroleum that are estimated, on a given date, to be contained in accumulations yet to be discovered. The recoverable portion of UPIIP is referred to as prospective resources, the remainder as unrecoverable. Undiscovered resources carry discovery risk. There is no certainty that any portion of these resources will be discovered. If discovered, there is no certainty that it will be commercially viable to produce any portion of the resources. A recovery project cannot be defined for this volume of UPIIP at this time. Discovered Petroleum Initially-In-Place (“DPIIP”), equivalent to "discovered resources", is that quantity of oil that is estimated, as of a given date, to be contained in known accumulations prior to production. The recoverable portion of DPIIP includes production, reserves, and contingent resources; the remainder is unrecoverable. A recovery project cannot be defined for these volumes of DPIIP at this time. There is no certainty that it will be commercially viable to produce any portion of the resources. + This presentation contains financial terms that are not considered measures under International Financial Reporting Standards (“IFRS”), such as funds flow from operations, adjusted net income, funds flow per share, adjusted net income per share, operating netback, net debt and working capital. These measures are commonly utilized in the oil and gas industry and are considered informative for management and shareholders. We evaluate our performance and that of our business segments based on funds flow from operations and adjusted net income. Funds flow from operations is a non-IFRS term that represents cash generated from operating activities before changes in non-cash working capital. Adjusted net income is a non-IFRS term that is determined by adding back any losses or deducting any gains on the derivative liabilities. Management considers funds flow from operations, adjusted net income, funds flow per share and adjusted net income per shares important as they help evaluate performance and demonstrate the Company’s ability to generate sufficient cash to fund future growth opportunities and repay debt. Working capital surplus includes current assets less current liabilities and is used to evaluate the Company's short-term financial leverage. Net debt includes current assets less current liabilities and the principal amount of any out-of-the-money convertible debentures (i.e. when they are out of the money and not repayable in shares at maturity) and is used to evaluate the Company's leverage. Operating netback is determined by dividing oil sales less royalties, transportation and operating expenses by sales volume of produced oil. Management considers operating netback important as it is a measure of profitability per barrel sold and reflects the quality of production. Funds flow from operations, adjusted net income, funds flow per share, adjusted net income, working capital, net debt and operating netbacks may not be comparable to those reported by other companies nor should they be viewed as an alternative to cash flow from operations, net income or other measures of financial performance calculated in accordance with IFRS.