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 $000s except per share, price and volume amounts.)
Three months ended
March December March
31 31 31
2025 2024 2024
OPERATING
HIGHLIGHTS AND
NETBACKS(1)
Average
production and
sales volumes
Light oil (bbls/d) 119 134 -
NGLs (bbls/d) 394 378 -
Natural gas (Mcf/d) 6,746 6,675 -
Total (BOE/d) 1,636 1,624 -
Average
realized sales
prices
Light oil ($/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 Netback(1) 8.74 7.84 -
General and
administrative
expenses 7.62 8.86 -
Finance costs 6.27 4.98 -
Adjusted Funds Flow
Netback(1,2) (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
Operations(2) (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)
-- basic(3) 60,521 60,521 5,276
Weighted average
common shares
outstanding (000s)
-- diluted(3) 60,521 60,521 5,276
Common shares
outstanding (000s),
end of period(4) 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.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Fiddlehead Resources Corp.
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/CONTACT:
For further information concerning Fiddlehead Resources Corp., please contact: Brent Osmond, Chief Executive Officer and Director, Email: Bosmond@fiddleheadresources.com
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May 30, 2025 11:43 ET (15:43 GMT)