TORC Oil & Gas Ltd. Announces Third Quarter 2020 Financial & Operational Results

TORC has the following key operational and financial attributes:

Production

2020E Exit: 25,000 boepd (83% light oil, 5% NGLs, 12% natural gas)



Total Proved plus Probable Reserves (1)

139 mmboe (78% light oil; 6% NGLs, 16% natural gas)



Southeast Saskatchewan Light Oil Development Inventory

Greater than 400 net undrilled conventional locations

Greater than 150 net undrilled Torquay/Three Forks locations

Greater than 175 net undrilled unconventional Midale locations



Cardium Light Oil Development Inventory

Greater than 290 net undrilled locations



2020 Capital Program

$80 million



Monthly Dividend

Suspended



Net Debt as at Sept 30, 2020 (2)

$359.7 million; $335.7 million drawn



Shares Outstanding

222.6 million (basic)



Tax Pools

Approximately $1.8 billion



Notes:


(1)

All reserves information in this press release are gross reserves. The reserve information for TORC in the foregoing table is derived from the independent engineering report effective December 31, 2019 prepared by Sproule & Associates Limited (“Sproule”) evaluating the oil, NGL and natural gas reserves attributable to all of our properties (the “TORC Reserve Report”)

(2)

See “Non-GAAP Measurements”

READER ADVISORIES

Forward Looking Statements

This press release contains forwardlooking statements and forwardlooking information (collectively “forwardlooking information”) within the meaning of applicable securities laws relating to the Company’s plans, strategy, business model, focus, objectives and other aspects of TORC’s anticipated future operations and financial, operating and drilling and development plans and results, including, expected future production, production mix, reserves, drilling inventory, net debt, cash flow and free cash flow, financial flexibility and liquidity, capital costs, operating netbacks, operational efficiencies, decline rate and decline profile, product mix,  capital expenditure program, capital efficiencies, commodity prices, royalties, tax pools and future growth. In addition, and without limiting the generality of the foregoing, this press release contains forwardlooking information regarding: the focus and allocation of TORC’s 2020 capital budget; anticipated average and exit production rates, available free cash flow, management’s view of the characteristics and quality of the opportunities available to the Company; TORC’s dividend policy and plans; and other matters ancillary or incidental to the foregoing.

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