LUCERO ENERGY CORP. ANNOUNCES THIRD QUARTER 2024 FINANCIAL & OPERATING RESULTS AND PROVIDES OPERATIONAL UPDATE

CALGARY, AB, Nov. 6, 2024 /CNW/ - Lucero Energy Corp. ("Lucero" or the "Company") (TSXV:LOU) (OTCQB:PSHIF) announces financial and operating results for the three and nine months ended September 30, 2024.  The associated Management's Discussion and Analysis ("MD&A") and unaudited financial statements as at and for the three and nine months ended September 30, 2024 can be found at www.sedarplus.ca or www.lucerocorp.com. 

All dollar amounts in this news release are stated in Canadian dollars unless otherwise noted.

Highlights

Three months ended

Nine months ended

(in thousands, except per share data)

September 30

2024

June 30

2024

September 30

2023

September 30

2024

September 30

2023

Financial

    Funds flow[1]

$20,671

$25,489

$32,860

$74,860

$104,032

        Per share basic

$0.03

$0.04

$0.05

$0.12

$0.16

        Per share diluted

$0.03

$0.04

$0.05

$0.11

$0.15

    Adjusted funds flow1

$20,671

$25,489

$32,860

$74,860

$106,486

        Per share basic

$0.03

$0.04

$0.05

$0.12

$0.16

        Per share diluted

$0.03

$0.04

$0.05

$0.11

$0.16

    Adjusted EBITDA1

$19,977

$24,849

$32,286

$71,877

$106,411

        Per share basic

$0.03

$0.04

$0.05

$0.11

$0.16

        Per share diluted

$0.03

$0.04

$0.05

$0.11

$0.16

    Cash provided by operating activities

$22,429

$24,081

$26,396

$71,113

$104,497

    Net income

$4,663

$9,312

$13,319

$23,214

$42,390

        Per share basic

$0.01

$0.01

$0.02

$0.04

$0.06

        Per share diluted

$0.01

$0.01

$0.02

$0.04

$0.06

    Exploration and development expenditures1

$9,471

$41,233

$16,069

$87,419

$77,185

    Property acquisitions

-

$3,555

-

$5,586

$6,339

    Property dispositions

-

-

-

-

$126,226

    Working capital1

$55,555

$46,138

$52,638

$55,555

$52,638

    Common shares

        Shares outstanding, end of period

637,664

637,313

651,091

637,664

651,091

        Weighted average shares (basic)

637,555

639,849

658,521

641,454

661,100

        Weighted average shares (diluted)

645,609

659,946

681,140

661,231

673,731

Operations

    Production

        Tight oil (Bbls per day)

4,353

4,557

5,527

4,689

6,355

        Shale gas (Mcf per day)

14,159

13,091

11,841

13,540

12,248

        Natural gas ...