Blacksteel Energy Inc. Announces April 30, 2023, Annual Financial Statements And Management Discussion And Analysis
Date
11/12/2024 7:12:16 PM
(MENAFN- Newsfile Corp)
Calgary, Alberta--(Newsfile Corp. - November 12, 2024) - Blacksteel energy Inc. (" Blacksteel " or " Corporation" ) announces the filing of its April 2023 audited financial statements and management discussion and analysis for the year ended April 30, 2023. 2023 AND FOURTH QUARTER 2023 HIGHLIGHTS
Highlights from 2023 and the fourth quarter of 2023 are as follows:
Generated a profit (loss) and other comprehensive income of $ 3,033,780 ($0.04) per basic and fully diluted share) for the three months ended April 30, 2023, and $1,962,468 ($0.03) per basic and fully diluted shares for the year then ended. On March 14, 2023, the Corporation closed pursuant to the terms of an amalgamation agreement with Drakkar Energy Ltd. ("Drakkar") and 2488908 Alberta Inc. ("248"), a wholly-owned subsidiary of the Corporation, the acquisition of Drakkar Energy Ltd. ("Drakkar"). Since closing the acquisition of Drakkar, Blacksteel has significantly increased the property value of Girouxville. The increase in property value resulted from replacing most of the existing battery equipment, which enabled Blacksteel to place the wells on production and complete the saltwater disposal well to eliminate the costly water trucking. Blacksteel expanded the land base and commenced the first of a four-phase remediation to clean up a 2020 saltwater spill. For the three months ended April 30, 2023, adjusted funds flow of $ (462,894) ($0.01) per basic and fully diluted share) for the three months ended April 30, 2023, and $(972,403) ($0.01 per basic and fully diluted share) for the year ended April 30, 2023. Blacksteel has restated its financial statements as at April 30, 2022 and for the year then ended to recognize right-of use assets and lease liabilities for two equipment leases entered into in the year ended April 30, 2020, to revise the decommissioning obligation estimate of abandonment costs of a well, and to recognize a provision for remediation costs resulting from an accidental discharge of pollutants into the environment that occurred in 2020 due to a mechanical failure. The statement of cash flows has been restated to reflect the adjustments. In addition, certain of the prior year's figures have been reclassified to conform to the presentation used in the current year. The changes do not affect prior year earnings. Please refer to Note 26 in conjunction with the audited consolidated Financial Statements for the years ended April 30, 2023, 2022 and May 1, 2021. Blacksteel also restated its financial statements for the year ended April 30, 2021, to recognize the right-of-use assets, lease liabilities, and provision for remediation costs discussed above.
SELECTED ANNUAL FINANCIAL INFORMATION
| | As at or for the Year Ended
|
| | April 30, 2023 | April 30, 2022 | April 30, 2021 |
| | | (restated) | (restated) |
| ($ Canadian, unless otherwise indicated) | | | |
| FINANCIAL1 | | | |
| Oil revenue (before royalty expense) | 169,950 | 233,607 | 102,135 |
| Oil revenue (net of royalty expense) | 109,682 | 162,847 | 87,473 |
| Net cash (used in) operating activities | 972,403 | 169,703 | 52,200 |
| Per share - Basic and fully diluted ($/share) | (0.01) | 0.00 | 0.00 |
| Adjusted funds flow1 | | | |
| Per share - Basic and fully diluted ($/share) | 0.01 | 0.00 | 0.00 |
| Profit (loss) and comprehensive income for the year | 1,962,468 | 17,659 | (478,115) |
| Per share - Basic and fully diluted ($/share) | 0.03 | 0.00 | (0.01) |
| Total assets | 7,558,025 | 855,663 | 729,961 |
| Total liabilities | 3,442,016 | 1,398,964 | 3,184,648 |
| Capital expenditures for property, plant and equipment | 470,358 | - | 1,882 |
| Proceeds from private placement share issuance | 570,382 | 100,000 | - |
| Proceeds from flow-through share issuance | 694,930 | - | - |
| Total non‐current financial liabilities 2 | 1,532,923 | 654,994 | 675,602 |
| Weighted average common shares outstanding (000s) - Basic | 75,166 | 36,424 | 36,227 |
| Weighted average common shares outstanding (000s) - Diluted | 75,166 | 36,424 | 36,227 |
| Production | | | |
| Crude oil (Bbl.) | 2,354 | 2,968 | 2,425 |
| Total (Bbl. /d) | 6.4 | 8.1 | 6.6 |
| Realized commodity prices | | | |
| Crude oil ($/Bbl..) | 72.21 | 78.71 | 42.12 |
| Total ($/Bbl.) | 72.21 | 78.71 | 42.12 |
1 Includes results for acquisitions from the closing dates.
2 Includes CEBA loans, lease obligation, flow-through share liability, decommissioning obligation, and remediation provision.
| | Three months ended April 30
| Year ended April 30
|
| | 2023 | 2022
(restated) | 2023 | 2022
(restated) |
| ($Canadian unless otherwise indicated) | | | | |
| FINANCIAL | | | | |
| Oil revenue (before royalty expense) | 86,833 | 62,691 | 169,950 | 233,607 |
| Cash provided by (used in) operating activities | (419,038) | (161,836) | (972,403) | (169,703) |
| Per share - Basic and fully diluted ($/share)1 | 0.00 | 0.00 | (0.01) | 0.00 |
| Profit (loss) and comprehensive income | 3,033,780 | 321,507 | 1,962,468 | 17,659 |
| Per share - Basic ($/share) | 0.04 | 0.00 | 0.03 | 0.00 |
| Capital expenditures - Property, plant and equipment | 410,692 | - | 470,358 | 0 |
| Proceeds from private placements and flow-through shares | 617,211 | 100,000 | 1,265,312 | 100,000 |
| Working capital | (1,670,690) | (307,231) | (1,670,090) | (307,231) |
| Weighted-average common shares outstanding (000s) | | | | |
| Basic and fully diluted | 75,166 | 53,747 | 75,166 | 53,747 |
President and Chief Executive Officer Arthur Madden stated, "The Drakkar acquisition is a significant transaction for the Corporation. The acquisition of Drakkar generated a profit (loss) and other comprehensive income of $ 3,033,780 ($0.04) per basic and fully diluted share) for the year then ended April 30, 2023."
Blacksteel Energy Inc.
Blacksteel is a junior oil and gas company that explores, develops, and produces petroleum and natural gas resources. Additional information relating to the Company, including the Company's annual information form (" AIF "), may be found on and by visiting Blacksteel's website at .
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