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Lone Pine Resources Announces Second Quarter 2011 Results

Stocks in this article: LPR

Lone Pine Resources Inc. (“Lone Pine” or the “Company”) (NYSE:LPR) (TSX:LPR) today announced financial and operational results for the second quarter of 2011. Selected highlights for the quarter include:

  • Equivalent net sales volumes of 95 MMcfe/d increased 13% from the first quarter of 2011
  • Liquids net sales volumes of 3,055 Bbls/d increased 58% from the first quarter of 2011
  • Net commodity mix increased to 19% liquids in the second quarter of 2011 from 14% in the first quarter of 2011
  • Adjusted net earnings of $8.1 million or $0.11 per diluted share
  • Adjusted EBITDA of $34.2 million increased 68% from the first quarter of 2011
  • Adjusted discretionary cash flow of $32.3 million increased 70% from the first quarter of 2011
  • 100% drilling success rate year-to-date in 2011 from 17 gross (17 net) light oil wells at Evi and 4 gross (3.5 net) natural gas wells in the Nikanassin resource play at Narraway

David M. Anderson, President and CEO of Lone Pine, stated, “We are pleased to report our second quarter 2011 results, our first as a public company. Second quarter average net production of 95 MMcfe/d represented a 13% increase over the first quarter of 2011 and an increase in liquids production has underpinned significant growth in revenue, EBITDA and cash flow. Despite many operational and weather related challenges that faced much of the oil and gas industry in our core areas, we were able to execute our business plan with little disruption and negative effects.

“We are encouraged with the improved success we have realized at Evi, where a modified completion technique implemented in the first half of 2011 has significantly improved the economics of what we believe is an industry-leading light oil asset. We will continue our focus on the Slave Point at Evi in the second half of 2011 to further advance the play and continue to shift our commodity weighting towards high margin light oil.”

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