Razor Energy Corp. Announces Third Quarter 2023 Results

Source: www.gulfoilandgas.com 11/23/2023, Location: North America

Razor Energy Corp. (“Razor” or the “Company”) announces its third quarter financial and operating results. Selected financial and operational information is outlined below and should be read in conjunction with Razor’s unaudited interim condensed consolidated financial statements, management’s discussion and analysis for the three and nine months ended September 30, 2023 which are available on SEDAR+ at www.sedarplus.ca and the Company’s website www.razor-energy.com.

All amounts are expressed in Canadian dollars. Certain metrics, including those expressed on an adjusted basis, are non-IFRS and other financial measures. See “Non-IFRS and Other Financial Measures” below.

2023 YEAR-TO-DATE HIGHLIGHTS
Debt settlement: Razor settled all outstanding indebtedness owed to Alberta Investment Management Corporation (“AIMCo”) of $64.0 million by way of the sale and transfer by Razor to AIMCo of that number of FutEra Common Shares representing 70% of the issued and outstanding FutEra Common Shares and 100% of the issued and outstanding FutEra Preferred Shares. No Razor Common Shares were issued as part of the debt settlement.
Rights Offering: Razor closed a rights offering for gross proceeds of $8.0 million less share issuance and transaction costs which resulted in the issuance of 10,014,821 Common Shares and 10,014,821 Warrants. Each Unit Warrant entitles the holder to purchase one Common Share at a price of $1.20 per Common Share for a period of five years from the date of issuance.
Net Debt1: Reduced net debt by $70.2 as compared to December 31, 2023. Net debt totaled $55.4 million at September 30, 2023.
Production enhancement activities: Starting in June and continuing into the third quarter, Razor conducted 24 workovers which provided initial production rates of 730 boe/d.
Production: Achieved production of 3,787 boe/d during Q3, an increase of 10% over Q2 2023.

THIRD QUARTER OPERATIONS UPDATE

Swan Hills
Production volumes in Q3 2023 increased 16% as compared to Q2 2023. Production increased as compared to Q2 2023 as a result of workover activity in the third quarter of 2023 which brought on additional production.

Kaybob
Production volumes were consistent with Q2 2023. The Company’s 2023 reactivation program commenced in June 2023 which increased production in July and August 2023 but was offset by a third party gas plant turnaround in September which shut in 65% of Kaybob production for the month.

Southern Alberta
Production volumes decreased 3% from Q2 2023. The decrease in production volumes was the result of a minor property disposition in Q2 2023 partially offset by the production increases from Company’s 2023 reactivation program.


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