Coelacanth Announces Q2 2025 Financial and Operating Results

Executive Summary

• Coelacanth Energy Inc. released its financial and operating results for the three and six months ended June 30, 2025, reporting a significant increase in oil and natural gas sales and production volumes compared to the prior year period.
• The company reported a net loss of $7.1 million for the six-month period (up from $3.5 million in 2024) and negative adjusted funds flow of $2.0 million, driven by substantial capital expenditures of nearly $40 million.
• Operations saw a 24% year-over-year increase in average daily oil and condensate production (362 bbls/d vs 292 bbls/d) and an 18% increase in total oil and NGLs production (388 bbls/d vs 330 bbls/d), with plans to place all wells on the 5-19 pad on production by October 1, 2025.

Key Details

• Financial Performance (Six Months Ended June 30, 2025):
  • Oil and natural gas sales: $7,494,000 (up 10% from $6,830,000 in 2024).
  • Net loss: $(7,081,000) (vs. $(3,530,000) in 2024).
  • Net loss per share (basic/diluted): $(0.01).
  • Adjusted funds flow (used): $(2,040,000) (vs. $1,340,000 in 2024).
  • Cash flow from operating activities: $(845,000) (vs. $2,776,000 in 2024).
  • Capital expenditures: $39,974,000 (up 956% from $3,785,000 in 2024).
  • Adjusted working capital deficiency: $(41,901,000) (vs. $64,386,000 surplus in 2024).
• Operating Performance (Six Months Ended June 30, 2025):
  • Average daily production:
    • Oil and condensate: 362 bbls/d (up 24% from 292 bbls/d).
    • Other NGLs: 26 bbls/d (down 32% from 38 bbls/d).
    • Oil and NGLs: 388 bbls/d (up 18% from 330 bbls/d).
    • Natural gas: 3,588 mcf/d (down 6% from 3,829 mcf/d).
    • Oil equivalent: 986 boe/d (up 2% from 968 boe/d).
  • Average sales prices:
    • Oil and condensate: $84.51/bbl (down 7% from $91.34/bbl).
    • Other NGLs: $32.19/bbl (down 5% from $33.99/bbl).
    • Natural gas: $2.77/mcf (up 11% from $2.50/mcf).
    • Oil equivalent: $41.97/boe (up 8% from $38.76/boe).
  • Operating netback: $19.15/boe (up 15% from $16.63/boe).
  • Royalties: $7.85/boe (down 7% from $8.48/boe).
  • Operating expenses: $10.77/boe (up 7% from $10.11/boe).
  • Net transportation expenses: $4.20/boe (up 19% from $3.54/boe).
• Operational Updates:
  • Wells recently placed on production from the 5-19 pad have exceeded expectations.
  • All planned wells on the 5-19 pad are scheduled to be placed on production by October 1, 2025, pending third-party outages and pipeline maintenance in September.
  • The company is calibrating production to type curves from its independent reserve report and recently released resource report to determine ultimate recoveries and optimize drilling/completions.
  • Infrastructure includes a facility capable of handling 16,000 boe/d and over 23 miles of pipelines.
  • The company holds a 150-section contiguous land block with up to four Montney benches mapped.
  • Additional locations have been licensed on the 5-19 pad, and the company is licensing additional development pads, delineation locations, and infrastructure to grow beyond current plant capacity.
• Share Count:
  • Weighted average shares (basic/diluted): 531,862,000.
  • End of period shares (basic): 532,866,000.
  • End of period shares (fully diluted): 591,544,000.

Notable Quotes

• "Wells recently placed on production from our 5-19 pad have exceeded expectations and we look forward to placing all our wells on production by October 1, 2025 once all planned third party outages and /or major pipeline maintenance is completed in September."
• "Coelacanth will calibrate production to the type curves in our independent reserve report and recently released resource report to determine ultimate recoveries and provide insights into potential drilling and completion optimizations."
• "While commodity prices and available capital will dictate the pace of execution of the business plan, we are very pleased with the results to date and look forward to reporting on new developments as they arise."