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Cision Canada
3 days ago
- Business
- Cision Canada
FIDDLEHEAD RESOURCES CORP. ANNOUNCES Q1 2025 FINANCIAL RESULTS
CALGARY, AB, May 30, 2025 /CNW/ - Fiddlehead Resources Corp. ("Fiddlehead," or the "Company") (TSXV: FHR), is pleased to announce the filing of its unaudited financial and operating results for the three months ended March 31, 2025. Selected financial and operating information should be read in conjunction with Fiddlehead's unaudited consolidated financial statements and related management's discussion and analysis ("MD&A") for the three months ended Mar. 31, 2025 and 2024 ("2025 Q1 Documents"). Financial and operating highlights for the period include: Achieved average corporate production of 1,636 boe/d compared to average corporate production in Q4/24 of 1,624 boe/d. First quarter of 2025, Fiddlehead's petroleum and natural gas sales totaled $3,975,870 and Funds Flow used in Operations was $194,854. Readers are encouraged to read the 2025 Q1 Documents in their entirety, which are available on SEDAR+ at and on Fiddlehead's website at (Expressed in $000s except per share, price and volume amounts.) Three months ended March 31 December 31 March 31 2025 2024 2024 OPERATING HIGHLIGHTS AND NETBACKS 1 Average production and sales volumes Light oil (bbls/d) 119 134 - NGLs (bbls/d) 394 378 - Natural gas (Mcf/d) 6,746 6,675 - Total (BOE/d) 1,636 1,624 - Average realized sales prices Light oil ($/bbl) 91.79 91.72 - NGLs ($/bbl) 49.32 55.39 - Natural gas ($/Mcf) 2.06 1.28 - Total oil equivalent ($/BOE) 27.13 25.86 - Netbacks ($/BOE) 1 Petroleum and natural gas sales 27.13 25.86 - Royalties 6.65 6.67 - Operating expenses 11.65 11.25 - Transportation expenses 0.10 0.09 - Operating Netback 1 8.74 7.84 - General and administrative expenses 7.62 8.86 - Finance costs 6.27 4.98 - Adjusted Funds Flow Netback 1,2 (5.15) (6.10) - FINANCIAL HIGHLIGHTS Petroleum and natural gas sales 3,976 3,844 - Petroleum and natural gas sales, net of royalties 2,996 2,846 - Net loss & comprehensive loss (2,497) (2,295) (138) Basic per share (0.04) (0.04) (0.03) Diluted per share (0.04) (0.04) (0.03) Cash flow used in operating activities (145) (812) (146) Funds Flow from Operations 2 (195) (74) (127) Basic per share (0.00) (0.00) (0.02) Diluted per share (0.00) (0.00) (0.02) Acquisitions - - - Total assets 30,054 31,714 245 Total non-current financial liabilities 11,482 11,666 - Total long-term debt, including current portion 12,120 12,168 - Shareholders' equity 3,412 5,909 229 Weighted average common shares outstanding (000s) – basic 3 60,521 60,521 5,276 Weighted average common shares outstanding (000s) – diluted 3 60,521 60,521 5,276 Common shares outstanding (000s), end of period 4 60,521 60,521 5,276 1 "Netbacks" are non-GAAP financial measure calculated per unit of production. "Operating Netback", and "Adjusted Funds Flow Netback" do not have standardized meanings under IFRS Accounting Standards. See " Non-GAAP Financial Measures " section 2 "Funds Flow from Operations" ("FFO") does not have a standardized meaning under IFRS Accounting Standards. See "Non-GAAP Financial Measures". 3 Common shares outstanding have been adjusted as a result of the Share Consolidation. READER ADVISORIES In this press release, all references to "$" are to Canadian dollars. Neither the TSXV nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. SOURCE Fiddlehead Resources Corp.
Yahoo
3 days ago
- Business
- Yahoo
FIDDLEHEAD RESOURCES CORP. ANNOUNCES Q1 2025 FINANCIAL RESULTS
CALGARY, AB, May 30, 2025 /CNW/ - Fiddlehead Resources Corp. ("Fiddlehead," or the "Company") (TSXV: FHR), is pleased to announce the filing of its unaudited financial and operating results for the three months ended March 31, 2025. Selected financial and operating information should be read in conjunction with Fiddlehead's unaudited consolidated financial statements and related management's discussion and analysis ("MD&A") for the three months ended Mar. 31, 2025 and 2024 ("2025 Q1 Documents"). Financial and operating highlights for the period include: Achieved average corporate production of 1,636 boe/d compared to average corporate production in Q4/24 of 1,624 boe/d. First quarter of 2025, Fiddlehead's petroleum and natural gas sales totaled $3,975,870 and Funds Flow used in Operations was $194,854. Readers are encouraged to read the 2025 Q1 Documents in their entirety, which are available on SEDAR+ at and on Fiddlehead's website at The table below summarizes selected highlights from the Company's financial and operating results: (Expressed in $000s except per share, price and volume amounts.) Three months endedMarch 31December 31March 31202520242024OPERATING HIGHLIGHTS AND NETBACKS1Average production and sales volumesLight oil (bbls/d)119134-NGLs (bbls/d)394378-Natural gas (Mcf/d)6,7466,675-Total (BOE/d)1,6361,624-Average realized sales pricesLight oil ($/bbl)91.7991.72-NGLs ($/bbl)49.3255.39-Natural gas ($/Mcf)2.061.28-Total oil equivalent ($/BOE)27.1325.86-Netbacks ($/BOE)1Petroleum and natural gas sales 27.1325.86-Royalties6.656.67-Operating expenses11.6511.25-Transportation expenses0.100.09-Operating Netback18.747.84-General and administrative expenses7.628.86-Finance costs6.274.98-Adjusted Funds Flow Netback1,2(5.15)(6.10)-FINANCIAL HIGHLIGHTSPetroleum and natural gas sales3,9763,844-Petroleum and natural gas sales, net of royalties2,9962,846-Net loss & comprehensive loss(2,497)(2,295)(138)Basic per share(0.04)(0.04)(0.03)Diluted per share(0.04)(0.04)(0.03)Cash flow used in operating activities(145)(812)(146)Funds Flow from Operations2(195)(74)(127)Basic per share(0.00)(0.00)(0.02)Diluted per share(0.00)(0.00)(0.02)Acquisitions---Total assets30,05431,714245Total non-current financial liabilities11,48211,666-Total long-term debt, including current portion12,12012,168-Shareholders' equity3,4125,909229Weighted average common shares outstanding (000s) – basic360,52160,5215,276Weighted average common shares outstanding (000s) – diluted360,52160,5215,276Common shares outstanding (000s), end of period460,52160,5215,2761 "Netbacks" are non-GAAP financial measure calculated per unit of production. "Operating Netback", and "Adjusted Funds Flow Netback" do not have standardized meanings under IFRS Accounting Standards. See " Non-GAAP Financial Measures " section 2 "Funds Flow from Operations" ("FFO") does not have a standardized meaning under IFRS Accounting Standards. See "Non-GAAP Financial Measures". 3 Common shares outstanding have been adjusted as a result of the Share Consolidation. READER ADVISORIES In this press release, all references to "$" are to Canadian dollars. Neither the TSXV nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. SOURCE Fiddlehead Resources Corp. View original content to download multimedia:
Cision Canada
3 days ago
- Business
- Cision Canada
Laurentian Bank of Canada reports second quarter 2025 results Français
The financial information reported herein is based on the condensed interim consolidated (unaudited) information for the three-month and six-month periods ended April 30, 2025 and has been prepared in accordance with IFRS Accounting Standards, as issued by the International Accounting Standards Board (IASB). All amounts are denominated in Canadian dollars. The Laurentian Bank of Canada and its entities are collectively referred to as "Laurentian Bank" or the "Bank" and provide deposit, investment, loan, securities, trust and other products or services. MONTREAL, May 30, 2025 /CNW/ - Laurentian Bank of Canada reported net income of $32.3 million and diluted earnings per share of $0.69 for the second quarter of 2025, compared with a net loss of $117.5 million and a diluted loss per share of $2.71 for the second quarter of 2024. Return on common shareholders' equity (1) was 4.9% for the second quarter of 2025, compared with a negative 18.6% for the second quarter of 2024. Adjusted net income (2) was $34.0 million and adjusted diluted earnings per share (1) were $0.73 for the second quarter of 2025, compared with $40.5 million and $0.90 for the second quarter of 2024. Adjusted return on common shareholders' equity (1) was 5.2% for the second quarter of 2025, compared with 6.1% a year ago. For the six months ended April 30, 2025, reported net income was $70.9 million and diluted earnings per share were $1.44, compared with a net loss of $80.3 million and a diluted loss per share of $1.97 for the six months ended April 30, 2024. Return on common shareholders' equity was 5.1% for the six months ended April 30, 2025, compared with a negative 6.7% for the six months ended April 30, 2024. Adjusted net income was $73.4 million and adjusted diluted earnings per share were $1.50 for the six months ended April 30, 2025, compared with $84.7 million and $1.80 for the six months ended April 30, 2024. Adjusted return on common shareholders' equity was 5.3% for the six months ended April 30, 2025, compared with 6.1% for the same period a year ago. "As we mark the one-year anniversary of our strategic plan, Laurentian Bank has remained focused and disciplined in executing the priorities we set to transform the organization and achieve our medium-term financial objectives," said Éric Provost, President and Chief Executive Officer of Laurentian Bank. "We are seeing positive momentum in our specialized businesses. While there is still more to accomplish, we are satisfied with the progress we have made thus far. Looking ahead, we will continue to expand our presence and sharpen our focus in specialized areas, which will support both customer success and shareholder returns." (1) This is a non-GAAP ratio. For more information, refer to the Non-GAAP Financial and Other Measures below and beginning on page 5 of the Second Quarter 2025 Report to Shareholders, including the Management's Discussion & Analysis (MD&A) for the period ended April 30, 2025, which pages are incorporated by reference herein. The MD&A is available on SEDAR+ at (2) This is a non-GAAP financial measure. For more information, refer to the Non-GAAP Financial and Other Measures section below and beginning on page 5 of the Second Quarter 2025 Report to Shareholders, including the MD&A for the period ended April 30, 2025, which pages are incorporated by reference herein. (3) This is a supplementary financial measure. For more information, refer to the Non-GAAP Financial below and beginning on page 5 of the Second Quarter 2025 Report to Shareholders, including the MD&A for the period ended April 30, 2025, which pages are incorporated by reference herein. (4) In accordance with the Office of the Superintendent of Financial Institutions' (OSFI) "Capital Adequacy Requirements" guideline. Non-GAAP Financial and Other Measures In addition to financial measures based on generally accepted accounting principles (GAAP), management uses non-GAAP financial measures to assess the Bank's underlying ongoing business performance. Non-GAAP financial measures presented throughout this document are referred to as "adjusted" measures and exclude amounts designated as adjusting items. Adjusting items include certain items of significance that arise from time to time which management believes are not reflective of underlying business performance, as well as the amortization of acquisition-related intangible assets. Non-GAAP financial measures are not standardized financial measures under the financial reporting framework used to prepare the financial statements of the Bank and might not be comparable to similar financial measures disclosed by other issuers. The Bank believes non-GAAP financial measures are useful to readers in obtaining a better understanding of how management assesses the Bank's performance and in analyzing trends. The following tables show a reconciliation of the non-GAAP financial measures to their most directly comparable financial measure that is disclosed in the primary financial statements of the Bank. For the three months ended For the six months ended In thousands of dollars (Unaudited) April 30 2025 January 31 2025 April 30 2024 April 30 2025 April 30 2024 Total revenue $ 242,516 $ 249,637 $ 252,594 $ 492,153 $ 510,935 Less: Adjusting items, before income taxes Profit on sale of assets under administration (1) — (875) — (875) — Adjusted total revenue $ 242,516 $ 248,762 $ 252,594 $ 491,278 $ 510,935 Non-interest expenses $ 184,518 $ 186,973 $ 386,341 $ 371,491 $ 584,175 Less: Adjusting items, before income taxes Restructuring and other impairment charges (2) 2,222 2,027 40,832 4,249 46,908 P&C Banking segment impairment charges (3) — — 155,933 — 155,933 Amortization of acquisition-related intangible assets (4) — — 3,229 — 6,446 2,222 2,027 199,994 4,249 209,287 Adjusted non-interest expenses $ 182,296 $ 184,946 $ 186,347 $ 367,242 $ 374,888 Income (loss) before income taxes $ 41,305 $ 47,489 $ (151,678) $ 88,794 $ (108,069) Adjusting items, before income taxes (detailed above) 2,222 1,152 199,994 3,374 209,287 Adjusted income before income taxes $ 43,527 $ 48,641 $ 48,316 $ 92,168 $ 101,218 Reported net income (loss) $ 32,329 $ 38,601 $ (117,547) $ 70,930 $ (80,264) Adjusting items, net of income taxes Profit on sale of assets under administration (1) — (643) — (643) — Restructuring and other impairment charges (2) 1,633 1,490 30,020 3,123 34,488 P&C Banking segment impairment charges (3) — — 125,629 — 125,629 Amortization of acquisition-related intangible assets (4) — — 2,410 — 4,812 1,633 847 158,059 2,480 164,929 Adjusted net income $ 33,962 $ 39,448 $ 40,512 $ 73,410 $ 84,665 Net income (loss) available to common shareholders $ 30,393 $ 33,352 $ (118,835) $ 63,745 $ (86,153) Adjusting items, net of income taxes (detailed above) 1,633 847 158,059 2,480 164,929 Adjusted net income available to common shareholders $ 32,026 $ 34,199 $ 39,224 $ 66,225 $ 78,776 (1) The profit on sale of assets under administration resulted from the sale of assets under administration of Laurentian Bank Securities' (LBS) retail full-service investment broker division in the fourth quarter of 2024 and of LBS' discount brokerage division in the first quarter of 2025. The profit on sale of assets under administration is included in the Other income line item. For more information, refer to the Business Highlights section beginning on page 7 of the Second Quarter 2025 Report to Shareholders including the MD&A for the period ended April 30, 2025, which pages are incorporated by reference herein. (2) Restructuring and other impairment charges in 2025 mainly resulted from the simplification of the Bank's technology infrastructure and organizational structure. Restructuring and other impairment charges in 2024 mainly resulted from the Bank's decision to suspend the Advanced Internal-Ratings Based (AIRB) approach to credit risk project and to reduce its leased corporate office premises in Toronto, as well as from the simplification of the Bank's technology infrastructure, organizational structure and headcount reduction. Restructuring and other impairment charges mainly comprised of impairment charges, severance charges and professional fees and are included in the Impairment and restructuring charges line item. (3) The Personal and Commercial (P&C) Banking segment impairment charges related to the impairment of the P&C Banking segment as part of the goodwill impairment test performed as at April 30, 2024. Impairment charges are included in the Impairment and restructuring charges line item. (4) Amortization of acquisition-related intangible assets resulted from business acquisitions and was included in the Other non-interest expenses line item. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES — CONSOLIDATED BALANCE SHEET (1) The cash flow hedge reserve is presented in the Accumulated other comprehensive income line item. (2) Based on the month-end balances for the period. Consolidated Results Three months ended April 30, 2025 financial performance Net income was $32.3 million and diluted earnings per share were $0.69 for the second quarter of 2025, compared with a net loss of $117.5 million and a diluted loss per share of $2.71 for the second quarter of 2024. Adjusted net income was $34.0 million and adjusted diluted earnings per share were $0.73 for the second quarter of 2025, compared with $40.5 million and $0.90 for the second quarter of 2024. Refer to the Non-GAAP Financial and Other Measures section for a reconciliation of non-GAAP financial measures. Total revenue Total revenue decreased by $10.1 million to $242.5 million for the second quarter of 2025, compared with $252.6 million for the second quarter of 2024, mostly due to lower other income as detailed below. Net interest income increased by $2.6 million or 1% to $182.2 million for the second quarter of 2025, compared with $179.6 million for the second quarter of 2024. The positive impact of favourable changes in the Bank's business mix was partly offset by lower interest income from the reduction in average earning assets. The net interest margin was 1.85% for the second quarter of 2025, an increase of 5 basis points compared with the second quarter of 2024, mainly for the same reasons. Other income decreased by $12.6 million to $60.3 million for the second quarter of 2025, compared with $73.0 million for the second quarter of 2024. Fees and securities brokerage commissions decreased by $6.8 million compared with the second quarter of 2024 mainly as a result of the sale of assets under administration of LBS' retail full-service investment broker division in the fourth quarter of 2024. Lending fees also decreased by $3.4 million compared with the second quarter of 2024 considering lower real estate activity. Provision for credit losses The provision for credit losses was $16.7 million for the second quarter of 2025, compared with $17.9 million for the second quarter of 2024, a decrease of $1.2 million mainly as a result of lower provisions on impaired loans, partly offset by higher provisions on performing loans. The provision for credit losses as a percentage of average loans was 19 basis points for the quarter, compared with 20 basis points for the same quarter a year ago. Refer to the "Credit risk management" section on pages 13 to 15 of the Bank's MD&A for the second quarter of 2025 and to Note 5 to the Condensed Interim Consolidated Financial Statements for more information on provision for credit losses and allowances for credit losses. Non-interest expenses Non-interest expenses amounted to $184.5 million for the second quarter of 2025, a decrease of $201.8 million compared with the second quarter of 2024. Of note, reported results for the second quarter of 2024 included impairment and restructuring charges of $196.8 million related to the restructuring of the Bank's operations and to the impairment of the P&C Banking segment. Adjusted non-interest expenses decreased by $4.1 million or 2% to $182.3 million for the second quarter of 2025, compared with $186.3 million the second quarter of 2024. Salaries and employee benefits amounted to $92.4 million for the second quarter of 2025, a decrease of $7.1 million compared with the second quarter of 2024, mostly due to efficiency gains resulting from the reduced headcount and lower performance-based compensation, mainly due to the sale of assets under administration of LBS' retail investment broker divisions. Premises and technology costs were $51.8 million for the second quarter of 2025, an increase of $1.7 million compared with the second quarter of 2024. The increase year-over-year is mainly due to higher technology costs as the Bank is investing in its strategic priorities, partly offset by lower amortization charges and rent expenses resulting from the impairment effected in the second quarter of 2024. Other non-interest expenses were $38.1 million for the second quarter of 2025, a decrease of $1.9 million compared with the second quarter of 2024, mainly resulting from lower amortization of acquisition-related intangible assets, partly offset by higher professional fees to support the Bank's strategic priorities. Impairment and restructuring charges were $2.2 million for the second quarter of 2025, compared with $196.8 million for the second quarter of 2024. In the second quarter of 2025, impairment and restructuring charges were related to streamlining the Bank's organizational structure. In the second quarter of 2024, the impairment test of the P&C Banking segment resulted in impairment charges of $155.9 million. Restructuring and other impairment charges of $40.8 million were also recorded following the Bank's decision to suspend the AIRB project and to reduce its leased corporate office premises in Toronto, as well as from the simplification of the Bank's organizational structure and headcount reduction. Refer to the Non-GAAP Financial and Other Measures section for further details. Efficiency ratio The efficiency ratio on a reported basis decreased to 76.1% for the second quarter of 2025, compared with 152.9% for the second quarter of 2024. The decrease year-over-year is mainly due to the impairment and restructuring charges recorded in the second quarter of 2024, as described above. The adjusted efficiency ratio increased to 75.2% for the second quarter of 2025, compared with 73.8% for the second quarter of 2024, mainly as a result of lower total revenue. Income taxes For the second quarter of 2025, the income tax expense was $9.0 million, and the effective income tax rate was 21.7%. The lower effective income tax rate, compared to the statutory income tax rate, was essentially attributed to a lower taxation level of income from foreign operations. For the second quarter of 2024, the income tax recovery was $34.1 million, and the effective income tax rate was 22.5%. The lower effective income tax rate, compared to the statutory income tax rate, was attributed to the non-tax deductible goodwill impairment charge, partly offset by the lower taxation level of income from foreign operations. Financial Condition As at April 30, 2025, total assets amounted to $49.5 billion, a 4% increase compared with $47.4 billion as at October 31, 2024 mostly due to the higher level of liquid assets and loans. Liquid assets As at April 30, 2025, liquid assets as presented on the balance sheet amounted to $12.6 billion, an increase of $1.5 billion compared with $11.2 billion as at October 31, 2024. The Bank continues to prudently manage its level of liquid assets. The Bank's funding sources remain well diversified and sufficient to meet all liquidity requirements. Liquid assets represented 26% of total assets as at April 30, 2025, in line with October 31, 2024. Loans Loans, net of allowances, stood at $35.5 billion as at April 30, 2025, an increase of $0.4 billion since October 31, 2024. Commercial loans amounted to $17.5 billion as at April 30, 2025, an increase of $0.9 billion or 5% since October 31, 2024 mainly resulting from higher inventory financing and real estate commercial loans. Personal loans of $2.0 billion as at April 30, 2025 decreased by $0.1 billion from October 31, 2024, mainly as a result of a decline in the investment loan portfolio driven by volatile market conditions and high interest rates. Residential mortgage loans of $16.1 billion as at April 30, 2025 decreased by $0.4 billion or 2% from October 31, 2024. Deposits Deposits increased by $0.7 billion to $23.9 billion as at April 30, 2025 compared with $23.2 billion as at October 31, 2024. Personal deposits stood at $20.8 billion as at April 30, 2025, an increase of $1.1 billion compared with $19.7 billion as at October 31, 2024. Of note, deposits from advisors and brokers increased by $1.7 billion and personal notice and demand deposits from partnerships decreased by $0.6 billion since October 31, 2024. Personal deposits represented 87% of total deposits as at April 30, 2025, compared with 85% as at October 31, 2024, and contributed to the Bank's sound liquidity position. Business and other deposits decreased by $0.4 billion over the same period to $3.1 billion as at April 30, 2025. Debt related to securitization activities Debt related to securitization activities increased by $0.4 billion or 3% compared with October 31, 2024 and stood at $13.9 billion as at April 30, 2025. During the quarter, new issuances of cost-effective long-term debt related to securitization activities more than offset maturities of liabilities, as well as normal repayments. Shareholders' equity and regulatory capital Shareholders' equity stood at $2.9 billion as at April 30, 2025 and increased by $28.9 million compared with October 31, 2024. Retained earnings increased by $23.6 million compared to October 31, 2024, mainly as a result of the sum of the net income contribution of $70.9 million, partly offset by dividends and other distributions amounting to $48.6 million. Accumulated other comprehensive income decreased by $1.4 million compared to October 31, 2024. For additional information, please refer to the Capital Management section of the Bank's MD&A and to the Consolidated Statement of Changes in Shareholders' Equity for the period ended April 30, 2025. The Bank's book value per common share was $57.40 as at April 30, 2025 compared to $57.36 as at October 31, 2024. The CET1 capital ratio was 11.0% as at April 30, 2025, in excess of the minimum regulatory requirement and the Bank's target management levels. The CET1 capital ratio increased by 10 basis compared with 10.9% as at October 31, 2024, mainly due to the risk-weighted assets reduction. The Bank met OSFI's capital and leverage requirements throughout the quarter. On May 13, 2025, the Board of Directors declared a dividend of $0.38725 per Preferred Share Series 13, payable on June 15, 2025 (the "Payment Date"), that will be paid out on June 16, 2025, the first business day after the Payment Date, to shareholders of record on June 9, 2025. On May 29, 2025, the Board of Directors declared a quarterly dividend of $0.47 per common share, payable on August 1, 2025, to shareholders of record on July 1, 2025. This quarterly dividend is equal to the dividend declared in the previous quarter and to the dividend declared in the previous year. On May 29, 2025, the Board also determined that shares attributed under the Bank's Shareholder Dividend Reinvestment and Share Purchase Plan will be made in common shares issued from Corporate Treasury with a 2% discount. Caution Regarding Forward-Looking Statements From time to time, Laurentian Bank of Canada and, as applicable its subsidiaries (collectively referred to as the Bank) will make written or oral forward-looking statements within the meaning of applicable Canadian and United States (U.S.) securities legislation, including, forward-looking statements contained in this document (and in the documents incorporated by reference herein), as well as in other documents filed with Canadian and U.S. regulatory authorities, in reports to shareholders, and in other written or oral communications. These forward-looking statements are made in accordance with the "safe harbor" provisions of, and are intended to be forward-looking statements in accordance with, applicable Canadian and U.S. securities legislation. They include, but are not limited to; statements regarding the Bank's vision, strategic goals, business plans and strategies, priorities and financial performance objectives; the economic, market, and regulatory review and outlook for Canadian, U.S. and global economies; the regulatory environment in which the Bank operates; the risk environment, including, credit risk, liquidity, and funding risks; statements under the heading "Risk Appetite and Risk Management Framework" contained in the 2024 Annual Report, including, the MD&A for the fiscal year ended October 31, 2024; and other statements that are not historical facts. Forward-looking statements typically are identified with words or phrases such as "believe", "assume", "estimate", "forecast", "outlook", "project", "vision", "expect", "foresee", "anticipate", "intend", "plan", "goal", "aim", "target", and expressions of future or conditional verbs such as "may", "should", "could", "would", "will", "intend" or the negative of any of these terms, variations thereof or similar terminology. By their very nature, forward-looking statements require the Bank to make assumptions and are subject to inherent risks and uncertainties, both general and specific in nature, which give rise to the possibility that the Bank's predictions, forecasts, projections, expectations, or conclusions may prove to be inaccurate; that the Bank's assumptions may be incorrect (in whole or in part); and that the Bank's financial performance objectives, visions, and strategic goals may not be achieved. Forward-looking statements should not be read as guarantees of future performance or results, or indications of whether or not actual results will be achieved. Material economic assumptions underlying such forward-looking statements are set out in the 2024 Annual Report under the heading "Outlook", which assumptions are incorporated by reference herein. The Bank cautions readers against placing undue reliance on forward-looking statements, as a number of factors, many of which are beyond the Bank's control and the effects of which can be difficult to predict or measure, could influence, individually or collectively, the accuracy of the forward-looking statements and cause the Bank's actual future results to differ significantly from the targets, expectations, estimates or intentions expressed in the forward-looking statements. These factors include, but are not limited to general and market economic conditions; inflationary pressures; the dynamic nature of the financial services industry in Canada, the U.S., and globally; risks relating to credit, market, liquidity, funding, insurance, operational and regulatory compliance (which could lead to the Bank being subject to various legal and regulatory proceedings, the potential outcome of which could include regulatory restrictions, penalties, and fines); reputational risks; legal and regulatory risks; competitive and systemic risks; supply chain disruptions; geopolitical events and uncertainties; government sanctions and tariffs (both domestic and foreign); conflict, war, or terrorism; and various other significant risks discussed in the risk-related portions of the Bank's 2024 Annual Report, such as those related to: Canadian and global economic conditions; Canadian housing and household indebtedness; technology, information systems and cybersecurity; technological disruption, privacy, data and third party related risks; competition; the Bank's ability to execute on its strategic objectives; digital disruption and innovation (including, emerging fintech competitors); changes in government fiscal, monetary and other policies; tax risk and transparency; fraud and criminal activity; human capital; business continuity; emergence of widespread health emergencies or public health crises; environmental and social risks including, climate change; and various other significant risks, as described beginning on page 14 of the 2024 Annual Report, including the MD&A, which information is incorporated by reference herein. The Bank further cautions that the foregoing list of factors is not exhaustive. When relying on the Bank's forward-looking statements to make decisions involving the Bank, investors, financial analysts, and others should carefully consider the foregoing factors, uncertainties, and current and potential events. Any forward-looking statements contained herein or incorporated by reference represent the views of management of the Bank only as at the date such statements were or are made, are presented for the purposes of assisting investors, financial analysts, and others in understanding certain key elements of the Bank's financial position, current objectives, strategic priorities, expectations and plans, and in obtaining a better understanding of the Bank's business and anticipated financial performance and operating environment and may not be appropriate for other purposes. The Bank does not undertake any obligation to update any forward-looking statements made by the Bank or on its behalf whether as a result of new information, future events or otherwise, except to the extent required by applicable securities legislation. Additional information relating to the Bank can be located on SEDAR+ at Access to Quarterly Results Materials This press release can be found on the Bank's website at in the About us section under the News releases tab, and the Bank's Report to Shareholders, Investor Presentation and Supplementary Financial Information can be found in the About us section under the Investor relations tab, Quarterly results. Conference Call Laurentian Bank of Canada invites media representatives and the public to listen to the conference call to be held at 9:00 a.m. (ET) on May 30, 2025. The live, listen-only, toll-free, call-in number is 1-800-990-4777, and mention Laurentian Bank to the operator. A live webcast will also be available on the Bank's website in the Investor relations tab, Quarterly results. The conference call playback will be available on a delayed basis from 12:00 p.m. (ET) on May 30, 2025, until 12:00 p.m. (ET) on June 6, 2025, on our website under the Investor Centre tab, Financial Results. The presentation material referenced during the call will be available on our website in the Investor relations section, Quarterly results. About Laurentian Bank of Canada Founded in Montréal in 1846, Laurentian Bank wants to foster prosperity for all customers through specialized commercial banking and low-cost banking services to grow savings for middle-class Canadians. With a workforce of approximately 2,800 employees, the Bank offers a wide range of financial services and advice-based solutions to customers across Canada and the United States. Laurentian Bank manages $49.5 billion in balance sheet assets and $24.2 billion in assets under administration. SOURCE Laurentian Bank of Canada
Yahoo
4 days ago
- Business
- Yahoo
CLEARVIEW REPORTS 2025 FIRST QUARTER RESULTS AND VOTING RESULTS FROM ANNUAL GENERAL AND SPECIAL MEETING
CALGARY, AB, May 29, 2025 /CNW/ - Clearview Resources Ltd. ("Clearview" or the "Company") is pleased to announce its financial and operational results for the three months ended March 31, 2025. FINANCIAL AND OPERATING HIGHLIGHTS FinancialThree months ended ($ thousands except per share amounts) Mar. 31 2025 Mar. 31 2024 % Change Oil and natural gas sales 4,992 5,530 (10) Adjusted funds flow (1) 679 1,179 (42) Per share – basic (2) 0.06 0.10 (40) Per share – diluted (2) 0.06 0.10 (40) Cash provided by operating activities 1,701 1,198 42 Per share – basic 0.14 0.10 40 Per share - diluted 0.14 0.10 40 Net earnings (loss) (1,016) (1,092) (7) Per share – basic (0.09) (0.09) - Per share - diluted (0.09) (0.09) - Net (debt) surplus (1) 2,981 3,339 (11) Average shares outstanding 11,801 11,763 - (1) "Adjusted funds flow" and "net debt" are capital management measures that do not have any standardized meaning as prescribed by IFRS Accounting Standards and, therefore, may not be comparable with the calculations of similar measures of other entities. See "Non-IFRS Measures" contained within this press release. (2) Supplementary financial measure that does not have any standardized meaning as prescribed by IFRS Accounting Standards and, therefore, may not be comparable with the calculations of similar measures of other entities. See "Non-IFRS Measures" contained within this press release. ProductionThree months endedMar. 31 2025 Mar. 31 2024 % Change Oil – bbl/d 354 361 (2) Natural gas liquids – bbl/d 335 431 (22) Total liquids – bbl/d 689 792 (13) Natural gas – mcf/d 4,199 5,048 (17) Total – boe/d 1,389 1,634 (15) Realized sales prices (1)Three months endedMar. 31 2025 Mar. 31 2024 % Change Oil – $/bbl 91.41 88.80 3 NGLs – $/bbl 39.16 38.02 3 Natural gas – $/mcf 2.37 2.44 (3) Total – $/boe 39.93 37.19 7 (1) Supplementary financial measure that does not have any standardized meaning as prescribed by IFRS Accounting Standards and, therefore, may not be comparable with the calculations of similar measures of other entities. See "Non-IFRS Measures" contained within this press release. Netback analysis (1)Three months ended Barrel of oil equivalent ($/boe) Mar. 31 2025 Mar. 31 2024 % Positive(Negative) Realized sales price 39.93 37.19 7 Royalties (3.83) (4.48) 15 Processing income 0.41 1.13 (64) Transportation (2.36) (2.15) (10) Operating (22.75) (20.10) (13) Operating netback (2) 11.40 11.59 (2) Realized gain (loss) – financial instruments - 1.56 (100) General and administrative (5.97) (4.71) (27) Cash finance costs (2) 0.01 (0.51) 102 Corporate netback (2) 5.44 7.93 (31) (1) % Positive (Negative) is expressed as being positive (better performance in the category) or negative (reduced performance in the category) in relation to operating netback, corporate netback and net earnings. (2) Non-IFRS measure or ratio that does not have any standardized meaning as prescribed by IFRS Accounting Standards and, therefore, may not be comparable with the calculations of similar measures or ratios of other entities. See "Non-IFRS Measures" contained within this press release. FINANCIAL AND OPERATIONAL RESULTS Production for the three months ended March 31, 2025 was down 15% to an average of 1,389 boe/d versus the comparative first three months of 2024 at 1,634 boe/d. The decrease was primarily due to lower natural gas production as a result of normal declines, production back-out, third party infrastructure maintenance and miscellaneous well downtime due to very cold weather in February. Lower natural gas production led to reduced natural gas liquids volumes being produced as well due to the liquids-rich nature of the Company's natural gas production. These decreases were partially offset by the acquisition in the second quarter of 2024 of low decline oil production. Adjusted funds flow(1) for the three months ended March 31, 2025 was $0.7 million ($0.06 per basic share(3)), a decrease of 42% compared to 2024. Capital expenditures(2) for the first quarter of 2025 were $1.2 million, primarily on the construction of a compressor project in the Northville area. The Company also paid a distribution of $1.8 million to its shareholders as a return of capital in the quarter. Clearview had a net surplus outstanding of $3.0 million at March 31, 2025, which included cash on hand of $5.3 million, a working capital deficit of $1.1 million, no borrowings from its lender and the Company's convertible debentures of $1.2 million. Clearview's net surplus decreased from $5.2 million at December 31, 2024, as a result of the distribution paid to shareholders in March 2025 and capital expenditures in the first quarter of 2025 being greater than adjusted funds flow. Notes (1) Capital management measure that does not have any standardized meaning as prescribed by IFRS Accounting Standards and, therefore, may not be comparable with the calculations of similar measures of other entities. See "Non-IFRS Measures" contained within this press release. (2) Non-IFRS measure or ratio that does not have any standardized meaning as prescribed by IFRS Accounting Standards and, therefore, may not be comparable with the calculations of similar measures or ratios of other entities. See "Non-IFRS Measures" contained within this press release. (3) Supplementary financial measure that does not have any standardized meaning as prescribed by IFRS Accounting Standards and, therefore, may not be comparable with the calculations of similar measures of other entities. See "Non-IFRS Measures" contained within this press release. OPERATIONS Production in the first quarter of 2025 averaged 1,389 boe/d and was negatively impacted by production freeze-offs during the bitter cold temperatures experienced in February, as well as production back-out at Northville. Production downtime experienced in the first quarter of 2025 was approximately 140 boe/d. As a result of the disposition of certain underutilized infrastructure assets in the second quarter at its 100% owned Northville property in West Central Alberta for gross proceeds of $10.8 million, the Company commenced infrastructure modifications in the third quarter of 2024 for some of its natural gas production in the area. This was the first of three projects related to a low-pressure inlet to ensure Clearview's ability to produce its natural gas at Northville, partially mitigating the previously mentioned production back-out. The Company commenced construction activities on the 100% owned low-pressure inlet compression project in the first quarter of 2025 and commissioned the unit in late April 2025. The third and final field booster compression project was commissioned in mid-May. All projects were completed on time and on budget. Following the completion of infrastructure maintenance on the Nova Gas Transmission system in April and May of 2025, impacting available capacity for the Company's Northville and Pembina properties, corporate production over the past two weeks has averaged approximately 1,600 boe/d based on field estimates. ANNUAL GENERAL AND SPECIAL MEETING Clearview is also pleased to announce that all resolutions presented for approval at the annual general and special meeting of shareholders held on May 28, 2025 (the "Meeting") were duly passed. Each of the matters voted upon at the Meeting was set forth in the Company's management information circular dated April 28, 2025 (the "Circular"). Election of Directors At the Meeting, the six nominees listed in the Circular were elected as directors of the Company to serve until the next annual meeting of the shareholders or until their successors are duly elected or appointed. The voting results were as follows: Nominee Votes For Votes Withheld Rod Hume 8,491,040 253,818 David Vankka 8,491,040 253,818 Bruce Francis 8,557,376 187,482 Edward (Ted) McFeely 8,660,603 84,255 Steven Glover 8,644,841 100,017 Craig Hauer 8,644,841 100,017 Appointment of Auditor Deloitte LLP, Chartered Professional Accountants, were appointed to serve as auditor of the Company for the ensuing year, and the directors were authorized to fix their remuneration, with the voting results as follows: Votes For Votes Withheld 8,618,979 125,879 Advance Notice Bylaw By way of ordinary resolution, the shareholders approved Clearview's advance notice bylaw at the Meeting, with the voting results as follows: Votes For Votes Against 8,312,117 432,741 STRATEGIC REPOSITIONING PROCESS Clearview continues to work with its financial advisor, ATB Securities Inc., in connection with its strategic repositioning process ("Strategic Process") announced on March 25, 2025. The Company does not intend to comment further with respect to the Strategic Process unless and until it determines that additional disclosure is appropriate in the circumstances and in accordance with applicable securities laws. Clearview also cautions that there are no guarantees that the Strategic Process will result in any particular transaction, which may include, but are not limited to, a corporate sale, a corporate merger or takeover, public listing of shares, asset dispositions or an asset acquisition or reorganization. The Company will continue to operate its business as usual as it undertakes this Strategic Process. Clearview would like to thank its shareholders for their continued support as we evaluate our internal development plans and external opportunities to grow production volumes and adjusted funds flow towards providing liquidity for shareholders. Clearview's March 31, 2025 interim financial statements and management's discussion and analysis are available on the Company's website at and SEDAR+ at FOR FURTHER INFORMATION PLEASE CONTACT: CLEARVIEW RESOURCES LTD.1350, 734 – 7th Avenue S.W., Calgary, Alberta T2P 3P8 Telephone: (403) 265-3503 Facsimile: (403) 265-3506 Email: info@ Website: ROD HUME BRIAN KOHLHAMMER President & CEO V.P. Finance & CFO Cautionary Note Regarding Forward-Looking Statements This press release contains forward-looking statements and forward-looking information (collectively "forward-looking information") within the meaning of applicable securities laws relating to the Company's plans and other aspects of our anticipated future operations, management focus, strategies, financial, operating and production results, industry conditions, commodity prices and business opportunities. Specifically, forward-looking information in this press release may include, but is not limited to: expectations concerning Clearview's future plans, expectations regarding the strategic repositioning process, including the timing and results thereof, and expectations concerning anticipated pricing trends, growth opportunities, and market conditions. Forward-looking information typically uses words such as "anticipate", "believe", "project", "expect", "goal", "plan", "intend" or similar words suggesting future outcomes, statements that actions, events or conditions "may", "would", "could" or "will" be taken or occur in the future, although not all forward-looking information contain these identifying words. Statements relating to "reserves" are deemed to be forward-looking information, as they involve the implied assessment, based on certain estimates and assumptions, that the reserves described can be profitably produced in the future. The forward-looking information is based on certain key expectations and assumptions made by our management, including expectations and assumptions concerning prevailing commodity prices and differentials, exchange rates, applicable royalty rates and tax laws; the impact government assistance programs will have on the Company; the impact on energy demands going forward and the inability of certain entities, including actions of OPEC and OPEC+ members, trade relations and tariffs; the impact on commodity prices, production and cash flow due to production shut-ins; future exchange rates; future debt levels; the availability and cost of financing, labour and services; the impact of increasing competition and the ability to market oil and natural gas successfully and our ability to access capital. Although Clearview believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because Clearview can give no assurance that they will prove to be correct. Since forward-looking information addresses future events and conditions, by its very nature, such information involves inherent risks and uncertainties which could include the possibility that Clearview will not be able to execute some or all of its ongoing programs; general economic and political conditions in Canada, the U.S. and globally, and in particular, the effect that those conditions have on commodity prices and our access to capital; further fluctuations in the price of crude oil, natural gas liquids and natural gas; fluctuations in foreign exchange or interest rates; adverse changes to differentials for crude oil and natural gas produced in Canada as compared to other markets and worsened transportation restrictions. These and other risks are set out in more detail in Clearview's Annual Information Form for the year ended December 31, 2024, available on SEDAR+ at Our actual results, performance or achievement could differ materially from those expressed in, or implied by, the forward-looking information and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking information will transpire or occur, or if any of them do so, what benefits that we will derive therefrom. Management has included the above summary of assumptions and risks related to forward-looking information provided in this press release in order to provide shareholders with a more complete perspective on our future operations, and such information may not be appropriate for other purposes. Readers are cautioned that the foregoing lists of factors are not exhaustive. These forward-looking statements are made as of the date of this press release, and we disclaim any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws. Non-IFRS Measures Throughout this press release and other materials disclosed by the Company, Clearview uses certain measures to analyze financial performance, financial position and cash flow. These non-IFRS and other financial measures do not have any standardized meaning prescribed under IFRS and, therefore, may not be comparable to similar measures presented by other entities. The non-IFRS and other financial measures should not be considered alternatives to, or more meaningful than, financial measures that are determined in accordance with IFRS as indicators of Clearview's performance. Management believes that the presentation of these non-IFRS and other financial measures provides useful information to shareholders and investors in understanding and evaluating the Company's ongoing operating performance, and the measures provide increased transparency and the ability to better analyze Clearview's business performance. Capital Management Measures Adjusted Funds Flow Adjusted funds flow represents cash provided by operating activities before changes in operating non-cash working capital and decommissioning expenditures. The Company considers this metric as a key measure that demonstrates the ability of the Company's continuing operations to generate the cash flow necessary to maintain production at current levels and fund future growth through capital investment, to repay debt and return capital to shareholders. Management believes that this measure provides an insightful assessment of the Company's operations on a continuing basis by eliminating the actual settlements of decommissioning obligations, the timing of which is discretionary. Adjusted funds flow should not be considered as an alternative to or more meaningful than cash provided by operating activities as determined in accordance with IFRS as an indicator of the Company's performance. Clearview's determination of adjusted funds flow may not be comparable to that reported by other companies. Clearview also presents adjusted funds flow per share whereby per share amounts are calculated using weighted average shares outstanding consistent with the calculation of earnings per share. Please refer to Note 15(d) "Capital Management" in Clearview's March 31, 2025 interim financial statements for additional disclosure on Adjusted Funds Flow. Net Debt Clearview closely monitors its capital structure with a goal of maintaining a strong balance sheet to fund the future growth of the Company. The Company monitors net debt as part of its capital structure. The Company uses net debt (current assets, excluding financial derivatives, less current liabilities, excluding financial derivatives, less convertible debentures) to assess financial strength, capacity to finance future development and to assist in assessing the liquidity of the Company. Please refer to Note 15(d) "Capital Management" in Clearview's March 31, 2025 interim financial statements for additional disclosure on Net Debt. Non-IFRS Measures and Ratios Capital Expenditures Capital expenditures equal additions to property, plant & equipment and additions to exploration & evaluation assets. Clearview considers capital expenditures to be a useful measure of adjusted funds flow used for capital reinvestment. The most directly comparable IFRS measure to capital expenditures is additions to property, plant & equipment and additions to exploration & evaluation assets. Cash Finance Costs Cash finance costs is calculated as finance costs less accretion of decommission obligations and accretion of convertible debenture discount. The most directly comparable IFRS measure to cash finance costs is finance costs. A reconciliation of cash finance costs to finance costs is set out below: Three months ended ($ thousands)Mar. 31 2025 Mar. 31 2024Finance costs152 215Accretion of decommissioning obligations and convertible debentures(153) (139)Cash finance costs(1) 76 Cash Finance Costs per boe Cash finance costs per boe is calculated by dividing cash finance costs by total production volumes sold in the period. Management considers cash finance costs per boe an important measure to evaluate the Company's cost of debt financing relative to the Company's corporate netback per boe. Operating Netback per boe Operating netback per boe is calculated by dividing operating netback by total production volumes sold in the period. Operating netback equals oil and natural gas sales plus processing income, less royalties, transportation expenses and operating expenses. Management considers operating netback per boe an important measure to evaluate its operational performance as it demonstrates its field level profitability relative to current commodity prices. Corporate Netback per boe Corporate netback per boe is calculated as operating netback less general and administrative expenses and finance costs, plus/(minus) realized gains (losses) on financial instruments, minus (plus) other costs (income), plus accretion of decommissioning obligations and convertible debentures divided by total production volumes sold in the period. Management considers corporate netback per boe an important measure to assist management and investors in assessing Clearview's overall cash profitability. Supplementary Financial Measures Adjusted funds flow per share is comprised of adjusted funds flow divided by the basic weighted average common shares. Adjusted funds flow per diluted share is comprised of adjusted funds flow divided by the diluted weighted average common shares. Realized sales price – oil is comprised of light crude oil commodity sales from production, as determined in accordance with IFRS, before deduction of transportation costs and excluding gains and losses on financial instruments, divided by the Company's oil production. Realized sales price – ngl is comprised of natural gas liquids commodity sales from production, as determined in accordance with IFRS, before deduction of transportation costs and excluding gains and losses on financial instruments, divided by the Company's ngl production. Realized sales price – natural gas is comprised of natural gas commodity sales from production, as determined in accordance with IFRS, before deduction of transportation costs and excluding gains and losses on financial instruments, divided by the Company's natural gas production. Realized sales price – total is comprised of oil and natural gas sales from production, as determined in accordance with IFRS, before deduction of transportation costs and excluding gains and losses on financial instruments, divided by the Company's total production on a boe basis. Oil and Gas Advisories This press release contains certain oil and gas metrics which do not have standardized meanings or standard methods of calculation and, therefore, such measures may not be comparable to similar measures used by other companies and should not be used to make comparisons. Such metrics have been included in this document to provide readers with additional measures to evaluate our performance; however, such measures are not reliable indicators of our future performance, and future performance may not compare to our performance in previous periods and therefore, such metrics should not be unduly relied upon. Specifically, this press release contains the following metrics: Boe means barrel of oil equivalent on the basis of 6 mcf of natural gas to 1 bbl of oil. The term "boe" 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. In addition, given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency of 6: 1, using a conversion on a 6: 1 basis may be misleading as an indication of value. Abbreviations Bbl barrel Boe barrel of oil equivalent Mbbl thousands of barrels Mboe thousands of barrels of oil equivalent MMboe million barrels of oil equivalent mcf thousand cubic feet MMbtu millions of British thermal units MMcf million cubic feet SOURCE Clearview Resources Ltd. View original content to download multimedia:
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CLEARVIEW REPORTS 2025 FIRST QUARTER RESULTS AND VOTING RESULTS FROM ANNUAL GENERAL AND SPECIAL MEETING
CALGARY, AB, May 29, 2025 /CNW/ - Clearview Resources Ltd. (" Clearview" or the " Company") is pleased to announce its financial and operational results for the three months ended March 31, 2025. FINANCIAL AND OPERATING HIGHLIGHTS Financial (1) "Adjusted funds flow" and "net debt" are capital management measures that do not have any standardized meaning as prescribed by IFRS Accounting Standards and, therefore, may not be comparable with the calculations of similar measures of other entities. See "Non-IFRS Measures" contained within this press release. (2) Supplementary financial measure that does not have any standardized meaning as prescribed by IFRS Accounting Standards and, therefore, may not be comparable with the calculations of similar measures of other entities. See "Non-IFRS Measures" contained within this press release. Production Three months ended Mar. 31 2025 Mar. 31 2024 % Change Oil – bbl/d 354 361 (2) Natural gas liquids – bbl/d 335 431 (22) Total liquids – bbl/d 689 792 (13) Natural gas – mcf/d 4,199 5,048 (17) Total – boe/d 1,389 1,634 (15) Realized sales prices (1) (1) Supplementary financial measure that does not have any standardized meaning as prescribed by IFRS Accounting Standards and, therefore, may not be comparable with the calculations of similar measures of other entities. See "Non-IFRS Measures" contained within this press release. Netback analysis (1) (1) % Positive (Negative) is expressed as being positive (better performance in the category) or negative (reduced performance in the category) in relation to operating netback, corporate netback and net earnings. (2) Non-IFRS measure or ratio that does not have any standardized meaning as prescribed by IFRS Accounting Standards and, therefore, may not be comparable with the calculations of similar measures or ratios of other entities. See "Non-IFRS Measures" contained within this press release. FINANCIAL AND OPERATIONAL RESULTS Production for the three months ended March 31, 2025 was down 15% to an average of 1,389 boe/d versus the comparative first three months of 2024 at 1,634 boe/d. The decrease was primarily due to lower natural gas production as a result of normal declines, production back-out, third party infrastructure maintenance and miscellaneous well downtime due to very cold weather in February. Lower natural gas production led to reduced natural gas liquids volumes being produced as well due to the liquids-rich nature of the Company's natural gas production. These decreases were partially offset by the acquisition in the second quarter of 2024 of low decline oil production. Adjusted funds flow (1) for the three months ended March 31, 2025 was $0.7 million ($0.06 per basic share (3)), a decrease of 42% compared to 2024. Capital expenditures (2) for the first quarter of 2025 were $1.2 million, primarily on the construction of a compressor project in the Northville area. The Company also paid a distribution of $1.8 million to its shareholders as a return of capital in the quarter. Clearview had a net surplus outstanding of $3.0 million at March 31, 2025, which included cash on hand of $5.3 million, a working capital deficit of $1.1 million, no borrowings from its lender and the Company's convertible debentures of $1.2 million. Clearview's net surplus decreased from $5.2 million at December 31, 2024, as a result of the distribution paid to shareholders in March 2025 and capital expenditures in the first quarter of 2025 being greater than adjusted funds flow. OPERATIONS Production in the first quarter of 2025 averaged 1,389 boe/d and was negatively impacted by production freeze-offs during the bitter cold temperatures experienced in February, as well as production back-out at Northville. Production downtime experienced in the first quarter of 2025 was approximately 140 boe/d. As a result of the disposition of certain underutilized infrastructure assets in the second quarter at its 100% owned Northville property in West Central Alberta for gross proceeds of $10.8 million, the Company commenced infrastructure modifications in the third quarter of 2024 for some of its natural gas production in the area. This was the first of three projects related to a low-pressure inlet to ensure Clearview's ability to produce its natural gas at Northville, partially mitigating the previously mentioned production back-out. The Company commenced construction activities on the 100% owned low-pressure inlet compression project in the first quarter of 2025 and commissioned the unit in late April 2025. The third and final field booster compression project was commissioned in mid-May. All projects were completed on time and on budget. Following the completion of infrastructure maintenance on the Nova Gas Transmission system in April and May of 2025, impacting available capacity for the Company's Northville and Pembina properties, corporate production over the past two weeks has averaged approximately 1,600 boe/d based on field estimates. ANNUAL GENERAL AND SPECIAL MEETING Clearview is also pleased to announce that all resolutions presented for approval at the annual general and special meeting of shareholders held on May 28, 2025 (the " Meeting") were duly passed. Each of the matters voted upon at the Meeting was set forth in the Company's management information circular dated April 28, 2025 (the " Circular"). Election of Directors At the Meeting, the six nominees listed in the Circular were elected as directors of the Company to serve until the next annual meeting of the shareholders or until their successors are duly elected or appointed. The voting results were as follows: Nominee Votes For Votes Withheld Rod Hume 8,491,040 253,818 David Vankka 8,491,040 253,818 Bruce Francis 8,557,376 187,482 Edward (Ted) McFeely 8,660,603 84,255 Steven Glover 8,644,841 100,017 Craig Hauer 8,644,841 100,017 Appointment of Auditor Deloitte LLP, Chartered Professional Accountants, were appointed to serve as auditor of the Company for the ensuing year, and the directors were authorized to fix their remuneration, with the voting results as follows: Votes For Votes Withheld 8,618,979 125,879 Advance Notice Bylaw By way of ordinary resolution, the shareholders approved Clearview's advance notice bylaw at the Meeting, with the voting results as follows: Votes For Votes Against 8,312,117 432,741 STRATEGIC REPOSITIONING PROCESS Clearview continues to work with its financial advisor, ATB Securities Inc., in connection with its strategic repositioning process (" Strategic Process") announced on March 25, 2025. The Company does not intend to comment further with respect to the Strategic Process unless and until it determines that additional disclosure is appropriate in the circumstances and in accordance with applicable securities laws. Clearview also cautions that there are no guarantees that the Strategic Process will result in any particular transaction, which may include, but are not limited to, a corporate sale, a corporate merger or takeover, public listing of shares, asset dispositions or an asset acquisition or reorganization. The Company will continue to operate its business as usual as it undertakes this Strategic Process. Clearview would like to thank its shareholders for their continued support as we evaluate our internal development plans and external opportunities to grow production volumes and adjusted funds flow towards providing liquidity for shareholders. Clearview's March 31, 2025 interim financial statements and management's discussion and analysis are available on the Company's website at and SEDAR+ at FOR FURTHER INFORMATION PLEASE CONTACT: Cautionary Note Regarding Forward-Looking Statements This press release contains forward-looking statements and forward-looking information (collectively "forward-looking information") within the meaning of applicable securities laws relating to the Company's plans and other aspects of our anticipated future operations, management focus, strategies, financial, operating and production results, industry conditions, commodity prices and business opportunities. Specifically, forward-looking information in this press release may include, but is not limited to: expectations concerning Clearview's future plans, expectations regarding the strategic repositioning process, including the timing and results thereof, and expectations concerning anticipated pricing trends, growth opportunities, and market conditions. Forward-looking information typically uses words such as "anticipate", "believe", "project", "expect", "goal", "plan", "intend" or similar words suggesting future outcomes, statements that actions, events or conditions "may", "would", "could" or "will" be taken or occur in the future, although not all forward-looking information contain these identifying words. Statements relating to "reserves" are deemed to be forward-looking information, as they involve the implied assessment, based on certain estimates and assumptions, that the reserves described can be profitably produced in the future. The forward-looking information is based on certain key expectations and assumptions made by our management, including expectations and assumptions concerning prevailing commodity prices and differentials, exchange rates, applicable royalty rates and tax laws; the impact government assistance programs will have on the Company; the impact on energy demands going forward and the inability of certain entities, including actions of OPEC and OPEC+ members, trade relations and tariffs; the impact on commodity prices, production and cash flow due to production shut-ins; future exchange rates; future debt levels; the availability and cost of financing, labour and services; the impact of increasing competition and the ability to market oil and natural gas successfully and our ability to access capital. Although Clearview believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because Clearview can give no assurance that they will prove to be correct. Since forward-looking information addresses future events and conditions, by its very nature, such information involves inherent risks and uncertainties which could include the possibility that Clearview will not be able to execute some or all of its ongoing programs; general economic and political conditions in Canada, the U.S. and globally, and in particular, the effect that those conditions have on commodity prices and our access to capital; further fluctuations in the price of crude oil, natural gas liquids and natural gas; fluctuations in foreign exchange or interest rates; adverse changes to differentials for crude oil and natural gas produced in Canada as compared to other markets and worsened transportation restrictions. These and other risks are set out in more detail in Clearview's Annual Information Form for the year ended December 31, 2024, available on SEDAR+ at Our actual results, performance or achievement could differ materially from those expressed in, or implied by, the forward-looking information and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking information will transpire or occur, or if any of them do so, what benefits that we will derive therefrom. Management has included the above summary of assumptions and risks related to forward-looking information provided in this press release in order to provide shareholders with a more complete perspective on our future operations, and such information may not be appropriate for other purposes. Readers are cautioned that the foregoing lists of factors are not exhaustive. These forward-looking statements are made as of the date of this press release, and we disclaim any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws. Non-IFRS Measures Throughout this press release and other materials disclosed by the Company, Clearview uses certain measures to analyze financial performance, financial position and cash flow. These non-IFRS and other financial measures do not have any standardized meaning prescribed under IFRS and, therefore, may not be comparable to similar measures presented by other entities. The non-IFRS and other financial measures should not be considered alternatives to, or more meaningful than, financial measures that are determined in accordance with IFRS as indicators of Clearview's performance. Management believes that the presentation of these non-IFRS and other financial measures provides useful information to shareholders and investors in understanding and evaluating the Company's ongoing operating performance, and the measures provide increased transparency and the ability to better analyze Clearview's business performance. Capital Management Measures Adjusted Funds Flow Adjusted funds flow represents cash provided by operating activities before changes in operating non-cash working capital and decommissioning expenditures. The Company considers this metric as a key measure that demonstrates the ability of the Company's continuing operations to generate the cash flow necessary to maintain production at current levels and fund future growth through capital investment, to repay debt and return capital to shareholders. Management believes that this measure provides an insightful assessment of the Company's operations on a continuing basis by eliminating the actual settlements of decommissioning obligations, the timing of which is discretionary. Adjusted funds flow should not be considered as an alternative to or more meaningful than cash provided by operating activities as determined in accordance with IFRS as an indicator of the Company's performance. Clearview's determination of adjusted funds flow may not be comparable to that reported by other companies. Clearview also presents adjusted funds flow per share whereby per share amounts are calculated using weighted average shares outstanding consistent with the calculation of earnings per share. Please refer to Note 15(d) "Capital Management" in Clearview's March 31, 2025 interim financial statements for additional disclosure on Adjusted Funds Flow. Net Debt Clearview closely monitors its capital structure with a goal of maintaining a strong balance sheet to fund the future growth of the Company. The Company monitors net debt as part of its capital structure. The Company uses net debt (current assets, excluding financial derivatives, less current liabilities, excluding financial derivatives, less convertible debentures) to assess financial strength, capacity to finance future development and to assist in assessing the liquidity of the Company. Please refer to Note 15(d) "Capital Management" in Clearview's March 31, 2025 interim financial statements for additional disclosure on Net Debt. Non-IFRS Measures and Ratios Capital Expenditures Capital expenditures equal additions to property, plant & equipment and additions to exploration & evaluation assets. Clearview considers capital expenditures to be a useful measure of adjusted funds flow used for capital reinvestment. The most directly comparable IFRS measure to capital expenditures is additions to property, plant & equipment and additions to exploration & evaluation assets. Cash Finance Costs Cash finance costs is calculated as finance costs less accretion of decommission obligations and accretion of convertible debenture discount. The most directly comparable IFRS measure to cash finance costs is finance costs. A reconciliation of cash finance costs to finance costs is set out below: Cash Finance Costs per boe Cash finance costs per boe is calculated by dividing cash finance costs by total production volumes sold in the period. Management considers cash finance costs per boe an important measure to evaluate the Company's cost of debt financing relative to the Company's corporate netback per boe. Operating Netback per boe Operating netback per boe is calculated by dividing operating netback by total production volumes sold in the period. Operating netback equals oil and natural gas sales plus processing income, less royalties, transportation expenses and operating expenses. Management considers operating netback per boe an important measure to evaluate its operational performance as it demonstrates its field level profitability relative to current commodity prices. Corporate Netback per boe Corporate netback per boe is calculated as operating netback less general and administrative expenses and finance costs, plus/(minus) realized gains (losses) on financial instruments, minus (plus) other costs (income), plus accretion of decommissioning obligations and convertible debentures divided by total production volumes sold in the period. Management considers corporate netback per boe an important measure to assist management and investors in assessing Clearview's overall cash profitability. Supplementary Financial Measures Adjusted funds flow per share is comprised of adjusted funds flow divided by the basic weighted average common shares. Adjusted funds flow per diluted share is comprised of adjusted funds flow divided by the diluted weighted average common shares. Realized sales price – oil is comprised of light crude oil commodity sales from production, as determined in accordance with IFRS, before deduction of transportation costs and excluding gains and losses on financial instruments, divided by the Company's oil production. Realized sales price – ngl is comprised of natural gas liquids commodity sales from production, as determined in accordance with IFRS, before deduction of transportation costs and excluding gains and losses on financial instruments, divided by the Company's ngl production. Realized sales price – natural gas is comprised of natural gas commodity sales from production, as determined in accordance with IFRS, before deduction of transportation costs and excluding gains and losses on financial instruments, divided by the Company's natural gas production. Realized sales price – total is comprised of oil and natural gas sales from production, as determined in accordance with IFRS, before deduction of transportation costs and excluding gains and losses on financial instruments, divided by the Company's total production on a boe basis. Oil and Gas Advisories This press release contains certain oil and gas metrics which do not have standardized meanings or standard methods of calculation and, therefore, such measures may not be comparable to similar measures used by other companies and should not be used to make comparisons. Such metrics have been included in this document to provide readers with additional measures to evaluate our performance; however, such measures are not reliable indicators of our future performance, and future performance may not compare to our performance in previous periods and therefore, such metrics should not be unduly relied upon. Specifically, this press release contains the following metrics: Boe means barrel of oil equivalent on the basis of 6 mcf of natural gas to 1 bbl of oil. The term "boe" 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. In addition, given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency of 6: 1, using a conversion on a 6: 1 basis may be misleading as an indication of value. Abbreviations SOURCE Clearview Resources Ltd.
