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Strategies & Market Trends : Dino's Bar & Grill -- Ignore unavailable to you. Want to Upgrade?

To: Goose94 who wrote (12068)	3/11/2015 7:50:16 PM
From: Goose94	Read Replies (2) \| Respond to of 202922

Kelt Exploration Ltd. (KEL-T) release its year-end financials. It put out an operations update last month, so fourth quarter production of 15,559 barrels of oil equivalent a day was already known and cash flow of 23 cents a share met analysts' predictions. These figures are up from 5,379 barrels a day and nine cents a share, respectively, in the fourth quarter of 2013. Much of the increase came from acquisitions. Just before Christmas in 2013, Kelt bought about 4,800 barrels a day in west-central Alberta, and in mid-2014, it bought another 2,300 barrels a day in the same area. Now it is planning another big purchase. A few weeks ago, it announced its all-share takeover of Artek Exploration Ltd. (RTK-V), its joint venturer in the B.C. Montney. The deal should close in mid-April and help boost Kelt's full-year 2015 production to 20,000 barrels a day, more than six times its output two years ago, when it was spun out as part of ExxonMobil's takeover of Celtic Exploration. Kelt says it is open to more acquisitions given today's low oil prices. It is currently finishing up a $33.4-million private placement of flow-through shares at $8.60 to provide some extra cash in case it finds a good deal. The first tranche of the placement consisted of one million shares, all of which were bought by director Eldon McIntyre on Feb. 27. The second tranche closed on March 6 and consisted of 2.3 million shares, of which 714,500 were picked up by insiders (including 467,000 by president and CEO Wilson). The third and final tranche of 581,400 flow-through shares is expected to close next Monday. Kelt says it will use the proceeds to partially finance drilling and completions this year. In a Calgary Herald interview, however, Mr. Wilson said that about half of this year's $90-million drilling and completion budget could be shifted to acquisitions instead.