{"id":8019,"date":"2020-04-29T14:13:00","date_gmt":"2020-04-29T14:13:00","guid":{"rendered":"https:\/\/icrowdnewswire.com\/?p=2535833"},"modified":"2020-04-29T14:13:00","modified_gmt":"2020-04-29T14:13:00","slug":"razor-energy-corp-announces-fourth-quarter-and-2019-year-end-results","status":"publish","type":"post","link":"https:\/\/ipsnews.net\/business\/2020\/04\/29\/razor-energy-corp-announces-fourth-quarter-and-2019-year-end-results\/","title":{"rendered":"Razor Energy Corp. Announces Fourth Quarter and 2019 Year End Results"},"content":{"rendered":"<p align=\"justify\">Razor Energy Corp. is pleased to announce its fourth quarter and year end 2019 financial and operating results. Selected financial, operational and reserves information is outlined below and should be read in conjunction with Razor&rsquo;s audited consolidated financial statements,&nbsp; management&rsquo;s discussion and analysis and annual information form (&#8220;AIF&#8221;) for the year ended December&nbsp;31, 2019, which are available on SEDAR at www.sedar.com and the Company&rsquo;s website.<\/p>\n<p align=\"justify\"><strong>2019 HIGHLIGHTS<\/strong><\/p>\n<p align=\"justify\"><strong>Operating<\/strong><\/p>\n<ul>\n<li>Production during the year averaged 4,387 boe\/d, representing a decrease of 10% in comparison to 2018 when production averaged 4,888 boe\/d. The decrease was due to the Company&#8217;s reduced reactivation program in 2019, reduced workover activity, issues with third party fuel gas supply and composition, as well as non-operated pipeline outages, partially offset by production from the properties of Little Rock Resources Ltd. (&#8220;Little Rock&#8221;) properties acquired during Q3 2019 (the &#8220;Little Rock Acquisition&#8221;);<\/li>\n<li>Achieved 2019 operating netback of $6.92\/boe, down 39% from 2018;<\/li>\n<li>Achieved adjusted funds flow of $8.0 million in 2019 a 58% decrease from 2018, mainly driven by a 18% decrease in total revenues from 2018.<\/li>\n<\/ul>\n<p align=\"justify\"><strong>Capital<\/strong><\/p>\n<ul>\n<li>Invested a total of $13.6 million in 2019, comprised mainly of the continuation of the well reactivation program and the South Swan Hills co-produced geothermal power generation project; and<\/li>\n<li>Reactivated 24 gross (23.3 net) wells during 2019, resulting in 422 boe\/d of additional initial production.<\/li>\n<\/ul>\n<p align=\"justify\"><strong>Acquisitions<\/strong><\/p>\n<ul>\n<li>Completed the Little Rock Acquisition, providing Razor with a second core region in southern Alberta, comprised of the Jumpbush, Majorville, Badger, Enchant and Chin Coulee areas. The acquisition added approximately 800 boe\/d of production.<\/li>\n<\/ul>\n<p align=\"justify\"><strong>2020 OUTLOOK<\/strong><\/p>\n<p align=\"justify\">Production in Q1 2020 is anticipated to average 4,200 boe\/d due to impacts from the significant decrease in realized oil prices, leading to a reduction of reactivation and workover spending in Q1 2020. These wells will be brought back online when economics justify, with spending being focused on the highest capital efficiency projects. As well, Q1 production has been adversely affected by non-operated pipeline outages.&nbsp; These outages were rectified by the end of Q1 2020.<\/p>\n<p align=\"justify\">In response to the&nbsp;aforementioned decrease in oil prices,&nbsp;the Company has shut in&nbsp;all of&nbsp;its&nbsp;operated&nbsp;heavy oil production,&nbsp;along with&nbsp;certain&nbsp;light oil&nbsp;wells which are sub-economic at current prices.&nbsp;As of the date of this announcement, the Company is forecasting Q2 2020 production to be approximately 3,600 boe\/d. The Company actively monitors the economics for all of its operated production and may shut in additional wells. The timing to restart shut in oil wells&nbsp;is dependent on improvements in&nbsp;both WTI prices and&nbsp;local price differentials. The Company&nbsp;currently forecasts WTI pricing and local price differentials will improve starting in Q3 2020. However, the timing of&nbsp;an&nbsp;improvement depends on&nbsp;successful progress&nbsp;with&nbsp;the COVID-19&nbsp;virus and an increase in&nbsp;the&nbsp;global demand for oil.<\/p>\n<p>The preparation of&nbsp;financial forecasts is challenging&nbsp;at this&nbsp;time;&nbsp;however, the Company&nbsp;anticipates negative cash flow from operations&nbsp;during Q2 2020&nbsp;and into the second half of 2020 if oil prices remain depressed.&nbsp;The Company is working to mitigate&nbsp;losses by limiting field spending and applying for government assistance programs where available, including&nbsp;the Canada Emergency Wage Subsidy.<\/p>\n<p align=\"justify\"><strong>SELECT QUARTERLY AND ANNUAL HIGHLIGHTS<\/strong><\/p>\n<p align=\"justify\">The following tables summarize key financial and operating highlights associated with the Company&rsquo;s financial performance.<\/p>\n<table class=\"gnw_table_border_collapse hugin\">\n<tbody>\n<tr>\n<td class=\"gnw_border_top_solid hugin gnw_vertical_align_bottom\">&nbsp;<\/td>\n<td class=\"gnw_border_top_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"4\"><strong>Three Months Ended December 31,<\/strong><\/td>\n<td class=\"gnw_border_top_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"4\"><strong>Twelve months ended December 31,<\/strong><\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid hugin gnw_vertical_align_bottom\"><em>($000&#8217;s, except for per share amounts and volumes)<\/em><\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"2\"><strong>2019<\/strong><\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"2\"><strong>2018<\/strong><\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"2\"><strong>2019<\/strong><\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"2\"><strong>2018<\/strong><\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\"><strong>Production<\/strong>&nbsp;<strong>volumes<sup>2<\/sup><\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"2\">&nbsp;<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"2\">&nbsp;<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"2\">&nbsp;<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"2\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\">Oil (bbl\/d)<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\"><strong>2,839<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">2,995<\/td>\n<td class=\"hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\"><strong>2,712<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">3,143<\/td>\n<td class=\"hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\">Gas (mcf\/d)<sup>1<\/sup><\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\"><strong>4,962<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">3,225<\/td>\n<td class=\"hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\"><strong>4,635<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">3,770<\/td>\n<td class=\"hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\">NGL (bbl\/d)<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\"><strong>1,011<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">1,374<\/td>\n<td class=\"hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\"><strong>903<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">1,117<\/td>\n<td class=\"hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid hugin gnw_vertical_align_bottom\">Total (boe\/d)<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\"><strong>4,677<\/strong><\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">4,907<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\"><strong>4,387<\/strong><\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">4,888<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\"><strong>Sales volumes&nbsp;<sup>3<\/sup><\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"2\">&nbsp;<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"2\">&nbsp;<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"2\">&nbsp;<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"2\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\">Oil (bbl\/d)<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\"><strong>2,862<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">2,611<\/td>\n<td class=\"hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\"><strong>2,783<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">3,046<\/td>\n<td class=\"hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\">Gas (mcf\/d)<sup>1<\/sup><\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\"><strong>4,962<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">3,225<\/td>\n<td class=\"hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\"><strong>4,635<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">3,770<\/td>\n<td class=\"hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\">NGL (bbl\/d)<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\"><strong>1,011<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">1,374<\/td>\n<td class=\"hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\"><strong>903<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">1,117<\/td>\n<td class=\"hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid hugin gnw_vertical_align_bottom\">Total (boe\/d)<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\"><strong>4,700<\/strong><\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">4,523<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\"><strong>4,458<\/strong><\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">4,792<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom\"><strong>Oil inventory volumes (bbls)<\/strong><\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\"><strong>9,251<\/strong><\/td>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">35,267<\/td>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\"><strong>9,251<\/strong><\/td>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">35,267<\/td>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\"><strong>Oil and natural gas revenue<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"2\">&nbsp;<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"2\">&nbsp;<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"2\">&nbsp;<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"2\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\">Oil and NGLs sales<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\"><strong>20,013<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">14,712<\/td>\n<td class=\"hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\"><strong>78,365<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">91,901<\/td>\n<td class=\"hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\">Natural gas sales<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\"><strong>774<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">565<\/td>\n<td class=\"hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\"><strong>2,438<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">2,481<\/td>\n<td class=\"hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\">Sales of commodities purchased from third parties<sup>&nbsp;7<\/sup><\/td>\n<td class=\"gnw_align_right gnw_padding_right_none hugin gnw_vertical_align_bottom\"><strong>(25<\/strong><\/td>\n<td class=\"gnw_align_left gnw_padding_left_none hugin gnw_vertical_align_bottom\"><strong>)<\/strong><\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">4,352<\/td>\n<td class=\"hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\"><strong>8,551<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">15,639<\/td>\n<td class=\"hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\">Blending and processing<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\"><strong>1,874<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">1,912<\/td>\n<td class=\"hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\"><strong>8,842<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">10,472<\/td>\n<td class=\"hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\">Other revenues<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\"><strong>119<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">342<\/td>\n<td class=\"hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\"><strong>1,976<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">2,406<\/td>\n<td class=\"hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid hugin gnw_vertical_align_bottom\">Total revenue<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\"><strong>22,755<\/strong><\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">21,883<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\"><strong>100,172<\/strong><\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">122,899<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\">Cash flows from operating activities<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\"><strong>3,922<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">6,696<\/td>\n<td class=\"hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\"><strong>16,238<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">22,360<\/td>\n<td class=\"hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_label_i20 hugin gnw_vertical_align_bottom\">Per share -basic and diluted<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\"><strong>0.19<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">0.06<\/td>\n<td class=\"hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\"><strong>0.96<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">1.10<\/td>\n<td class=\"hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\">Funds flow&nbsp;<sup>4<\/sup><\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\"><strong>37<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">903<\/td>\n<td class=\"hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\"><strong>7,719<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">17,200<\/td>\n<td class=\"hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_label_i20 hugin gnw_vertical_align_bottom\">Per share -basic and diluted<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\"><strong>&mdash;<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">0.06<\/td>\n<td class=\"hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\"><strong>0.46<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">1.10<\/td>\n<td class=\"hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\">Adjusted funds flow&nbsp;<sup>4<\/sup><\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\"><strong>305<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">1,974<\/td>\n<td class=\"hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\"><strong>7,959<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">20,435<\/td>\n<td class=\"hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_label_i20 hugin gnw_vertical_align_bottom\">Per share -basic and diluted<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\"><strong>0.01<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">0.13<\/td>\n<td class=\"hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\"><strong>0.47<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">1.31<\/td>\n<td class=\"hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\">Net income (loss)<\/td>\n<td class=\"gnw_align_right gnw_padding_right_none hugin gnw_vertical_align_bottom\"><strong>(11,853<\/strong><\/td>\n<td class=\"gnw_align_left gnw_padding_left_none hugin gnw_vertical_align_bottom\"><strong>)<\/strong><\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">3,773<\/td>\n<td class=\"hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<td class=\"gnw_align_right gnw_padding_right_none hugin gnw_vertical_align_bottom\"><strong>(29,573<\/strong><\/td>\n<td class=\"gnw_align_left gnw_padding_left_none hugin gnw_vertical_align_bottom\"><strong>)<\/strong><\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">4,239<\/td>\n<td class=\"hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_label_i20 hugin gnw_vertical_align_bottom\">Per share &#8211; basic and diluted<\/td>\n<td class=\"gnw_align_right gnw_padding_right_none hugin gnw_vertical_align_bottom\"><strong>(0.56<\/strong><\/td>\n<td class=\"gnw_align_left gnw_padding_left_none hugin gnw_vertical_align_bottom\"><strong>)<\/strong><\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">0.25<\/td>\n<td class=\"hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<td class=\"gnw_align_right gnw_padding_right_none hugin gnw_vertical_align_bottom\"><strong>(1.75<\/strong><\/td>\n<td class=\"gnw_align_left gnw_padding_left_none hugin gnw_vertical_align_bottom\"><strong>)<\/strong><\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">0.27<\/td>\n<td class=\"hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\">Dividends paid<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\"><strong>790<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">3,126<\/td>\n<td class=\"hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\"><strong>2,564<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">3,126<\/td>\n<td class=\"hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\">Dividends paid per share<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\"><strong>0.04<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">0.20<\/td>\n<td class=\"hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\"><strong>0.15<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">0.20<\/td>\n<td class=\"hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\">Weighted average number of shares outstanding (basic and diluted)<\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\"><strong>21,056,770<\/strong><\/td>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">15,360,729<\/td>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\"><strong>16,926,491<\/strong><\/td>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">15,622,374<\/td>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_border_top_solid hugin gnw_vertical_align_bottom\">Capital expenditures<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\"><strong>2,378<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">3,315<\/td>\n<td class=\"hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\"><strong>13,590<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">33,758<\/td>\n<td class=\"hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom\">Net assets acquired<sup>&nbsp;5<\/sup><\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\"><strong>&mdash;<\/strong><\/td>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">43<\/td>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\"><strong>256<\/strong><\/td>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">3,921<\/td>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\"><strong>Netback&nbsp;<\/strong>($\/boe)<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"2\">&nbsp;<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"2\">&nbsp;<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"2\">&nbsp;<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"2\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_label_i20 hugin gnw_vertical_align_bottom\">Oil and gas sales&nbsp;<sup>6<\/sup><\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\"><strong>48.07<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">36.71<\/td>\n<td class=\"hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\"><strong>49.66<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">53.97<\/td>\n<td class=\"hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_label_i20 hugin gnw_vertical_align_bottom\">Royalty<\/td>\n<td class=\"gnw_align_right gnw_padding_right_none hugin gnw_vertical_align_bottom\"><strong>(10.80<\/strong><\/td>\n<td class=\"gnw_align_left gnw_padding_left_none hugin gnw_vertical_align_bottom\"><strong>)<\/strong><\/td>\n<td class=\"gnw_align_right gnw_padding_right_none hugin gnw_vertical_align_bottom\">(9.34<\/td>\n<td class=\"gnw_align_left gnw_padding_left_none hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"gnw_align_right gnw_padding_right_none hugin gnw_vertical_align_bottom\"><strong>(8.72<\/strong><\/td>\n<td class=\"gnw_align_left gnw_padding_left_none hugin gnw_vertical_align_bottom\"><strong>)<\/strong><\/td>\n<td class=\"gnw_align_right gnw_padding_right_none hugin gnw_vertical_align_bottom\">(11.18<\/td>\n<td class=\"gnw_align_left gnw_padding_left_none hugin gnw_vertical_align_bottom\">)<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_label_i20 hugin gnw_vertical_align_bottom\">Operating expenses<\/td>\n<td class=\"gnw_align_right gnw_padding_right_none hugin gnw_vertical_align_bottom\"><strong>(29.90<\/strong><\/td>\n<td class=\"gnw_align_left gnw_padding_left_none hugin gnw_vertical_align_bottom\"><strong>)<\/strong><\/td>\n<td class=\"gnw_align_right gnw_padding_right_none hugin gnw_vertical_align_bottom\">(24.53<\/td>\n<td class=\"gnw_align_left gnw_padding_left_none hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"gnw_align_right gnw_padding_right_none hugin gnw_vertical_align_bottom\"><strong>(31.80<\/strong><\/td>\n<td class=\"gnw_align_left gnw_padding_left_none hugin gnw_vertical_align_bottom\"><strong>)<\/strong><\/td>\n<td class=\"gnw_align_right gnw_padding_right_none hugin gnw_vertical_align_bottom\">(29.26<\/td>\n<td class=\"gnw_align_left gnw_padding_left_none hugin gnw_vertical_align_bottom\">)<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_label_i20 gnw_border_bottom_solid hugin gnw_vertical_align_bottom\">Transportation and treating<\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_right gnw_padding_right_none hugin gnw_vertical_align_bottom\"><strong>(2.37<\/strong><\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_left gnw_padding_left_none hugin gnw_vertical_align_bottom\"><strong>)<\/strong><\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_right gnw_padding_right_none hugin gnw_vertical_align_bottom\">(2.17<\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_left gnw_padding_left_none hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_right gnw_padding_right_none hugin gnw_vertical_align_bottom\"><strong>(2.22<\/strong><\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_left gnw_padding_left_none hugin gnw_vertical_align_bottom\"><strong>)<\/strong><\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_right gnw_padding_right_none hugin gnw_vertical_align_bottom\">(2.17<\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_left gnw_padding_left_none hugin gnw_vertical_align_bottom\">)<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_label_i20 hugin gnw_vertical_align_bottom\">Operating netback&nbsp;<sup>4<\/sup><\/td>\n<td class=\"gnw_align_right gnw_padding_right_none hugin gnw_vertical_align_bottom\"><strong>5.00<\/strong><\/td>\n<td class=\"gnw_align_left gnw_padding_left_none hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<td class=\"gnw_align_right gnw_padding_right_none hugin gnw_vertical_align_bottom\">0.67<\/td>\n<td class=\"gnw_align_left gnw_padding_left_none hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<td class=\"gnw_align_right gnw_padding_right_none hugin gnw_vertical_align_bottom\"><strong>6.92<\/strong><\/td>\n<td class=\"gnw_align_left gnw_padding_left_none hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<td class=\"gnw_align_right gnw_padding_right_none hugin gnw_vertical_align_bottom\">11.36<\/td>\n<td class=\"gnw_align_left gnw_padding_left_none hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_label_i20 hugin gnw_vertical_align_bottom\">Gain\/(Loss) on sale of commodities purchased from third parties<sup>&nbsp;7<\/sup><\/td>\n<td class=\"gnw_align_right gnw_padding_right_none hugin gnw_vertical_align_bottom\"><strong>(0.06<\/strong><\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\"><strong>)<\/strong><\/td>\n<td class=\"gnw_align_right gnw_padding_right_none hugin gnw_vertical_align_bottom\">1.07<\/td>\n<td class=\"gnw_align_left gnw_padding_left_none hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<td class=\"gnw_align_right gnw_padding_right_none hugin gnw_vertical_align_bottom\"><strong>(0.01<\/strong><\/td>\n<td class=\"gnw_align_left gnw_padding_left_none hugin gnw_vertical_align_bottom\"><strong>)<\/strong><\/td>\n<td class=\"gnw_align_right gnw_padding_right_none hugin gnw_vertical_align_bottom\">0.47<\/td>\n<td class=\"gnw_align_left gnw_padding_left_none hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_label_i20 hugin gnw_vertical_align_bottom\">Net blending and processing income&nbsp;<sup>4<\/sup><\/td>\n<td class=\"gnw_align_right gnw_padding_right_none hugin gnw_vertical_align_bottom\"><strong>2.74<\/strong><\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<td class=\"gnw_align_right gnw_padding_right_none hugin gnw_vertical_align_bottom\">1.74<\/td>\n<td class=\"gnw_align_left gnw_padding_left_none hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<td class=\"gnw_align_right gnw_padding_right_none hugin gnw_vertical_align_bottom\"><strong>3.34<\/strong><\/td>\n<td class=\"gnw_align_left gnw_padding_left_none hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<td class=\"gnw_align_right gnw_padding_right_none hugin gnw_vertical_align_bottom\">3.01<\/td>\n<td class=\"gnw_align_left gnw_padding_left_none hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_label_i20 hugin gnw_vertical_align_bottom\">Realized gain\/(loss) on commodity contracts settlement<sup>&nbsp;6<\/sup><\/td>\n<td class=\"gnw_align_right gnw_padding_right_none hugin gnw_vertical_align_bottom\"><strong>0.46<\/strong><\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<td class=\"gnw_align_right gnw_padding_right_none hugin gnw_vertical_align_bottom\">2.38<\/td>\n<td class=\"gnw_align_left gnw_padding_left_none hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<td class=\"gnw_align_right gnw_padding_right_none hugin gnw_vertical_align_bottom\"><strong>(1.61<\/strong><\/td>\n<td class=\"gnw_align_left gnw_padding_left_none hugin gnw_vertical_align_bottom\"><strong>)<\/strong><\/td>\n<td class=\"gnw_align_right gnw_padding_right_none hugin gnw_vertical_align_bottom\">(1.51<\/td>\n<td class=\"gnw_align_left gnw_padding_left_none hugin gnw_vertical_align_bottom\">)<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_label_i20 hugin gnw_vertical_align_bottom\">Other revenues<\/td>\n<td class=\"gnw_align_right gnw_padding_right_none hugin gnw_vertical_align_bottom\"><strong>0.28<\/strong><\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<td class=\"gnw_align_right gnw_padding_right_none hugin gnw_vertical_align_bottom\">0.82<\/td>\n<td class=\"gnw_align_left gnw_padding_left_none hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<td class=\"gnw_align_right gnw_padding_right_none hugin gnw_vertical_align_bottom\"><strong>1.21<\/strong><\/td>\n<td class=\"gnw_align_left gnw_padding_left_none hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<td class=\"gnw_align_right gnw_padding_right_none hugin gnw_vertical_align_bottom\">1.38<\/td>\n<td class=\"gnw_align_left gnw_padding_left_none hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_label_i20 hugin gnw_vertical_align_bottom\">General and administrative<\/td>\n<td class=\"gnw_align_right gnw_padding_right_none hugin gnw_vertical_align_bottom\"><strong>(4.52<\/strong><\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\"><strong>)<\/strong><\/td>\n<td class=\"gnw_align_right gnw_padding_right_none hugin gnw_vertical_align_bottom\">(2.91<\/td>\n<td class=\"gnw_align_left gnw_padding_left_none hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"gnw_align_right gnw_padding_right_none hugin gnw_vertical_align_bottom\"><strong>(3.89<\/strong><\/td>\n<td class=\"gnw_align_left gnw_padding_left_none hugin gnw_vertical_align_bottom\"><strong>)<\/strong><\/td>\n<td class=\"gnw_align_right gnw_padding_right_none hugin gnw_vertical_align_bottom\">(3.24<\/td>\n<td class=\"gnw_align_left gnw_padding_left_none hugin gnw_vertical_align_bottom\">)<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_label_i20 hugin gnw_vertical_align_bottom\">Other expenses<\/td>\n<td class=\"gnw_align_right gnw_padding_right_none hugin gnw_vertical_align_bottom\"><strong>(3.13<\/strong><\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\"><strong>)<\/strong><\/td>\n<td class=\"gnw_align_right gnw_padding_right_none hugin gnw_vertical_align_bottom\">&mdash;<\/td>\n<td class=\"gnw_align_left gnw_padding_left_none hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<td class=\"gnw_align_right gnw_padding_right_none hugin gnw_vertical_align_bottom\"><strong>(0.83<\/strong><\/td>\n<td class=\"gnw_align_left gnw_padding_left_none hugin gnw_vertical_align_bottom\"><strong>)<\/strong><\/td>\n<td class=\"gnw_align_right gnw_padding_right_none hugin gnw_vertical_align_bottom\">&mdash;<\/td>\n<td class=\"gnw_align_left gnw_padding_left_none hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_label_i20 hugin gnw_vertical_align_bottom\">Impairment<\/td>\n<td class=\"gnw_align_right gnw_padding_right_none hugin gnw_vertical_align_bottom\"><strong>(9.25<\/strong><\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\"><strong>)<\/strong><\/td>\n<td class=\"gnw_align_right gnw_padding_right_none hugin gnw_vertical_align_bottom\">&mdash;<\/td>\n<td class=\"gnw_align_left gnw_padding_left_none hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<td class=\"gnw_align_right gnw_padding_right_none hugin gnw_vertical_align_bottom\"><strong>(2.46<\/strong><\/td>\n<td class=\"gnw_align_left gnw_padding_left_none hugin gnw_vertical_align_bottom\"><strong>)<\/strong><\/td>\n<td class=\"gnw_align_right gnw_padding_right_none hugin gnw_vertical_align_bottom\">&mdash;<\/td>\n<td class=\"gnw_align_left gnw_padding_left_none hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_label_i20 hugin gnw_vertical_align_bottom\">Acquisition and transaction costs<\/td>\n<td class=\"gnw_align_right gnw_padding_right_none hugin gnw_vertical_align_bottom\"><strong>&mdash;<\/strong><\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<td class=\"gnw_align_right gnw_padding_right_none hugin gnw_vertical_align_bottom\">&mdash;<\/td>\n<td class=\"gnw_align_left gnw_padding_left_none hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<td class=\"gnw_align_right gnw_padding_right_none hugin gnw_vertical_align_bottom\"><strong>(0.13<\/strong><\/td>\n<td class=\"gnw_align_left gnw_padding_left_none hugin gnw_vertical_align_bottom\"><strong>)<\/strong><\/td>\n<td class=\"gnw_align_right gnw_padding_right_none hugin gnw_vertical_align_bottom\">(0.01<\/td>\n<td class=\"gnw_align_left gnw_padding_left_none hugin gnw_vertical_align_bottom\">)<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_label_i20 hugin gnw_vertical_align_bottom\">Interest<\/td>\n<td class=\"gnw_align_right gnw_padding_right_none hugin gnw_vertical_align_bottom\"><strong>(2.87<\/strong><\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\"><strong>)<\/strong><\/td>\n<td class=\"gnw_align_right gnw_padding_right_none hugin gnw_vertical_align_bottom\">(2.87<\/td>\n<td class=\"gnw_align_left gnw_padding_left_none hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"gnw_align_right gnw_padding_right_none hugin gnw_vertical_align_bottom\"><strong>(3.02<\/strong><\/td>\n<td class=\"gnw_align_left gnw_padding_left_none hugin gnw_vertical_align_bottom\"><strong>)<\/strong><\/td>\n<td class=\"gnw_align_right gnw_padding_right_none hugin gnw_vertical_align_bottom\">(2.62<\/td>\n<td class=\"gnw_align_left gnw_padding_left_none hugin gnw_vertical_align_bottom\">)<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid hugin gnw_vertical_align_bottom\">Corporate netback<sup>&nbsp;4<\/sup><\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_right gnw_padding_right_none hugin gnw_vertical_align_bottom\"><strong>(11.35<\/strong><\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\"><strong>)<\/strong><\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">0.90<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_right gnw_padding_right_none hugin gnw_vertical_align_bottom\"><strong>(0.48<\/strong><\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_left gnw_padding_left_none hugin gnw_vertical_align_bottom\"><strong>)<\/strong><\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">8.84<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_left gnw_padding_left_none hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p align=\"justify\"><sup>1)&nbsp; Gas production and sales volumes include internally consumed gas used in power generation.<\/sup><br \/><sup>2)&nbsp; Production volumes for the twelve months ended December 31, 2019 includes Little Rock&#8217;s daily average production from September 11 to December 31, 2019.<\/sup><br \/><sup>3)&nbsp; Sales volumes for the twelve months ended December 31, 2019 includes Little Rock&#8217;s daily average sales from September 11 to December 31, 2019. Sales volumes include change in inventory volumes.<\/sup><br \/><sup>4)&nbsp; Refer to &#8220;Non-IFRS measures&#8221;.<\/sup><br \/><sup>5)&nbsp; Net acquisitions exclude non-cash items and is net of post-closing adjustments.<\/sup><br \/><sup>6)&nbsp; Excludes the effects of financial risk management contracts but includes the effects of fixed price physical delivery contracts.<\/sup><br \/><sup>7)&nbsp; Since 2018, Razor started to purchase commodity products from third parties to fulfill sales commitments, and subsequently sell these products to its customers.<\/sup><\/p>\n<table class=\"gnw_table_border_collapse hugin\">\n<tbody>\n<tr>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid hugin gnw_vertical_align_bottom\">&nbsp;<\/td>\n<td class=\"gnw_border_top_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"4\"><strong>December 31,<\/strong><\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom\"><em>($000&#8217;s unless otherwise stated)<\/em><\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"2\"><strong>2019<\/strong><\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"2\"><strong>2018<\/strong><\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\">Total assets<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\"><strong>189,158<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">157,937<\/td>\n<td class=\"hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\">Cash<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\"><strong>1,905<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">2,239<\/td>\n<td class=\"hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\">Long-term debt (principal)<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\"><strong>45,876<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">46,155<\/td>\n<td class=\"hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom\">Net debt&nbsp;<sup>1<\/sup><\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\"><strong>66,911<\/strong><\/td>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">54,244<\/td>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom\">Number of shares outstanding<\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\"><strong>21,064,466<\/strong><\/td>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">15,188,834<\/td>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p align=\"justify\"><sup>1)&nbsp; Refer to &#8220;Non-IFRS measures&#8221;.<\/sup><\/p>\n<p><strong>2019 YEAR-END RESERVES<\/strong><\/p>\n<p align=\"justify\">In October 2019, the Calgary Chapter of the Society of Petroleum Evaluation Engineers ( SPEE ) and associated industry professionals updated the Canadian Oil and Gas Evaluation Handbook (&#8220;COGEH&#8221;).&nbsp; These updates clarify and streamline previous guideline recommendations initiated in 2018 and offer additional guidance regarding Canadian reserves evaluations.<\/p>\n<p align=\"justify\">For the second year in a row, Razor continues to be an industry leader, alongside Sproule&nbsp;Associates Limited (&#8220;Sproule&#8221;), by incorporating industry best practice by including all abandonment, decommissioning and reclamations costs (ADR) and inactive well costs (&ldquo;IWC&rdquo;) into the Company&#8217;s 2019 year-end reserves report.<\/p>\n<p align=\"justify\">For 2019, the net present value of before tax cash flows discounted at 10% (&#8220;NPV10&#8221;) for each reserve category disclosed below includes all abandonment, decommissioning and reclamation costs, and inactive well costs totaling $61.3 million.<\/p>\n<table class=\"gnw_table_border_collapse hugin\">\n<tbody>\n<tr>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid hugin gnw_vertical_align_bottom\">&nbsp;<\/td>\n<td class=\"gnw_border_top_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"4\"><strong>December 31,<\/strong><\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom\"><strong>Reserves Summary<sup>1<\/sup><\/strong><\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid hugin gnw_vertical_align_bottom\" colspan=\"2\">&nbsp;<\/td>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom\" colspan=\"2\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom\"><em>($000&#8217;s unless otherwise stated)<\/em><\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"2\"><strong>2019<\/strong><\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"2\"><strong>2018<\/strong><\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_label_i20 hugin gnw_vertical_align_bottom\">Proved developed producing (Mboe)<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\"><strong>11,144<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">12,194<\/td>\n<td class=\"hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_label_i20 hugin gnw_vertical_align_bottom\">Total Proved (Mboe)<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\"><strong>16,258<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">15,397<\/td>\n<td class=\"hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_label_i20 hugin gnw_vertical_align_bottom\">Total Proved plus probable (Mboe)<\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\"><strong>20,750<\/strong><\/td>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">20,223<\/td>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_label_i20 gnw_border_top_solid hugin gnw_vertical_align_bottom\">Proved developed producing &#8211; NPV10<sup>2<\/sup><\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\"><strong>116,832<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">148,671<\/td>\n<td class=\"hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_label_i20 hugin gnw_vertical_align_bottom\">Total Proved &#8211; NPV10<sup>2<\/sup><\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\"><strong>189,257<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">197,733<\/td>\n<td class=\"hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_label_i20 gnw_border_bottom_solid hugin gnw_vertical_align_bottom\">Total Proved plus probable &#8211; NPV10<sup>2<\/sup><\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\"><strong>242,719<\/strong><\/td>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">209,047<\/td>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p align=\"justify\"><sup>1)&nbsp; The table summarizes the data contained in an independent report of Razor&#8217;s gross reserves, as evaluated by Sproule, qualified reserves evaluators, dated February 24, 2020. The figures have been prepared in accordance with the standards contained in the COGEH and the reserve definitions contained in National Instrument 51-101 &#8211; Standards of Disclosure for Oil and Gas Activities. Gross reserves means the total working interest (operating and non-operating) share of remaining recoverable reserves owned by Razor before deductions of royalties payable to others and without including any royalty interests owned by Razor. Additional reserve information is included in the AIF.<\/sup><br \/><sup>2)&nbsp; NPV 10 is net present value of before tax cash flows discounted at 10%.<\/sup><\/p>\n<p><strong>OPERATIONAL UPDATE<\/strong><\/p>\n<p align=\"justify\">In 2019, Razor&#8217;s average production decreased 10% to 4,387 boe\/d, from 4,888 boe\/d average production in 2018, of which approximately 82% was light oil and NGLs.<\/p>\n<p align=\"justify\">As at December 31, 2019, Razor had 9,251 bbls of light oil inventory (2018 &#8211; 35,267 bbls). MSW differentials and WTI pricing improved significantly during 2019 and the Company sold a portion of its light oil inventory throughout the year. The Company continues to improve the effectiveness of sales and production management through more advanced inventory, blending and transportation processes and controls.<\/p>\n<p align=\"justify\">In Q4 2019, production of 4,677 boe\/d was down 4% from the same quarter of 2018 due to the decrease in general reactivation and optimization activities, as well as due to non-operated pipeline outages in effect for Q4 2019.<\/p>\n<p align=\"justify\">However, Q4 2019 production was up 7% from Q3 2019 due to a strategic acquisition of a second core region in southern Alberta, comprised of the Jumpbush, Majorville, Badger, Enchant and Chin Coulee areas. This strategic acquisition provided additional average daily production of 716 boe\/d during Q4 2019.<\/p>\n<p align=\"justify\">During the fourth quarter of 2019, the Company realized an average operating netback of $5.00\/boe, up 857% as compared to Q4 2018, primarily attributable to the sharp decrease in MSW differentials to WTI in the fourth quarter of 2018.&nbsp; For the year ended December&nbsp;31, 2019, the average operating netback of $6.92\/boe was a 39% decrease from the same period in 2018, due to lower realized oil and gas sales and higher operating expenses during 2019.<\/p>\n<p align=\"justify\">Royalty rates averaged 22% in the fourth quarter of 2019, up from 18% in the third quarter of 2019, and down from 25% in the same quarter of 2018, primarily due to the timing of realized oil prices as compared to the reference oil price used by the Government of Alberta as the basis for calculating royalties. As the index price is set a month in advance, periods of sharp price decreases will result in higher than expected royalty rates, conversely in periods of price increases, due to the pricing lag, realized royalties will be lower than expected.<\/p>\n<p align=\"justify\">In the fourth quarter of 2019, operating expenses increased by 22% as compared to Q4 2018 and stayed on par as compared to Q3 2019 due to decreased production, as well as non-operated pipeline expenditures, and the incremental operating costs associated with the Little Rock Acquisition during Q3 2019.<\/p>\n<p align=\"justify\">The top five cost drivers are fuel and electricity, labour, taxes and licenses, facility and pipeline repairs which accounted for 76% of total operating expenses in 2019 (2018 &#8211; 80%). Facility and pipeline repairs, and workovers accounted for 28% (2018 &#8211; 33%) of operating expenses while fuel and electricity followed closely at 26% (2018 &#8211; 29%) of operating expenses.<\/p>\n<p align=\"justify\">Management is focused on continuous improvement of operational efficiencies to drive down key cost drivers.<\/p>\n<p><strong>CAPITAL PROGRAM<\/strong><\/p>\n<p align=\"justify\">In 2019, Razor invested $13.6 million (before $6.1 million of government grants) through its capital program, comprised mainly of the continuation of the well reactivation program and on its South Swan Hills co-produced geothermal power generation project.<\/p>\n<p align=\"justify\">The Company reactivated 24 gross (23.3 net) wells during 2019, resulting in 422 boe\/d of additional initial production.<\/p>\n<p align=\"justify\">During 2019, Razor invested $4.5 million on its South Swan Hills co-produced geothermal power generation project. The Company expects the capital cost of the project to be $35 million, generating 21 MW of grid connected power, of which 6MW will be from renewable and sustainable geothermal power generation. Natural Resources Canada&#8217;s Clean Growth Program (&#8220;NRCAN&#8221;) will contribute $5.0 million toward the project, and Alberta Innovates has committed $2 million. The Company received $4.3 million of grants related to the project in 2019.<\/p>\n<p align=\"justify\">Razor, through its wholly-owned subsidiary Blade Energy Services Corp., has been building up its field equipment fleet since Q4 2018 in order to internalize certain field services such as road maintenance and trucking.<\/p>\n<p align=\"justify\">Corporate capital expenditures related to an upgrade of the corporate information technology infrastructure and the purchase of corporate vehicles.<\/p>\n<p><strong>ABANDONMENT, RECLAMATION, AND REMEDIATION EXPENDITURES<\/strong><\/p>\n<p align=\"justify\">Razor inherited decommissioning liabilities included in its Swan Hills, Kaybob and Little Rock acquisitions.&nbsp; In Q4 2019, the Company spent $0.3 million on abandonment, reclamation, and remediation expenditures (Q4 2018 &#8211; $1.1 million).<\/p>\n<p align=\"justify\">The Company voluntarily opted in to the Alberta Energy Regulator&rsquo;s (AER) Area Based Closure (ABC) program.&nbsp; Accordingly, Razor has committed to an annual spend target dedicated to asset retirement which includes decommissioning, abandonment and reclamation of inactive wells and facilities.&nbsp; Through this commitment, low-risk wells included in the Inactive Well Compliance Program (IWCP) are now exempt from requiring suspension allowing for greater focus on end of life activities.<\/p>\n<p><strong>ABOUT RAZOR<\/strong><\/p>\n<p align=\"justify\">Razor is a publicly-traded junior oil and gas development and production company headquartered in Calgary, Alberta, concentrated on acquiring, and subsequently enhancing, producing oil and gas properties primarily in Alberta. The Company is led by experienced management and a strong, committed Board of Directors, with a long-term vision of growth, focused on efficiency and cost control in all areas of the business. Razor currently trades on TSX Venture Exchange under the ticker &ldquo;RZE&rdquo;.<\/p>\n<p align=\"justify\"><strong>For additional information please contact:<\/strong><\/p>\n<table class=\"gnw_table_border_collapse hugin\">\n<tbody>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\"><strong>Doug Bailey<\/strong><br \/>President and Chief Executive Officer<\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\">OR<\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\">&nbsp;<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\"><strong>Kevin Braun<\/strong><br \/>Chief Financial Officer<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\">&nbsp;<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\">&nbsp;<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\">&nbsp;<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_top\">Razor Energy Corp.<br \/>800, 500-5<sup>th<\/sup>&nbsp;Ave SW<br \/>Calgary, Alberta T2P 3L5<br \/>Telephone: (403) 262-0242<br \/>www.razor-energy.com<\/td>\n<td class=\"hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<td class=\"hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<td class=\"hugin gnw_vertical_align_top\">&nbsp;<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p class=\"tags\">\n<div><strong>See Campaign: <\/strong><a href=\"http:\/\/www.razor-energy.com\" target=\"_blank\">http:\/\/www.razor-energy.com<\/a><br \/><b>Contact Information:<\/b><br \/>Razor Energy Corp.<br \/>\n800, 500-5thAve SW<br \/>\nCalgary, Alberta T2P 3L5<br \/>\nTelephone: (403) 262-0242<br \/>\nwww.razor-energy.com<\/p>\n<p><b>Tags:<\/b><br \/><a href=\"\"><\/a>, <a href=\"https:\/\/icrowdnewswire.com\/category\/news-category\/wire\/\" rel=\"category tag\">Wire<\/a>, <a href=\"https:\/\/icrowdnewswire.com\/category\/news-category\/disclosure-newswire\/\" rel=\"category tag\">Disclosure Newswire<\/a>, <a href=\"https:\/\/icrowdnewswire.com\/category\/global-regions\/united-states\/\" rel=\"category tag\">United States<\/a>, <a href=\"https:\/\/icrowdnewswire.com\/category\/language\/english\/\" rel=\"category tag\">English<\/a><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"\" alt=\"image\" width=\"400\" height=\"300\" class=\"cwdfimg\" \/><\/div>\n<div>\n<h3>Contact Information:<\/h3>\n<p>Razor Energy Corp.<br \/>\n800, 500-5th\u00a0Ave SW<br \/>\nCalgary, Alberta T2P 3L5<br \/>\nTelephone: (403) 262-0242<br \/>\nwww.razor-energy.com<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Razor Energy Corp. is pleased to announce its fourth quarter and year end 2019 financial and operating results. Selected financial, operational and reserves information is outlined below and should be read in conjunction with Razor&rsquo;s audited consolidated financial statements,&nbsp; management&rsquo;s discussion and analysis and annual information form (&ldquo;AIF&rdquo;) for the year ended December&nbsp;31, 2019, which &hellip; <a href=\"https:\/\/icrowdnewswire.com\/2020\/04\/29\/razor-energy-corp-announces-fourth-quarter-and-2019-year-end-results\/\">Continue reading <span>Razor Energy Corp. Announces Fourth Quarter and 2019 Year End Results<\/span><\/a> <a href=\"https:\/\/ipsnews.net\/business\/2020\/04\/29\/razor-energy-corp-announces-fourth-quarter-and-2019-year-end-results\/\" class=\"more-link\">Continue Reading <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":46,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[56,3,22,54],"tags":[],"class_list":["post-8019","post","type-post","status-publish","format-standard","hentry","category-disclosure-newswire","category-english","category-united-states","category-wire"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Razor Energy Corp. Announces Fourth Quarter and 2019 Year End Results - Business<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"http:\/\/ipsnews.net\/business\/2020\/04\/29\/razor-energy-corp-announces-fourth-quarter-and-2019-year-end-results\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Razor Energy Corp. Announces Fourth Quarter and 2019 Year End Results - Business\" \/>\n<meta property=\"og:description\" content=\"Razor Energy Corp. is pleased to announce its fourth quarter and year end 2019 financial and operating results. Selected financial, operational and reserves information is outlined below and should be read in conjunction with Razor&rsquo;s audited consolidated financial statements,&nbsp; management&rsquo;s discussion and analysis and annual information form (&ldquo;AIF&rdquo;) for the year ended December&nbsp;31, 2019, which &hellip; Continue reading Razor Energy Corp. 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