Centaurus Energy Inc.Announces First Quarter 2021 Financial Results and Operational Update



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Buenos Aires, Argentina – (Newsfile Corp. – May 21, 2021) – Centaurus Energy Inc. (TSXV: CTA) (OTCQB: CTARF) (“Centaurus” or the “Company”) is pleased to report its financial results and operation for the three months ended March 31, 2021.

CONFERENCE CALL

The Company will hold an investor conference call to discuss the Company’s operating and financial results on Tuesday, May 25, 2021 at 8:00 a.m. EDT (10:00 a.m. EDT). Analysts and investors are invited to participate using the following telephone numbers:

Local phone number: (+1) 416 764 8688

North America toll free number: (+1) 888 390 0546

UK toll free number: 0800 652 2435

Freephone number in Argentina: 0800 444 8221

SUMMARY OF FINANCIAL AND OPERATIONAL RESULTS

The selected information is described below and should be read in conjunction with the unaudited condensed interim consolidated financial statements of Centaurus for the three months ended March 31, 2021 and the related MD&A (“MD&A”), which are available. for examination in the context of the company’s management report. profile to www.sedar.com and on the company’s website at www.ctaurus.com. The information has been prepared by the management of Centaurus and is not verified.

(All dollar figures are expressed in US dollars)

Three months ended
March, 31st
2021 2020
Financial – (in thousands of dollars, except per share amounts)
Oil and gas revenues 4,162 9 195
Cash flow from (used in) continuing operations(1) (93) 925
Per share – basic and diluted(1)
Net loss from continuing operations (16,075) (2,841)
Per share – basic and diluted(1) (0.03) (0.01)
Capital expenditure (3) 172 5,087
Working capital (shortfall)(1) (12,633)
EBITDA 542 1,295
Common shares outstanding – thousands 544,060 544,060
Operating
Average daily sales
Crude Oil and Ngls – Bbls / d 1,192 2,278
Natural gas – Mcf / d 718 1,305
Total – Boe / d 1312 2,495
Average selling prices
Crude Oil and Ngls – $ / Bbl 38.02 43.16
Natural gas – $ / Mcf 1.28 2.09
Total – $ / boe 35.26 40.49
Operating netbacks(2) – $ / Boe 9.47 9.94

(1) This table contains the terms “cash flow from continuing operations” and “working capital”, which are non-GAAP measures and should not be considered as an alternative or more meaningful than “cash flow”. from operating activities ”, as determined in accordance with International Financial Reporting Standards (“ IFRS ”) as an indicator of the performance of the company. Working capital, cash flows from operations and cash flows from operations per share (basic and diluted) do not have standardized meanings prescribed by IFRS and may not be comparable to the calculation of similar measures. for other entities. Management uses cash flow from continuing operations to analyze operating performance and considers cash flow from continuing operations to be a key metric because it demonstrates the ability of the company to generate the cash needed to fund future investments in fixed assets. The reconciliation between cash flow from continuing operations and cash flow from operating activities can be found in the MD&A. Cash flow from continuing operations per share is calculated using the weighted average number of basic and diluted shares for the period, in accordance with earnings (loss) per share calculations. Working capital is calculated as current assets less current liabilities. Management uses working capital to measure liquidity and assess financial resources.

(2) Net operating profitability is a non-GAAP measure calculated as the average per boe of the Company’s oil and gas sales, less royalties and operating costs.

(3) Includes non-cash additions related to CASE $ 383.

About Centaurus Energy

Centaurus is an independent upstream oil and gas company with conventional and unconventional oil and gas operations in Argentina. The company’s shares trade on the TSX Venture Exchange under the symbol CTA and on the OTCQB under the symbol CTARF.

For more information, please contact:

David Tawil
Acting General Manager
email: [email protected]
phone: (403) 262-1901


Notice to readers

Forward-looking information

The information contained in this press release contains certain forward-looking statements. These statements relate to future events or our future performance. All statements other than statements of historical fact may be forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as “seek”, “anticipate”, “plan”, “continue”, “estimate”, “approximate”, “expect”, ” may “,” will “,” plan “,” predict “,” potential “,” target “,” intend “,” could “,” could “,” should “,” believe “,” would “and similar expressions. These statements involve significant known and unknown risks and uncertainties, some of which are beyond the Company’s control, including: the impact of the COVID-19 pandemic on the Company’s business and operations (and the duration of its impacts), the inability of the Company to meet its commitments in Curamhuele or to reach an agreement with the government of the province of Neuquén to revise the schedule of commitments, the impact of general economic conditions; industry conditions; changes in laws and regulations, including the adoption of new environmental laws and regulations and changes in the way they are interpreted and applied; fluctuations in commodity prices and exchange and interest rates; stock market volatility and stock valuations; the volatility of market prices for oil and natural gas; responsibilities inherent in oil and gas activities; uncertainties associated with estimating oil and natural gas reserves, changes in tax laws or changes in tax laws and incentive programs related to the oil and gas industry; geological, technical, drilling and processing problems and other difficulties in producing oil reserves; and obtaining the required approvals from regulatory authorities. The actual results, performance or achievements of the Company could differ materially from those expressed or implied in these forward-looking statements and, therefore, no assurance can be given that any of the events predicted by the forward-looking statements will or will occur. . or, if applicable, what benefits the Company will derive from it. These statements are subject to certain risks and uncertainties and may be based on assumptions that could cause actual results to differ materially from those expected or implied in the forward-looking statements. The forward-looking statements contained in this press release are expressly qualified in their entirety by this cautionary statement. Except as required by law, the company does not undertake to publicly update or revise any forward-looking statements. Investors are encouraged to review and consider the additional risk factors set out in the Company’s Annual Information Form, available on SEDAR at www.sedar.com.

Non-GAAP measures
The Company uses certain measures which do not have a standardized meaning or definition prescribed by IFRS and which therefore may not be comparable to the calculation of similar measures by other entities, including net operating income, cash flows funds from continuing operations and working capital. Readers are urged to consult the opinions and other discussions of non-GAAP measures contained in the Company’s MD&A. Net operating profitability is a non-GAAP measure calculated as the average per boe of the company’s oil and gas sales, less royalties and operating costs. Cash flow from continuing operations per share is calculated using the weighted average number of basic and diluted shares for the period, in accordance with earnings (loss) per share calculations. Working capital is calculated as current assets less current liabilities.

Meaning of Boe
The term “boe” or barrels of oil equivalent can be misleading, especially if used in isolation. A boe conversion ratio of six thousand cubic feet of natural gas per barrel of oil equivalent (6 Mcf: 1 bbl) is based on an energy equivalence conversion method mainly applicable at the burner tip and does not represent a equivalence of value at the wellhead. In addition, since the value ratio based on the current price of crude oil, relative to natural gas, is significantly different from the energy equivalence of 6: 1; using a 6: 1 conversion ratio can be misleading as a value indication.

Well test results
The results of well testing should be considered preliminary and not necessarily indicative of long term performance or final recovery. No pressure transient analysis or well test interpretation has been performed on the well test data contained herein and therefore the data contained in this document should be considered preliminary until finalized. such analysis or interpretation has been carried out.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/84892



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