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Clearview Resources Ltd. Reports Strong Third Quarter 2024 Results
Clearview Resources Ltd. has announced its financial and operational results for the third quarter of 2024, showcasing significant growth in oil production and a solid financial position despite challenges in natural gas prices.
Key Takeaways
- Oil production increased by 38% in Q3 2024 compared to Q3 2023.
- Adjusted funds flow reached $0.6 million, equating to $0.05 per basic share.
- The company disposed of undeveloped mineral rights for $0.9 million.
- Positive working capital of $0.4 million and cash on hand of $6.4 million as of September 30, 2024.
Financial Highlights
For the three months ended September 30, 2024, Clearview reported:
| Financial Metrics | Q3 2024 ($ thousands) | Q3 2023 ($ thousands) | % Change |
|---|---|---|---|
| Oil and Natural Gas Sales | 5,383 | 5,774 | (7) |
| Adjusted Funds Flow | 619 | 1,143 | (46) |
| Cash Provided by Operating Activities | 1,015 | 43 | 2,260 |
| Net Earnings (Loss) | (1,256) | (932) | 35 |
Operational Performance
In terms of production, Clearview experienced a slight decrease in total production volumes:
- Total Liquids Production: 808 bbl/d in Q3 2024, up from 707 bbl/d in Q3 2023 (14% increase).
- Natural Gas Production: Decreased to 4,414 mcf/d, down 18% from 5,354 mcf/d in Q3 2023 due to production downtime and low prices.
Strategic Moves
During the quarter, Clearview made strategic decisions to enhance its operational efficiency:
- Disposed of 24 sections of undeveloped mineral rights in North Pembina for $0.9 million, retaining a 1% overriding royalty on 13 sections.
- Continued infrastructure modifications at its Northville property to improve natural gas production capabilities.
Financial Position
As of September 30, 2024, Clearview's financial position remains robust:
- Cash on Hand: $6.4 million
- Working Capital: $0.4 million
- Net Debt Surplus: $5.6 million, with no borrowings outstanding.
Future Outlook
Clearview Resources is focused on enhancing shareholder liquidity and is actively pursuing strategic acquisition opportunities. The company aims to leverage its improved financial position to explore growth avenues, including potential acquisitions and internal development plans. Clearview's management remains optimistic about future production growth and financial performance, emphasizing their commitment to shareholder value.
Clearview's interim financial statements and management discussion are available on their website and SEDAR+ for further details on their performance and strategic direction.
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