Northwire Canada EditionSunday, July 12, 2026
Sign inSubscribe
Northwire
⌕
GLDN 0.055 +0.0% BRON 0.040 +0.0% BTO 5.43 −0.7% ESK 0.365 −2.7% AUMN 0.275 +0.0% GGX 0.040 +0.0% S 0.155 +29.2% NNX 0.035 +0.0% ABX 51.90 −0.6% TTS 2.40 −4.0% FCI 0.400 −9.1% GR 0.075 +0.0% AII 23.38 +12.4% TUNG 1.72 +1.8% LGO 1.01 −2.9% EMM 0.080 +0.0% GLDN 0.055 +0.0% BRON 0.040 +0.0% BTO 5.43 −0.7% ESK 0.365 −2.7% AUMN 0.275 +0.0% GGX 0.040 +0.0% S 0.155 +29.2% NNX 0.035 +0.0% ABX 51.90 −0.6% TTS 2.40 −4.0% FCI 0.400 −9.1% GR 0.075 +0.0% AII 23.38 +12.4% TUNG 1.72 +1.8% LGO 1.01 −2.9% EMM 0.080 +0.0%
Other

Kelt Reports Financial and Operating Results for the Nine Months Ended September 30, 2025

By The Northwire Desk — AI Analysis Nov 13, 2025 · 07:02 KEL · 7.99 KELT EXPLORATION LTD.
KEL · Price

Executive Summary

  • Kelt Exploration reported Q3 2025 results: production up 16% YoY to 37,710 BOE/d, petroleum and natural gas sales of C$110.4 M, adjusted funds from operations (AFFO) of C$44.6 M ($0.22 per diluted share).
  • Net loss of C$7.4 M was recorded versus a profit of C$8.9 M in Q3 2024; net debt rose to C$223.7 M.
  • The company lowered its 2025 guidance: production forecast 40,000‑41,000 BOE/d (down from prior 42,000‑45,000), AFFO $280 M (down from $325 M) and net debt expected at year‑end C$170 M.

Key Details

  • Financial Highlights – Q3 2025 vs Q3 2024
  • Petroleum & natural gas sales: C$110.4 M (+2%) vs C$107.9 M.
  • Cash provided by operating activities: C$53.8 M (+3%).
  • Adjusted funds from operations: C$44.6 M (‑9%); diluted AFFO $0.22/share (‑8%).
  • Net loss: C$(7.4) M (‑184%) vs net income C$8.9 M in 2024.
  • Capital expenditures, net of A&D: C$89.8 M (+9%).

  • Bank debt: C$186 M (↑309%); Net debt: C$223.7 M (↑133%).

  • Operating Highlights – Q3 2025 vs Q3 2024

  • Average daily production: 37,710 BOE/d (+16%) vs 32,378 BOE/d.
    • Oil: 8,281 bbl/d (‑6%); NGLs: 5,388 bbl/d (+75%); Gas: 144,243 mcf/d (+17%).
  • Realized prices: Oil $84.91/bbl (‑10%); NGLs $33.70/bbl (‑31%); Gas $1.71/mcf (+37%).

  • Operating netback: C$14.69/BOE (‑18%) vs C$17.91/BOE prior year.

  • Shut‑in Events

  • ~60 MMcf/d of dry gas shut in for ~15 days (Pouce Coupe & Grande Cache) due to low AECO prices.

  • Oil & gas production shut in at Wembley for ~28 days during Pipestone Deep‑Cut Gas Plant turnaround; all later restored.

  • 2025 Outlook Adjustments

  • Production forecast: 40,000‑41,000 BOE/d (mid‑point 40,500), down from prior 42,000‑45,000 BOE/d.
  • AFFO forecast: C$280 M (down 15% from previous $325 M).
  • Commodity price assumptions revised: WTI $66.00/bbl (US); AECO gas $1.73/GJ (CAD) – AECO down 22%.

  • Net debt projected at year‑end C$170 M, representing 0.6× AFFO.

  • Capital Expenditure Plan

  • 2025 capex unchanged at ~$325 M; focus on completing Wembley/Pipestone pad (optimized plug‑and‑perf design) and Oak/Flatrock four‑well pad (2 wells to be on‑stream Dec 2025, 2 deferred to 2026).

  • Operational Optimizations

  • Wembley/Pipestone: increased inter‑well spacing to ~390 m, longer laterals (~3.3 km), higher proppant (2.75 t/m) and water intensity (4.0 m³/t). Early results show oil/NGL share of 62‑68% on the 6‑9 pad versus field average lower.

  • Key Ratios

  • Net debt / AFFO (year‑end): 0.6×.
  • Debt to bank facility compliance remains within covenant limits based on AFFO coverage.

Notable Quotes

(No direct CEO/President quotes were provided in the release.)

Read the original news release →

More from KELT EXPLORATION LTD.

May 07, 2026 · 07:05

Canadian Energy Producer

Earnings Mar 12, 2026 · 07:02

Kelt Reports Financial and Operating Results for the Quarter and Year Ended December 31, 2025

Other Jan 05, 2026 · 17:00

Kelt provides 2026 financial, production guidance

Other Jan 05, 2026 · 07:01

Kelt Provides 2026 Financial and Operating Guidance and Sets Its 2026 Capital Expenditure Budget at $355 Million

Other Nov 13, 2025 · 08:08

SEDAR Interim Financial Statements

None Nov 04, 2025 · 16:41

Kelt talks start-up of Albright gas plant, Wembley

Production / Operations