Sumary of Razor Energy Corp. Announces Third Quarter 2021 Results:
- (“Razor” or the “Company”) (TSXV: RZE) announces its third quarter 2021 financial and operating results.
- Selected financial, operational and reserves information is outlined below and should be read in conjunction with Razor’s unaudited condensed consolidated interim financial statements and management’s discussion and analysis for the quarter ended September 30, 2021 which are available on SEDAR at www.
- Production Guidance: The Company expects to exit 2021 with production at 5,000 boe/d or higher.
- Q3 HIGHLIGHTS Net Income: Generated $9.7 million of net income, primarily due to a $12.1 million gain related to the acquisition of additional working interests in the Swan Hills area.
- Swan Hills Acquisition: Strategic consolidation of Razor’s working interest in Swan Hills Unit No.1 to 49.7%, adding long life low-risk light oil reserves, production and cash flow underpinned by industry-leading annual base decline rate of 10%.
- Production: Averaged 3,567 boe/d in Q3 which represents a 13% increase from Q2 2021. Production Enhancement: Third quarter activities focused in Swan Hills on both operated and non-operated properties.
- ESG and Sustainability: Deposited approximately 2,500 tonnes of hydrocarbon impacted soils into Razor’s recently completed treatment facility in Virginia Hills, which employs bioremediation to treat hydrocarbon-impacted soils.
- This first batch of soil is expected to be remediated by Q2 2022. Reducing Decommissioning Liabilities: Settled $1.1 million of decommissioning obligations, which includes $0.3 million related to government grants received for well site rehabilitation through Alberta’s Site Rehabilitation Program (“SRP”).