FIDDLEHEAD RESOURCES CORP. ANNOUNCES Q1 2025 FINANCIAL RESULTS
CALGARY, AB, May 30, 2025 /CNW/ - Fiddlehead Resources Corp. ("Fiddlehead," or the "Company") (TSXV: FHR), is pleased to announce the filing of its unaudited financial and operating results for the three months ended March 31, 2025. Selected financial and operating information should be read in conjunction with Fiddlehead's unaudited consolidated financial statements and related management's discussion and analysis ("MD&A") for the three months ended Mar. 31, 2025 and 2024 ("2025 Q1 Documents"). Financial and operating highlights for the period include:
- Achieved average corporate production of 1,636 boe/d compared to average corporate production in Q4/24 of 1,624 boe/d.
- First quarter of 2025, Fiddlehead's petroleum and natural gas sales totaled $3,975,870 and Funds Flow used in Operations was $194,854.
Readers are encouraged to read the 2025 Q1 Documents in their entirety, which are available on SEDAR+ at www.sedarplus.ca and on Fiddlehead's website at www.fiddleheadresources.com.
The table below summarizes selected highlights from the Company's financial and operating results:
(Expressed in $000s except per share, price and volume amounts.)
Three months ended | |||||||||||||||||||||
March 31 | December 31 | March 31 | |||||||||||||||||||
2025 | 2024 | 2024 | |||||||||||||||||||
OPERATING HIGHLIGHTS AND NETBACKS1 | |||||||||||||||||||||
Average production and sales volumes | |||||||||||||||||||||
Light oil (bbls/d) | 119 | 134 | - | ||||||||||||||||||
NGLs (bbls/d) | 394 | 378 | - | ||||||||||||||||||
Natural gas (Mcf/d) | 6,746 | 6,675 | - | ||||||||||||||||||
Total (BOE/d) | 1,636 | 1,624 | - | ||||||||||||||||||
Average realized sales prices | |||||||||||||||||||||
Light oil ($/bbl) | 91.79 | 91.72 | - | ||||||||||||||||||
NGLs ($/bbl) | 49.32 | 55.39 | - | ||||||||||||||||||
Natural gas ($/Mcf) | 2.06 | 1.28 | - | ||||||||||||||||||
Total oil equivalent ($/BOE) | 27.13 | 25.86 | - | ||||||||||||||||||
Netbacks ($/BOE)1 | |||||||||||||||||||||
Petroleum and natural gas sales | 27.13 | 25.86 | - | ||||||||||||||||||
Royalties | 6.65 | 6.67 | - | ||||||||||||||||||
Operating expenses | 11.65 | 11.25 | - | ||||||||||||||||||
Transportation expenses | 0.10 | 0.09 | - | ||||||||||||||||||
Operating Netback1 | 8.74 | 7.84 | - | ||||||||||||||||||
General and administrative expenses | 7.62 | 8.86 | - | ||||||||||||||||||
Finance costs | 6.27 | 4.98 | - | ||||||||||||||||||
Adjusted Funds Flow Netback1,2 | (5.15) | (6.10) | - | ||||||||||||||||||
FINANCIAL HIGHLIGHTS | |||||||||||||||||||||
Petroleum and natural gas sales | 3,976 | 3,844 | - | ||||||||||||||||||
Petroleum and natural gas sales, net of royalties | 2,996 | 2,846 | - | ||||||||||||||||||
Net loss & comprehensive loss | (2,497) | (2,295) | (138) | ||||||||||||||||||
Basic per share | (0.04) | (0.04) | (0.03) | ||||||||||||||||||
Diluted per share | (0.04) | (0.04) | (0.03) | ||||||||||||||||||
Cash flow used in operating activities | (145) | (812) | (146) | ||||||||||||||||||
Funds Flow from Operations2 | (195) | (74) | (127) | ||||||||||||||||||
Basic per share | (0.00) | (0.00) | (0.02) | ||||||||||||||||||
Diluted per share | (0.00) | (0.00) | (0.02) | ||||||||||||||||||
Acquisitions | - | - | - | ||||||||||||||||||
Total assets | 30,054 | 31,714 | 245 | ||||||||||||||||||
Total non-current financial liabilities | 11,482 | 11,666 | - | ||||||||||||||||||
Total long-term debt, including current portion | 12,120 | 12,168 | - | ||||||||||||||||||
Shareholders' equity | 3,412 | 5,909 | 229 | ||||||||||||||||||
Weighted average common shares outstanding (000s) – basic3 | 60,521 | 60,521 | 5,276 | ||||||||||||||||||
Weighted average common shares outstanding (000s) – diluted3 | 60,521 | 60,521 | 5,276 | ||||||||||||||||||
Common shares outstanding (000s), end of period4 | 60,521 | 60,521 | 5,276 | ||||||||||||||||||
1 | "Netbacks" are non-GAAP financial measure calculated per unit of production. "Operating Netback", and "Adjusted Funds Flow Netback" do not have standardized meanings under IFRS Accounting Standards. See " Non-GAAP Financial Measures " section |
2 | "Funds Flow from Operations" ("FFO") does not have a standardized meaning under IFRS Accounting Standards. See "Non-GAAP Financial Measures". |
3 | Common shares outstanding have been adjusted as a result of the Share Consolidation. |
READER ADVISORIES
In this press release, all references to "$" are to Canadian dollars.
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SOURCE Fiddlehead Resources Corp.