Centaurus Energy Inc. Announces 2022 Third Quarter Financial Results and Operational Update

(All dollar figures are expressed in United States Dollars)

Buenos Aires, Argentina–(Newsfile Corp. – November 29, 2022) – Centaurus Energy Inc. (TSXV: CTA) (OTC Pink: CTARF) (“Centaurus” or the “Company”) is pleased to announce its financial and operating results for the nine months ended September 30, 2022.

SUMMARY FINANCIAL AND OPERATIONAL RESULTS

Selected information is outlined below and should be read in conjunction with Centaurus’ unaudited condensed interim consolidated financial statements for the three and nine months ended September 30, 2022 and the associated management’s discussion and analysis (“MD&A”), which are available for review under the Company’s profile at www.sedar.com and on the Company’s website at www.ctaurus.com. The information has been prepared by management of Centaurus and is unaudited.

	Three months ended
	September 30
	2022	2021
Financial – ($000s, except per share amounts)
Oil and gas revenue	2,315	5,425
Funds flow from (used in) continuing operations⁽¹⁾	(167)	1.211
Per share – basic & diluted⁽¹⁾	(0.000)	0.002
Net gain (loss) from continuing operations	3,867	1,859
Per share – basic & diluted⁽¹⁾	0.01	0,00
Capital expenditures	1,457	38
Working capital (deficiency)⁽¹⁾	844	(34,185)
EBITDA	33	1,723
Common shares outstanding – 000s	544,060	544,060
Operating
Average Daily Sales
Crude oil and Ngls – Bbls/d	323	1,002
Natural gas – Mcf/d	877	760
Total – Boe /d	469	1,129
Average Sales Prices
Crude oil and Ngls – $/Bbl	67.00	55.87
Natural gas – $/Mcf	4.01	3.92
Total – $/Boe	53.63	52.24

Operating Netbacks⁽²⁾ – $/Boe	(26.62)	20.76

(1) This table contains the term “funds flow from continuing operations” and “working capital”, which are non-GAAP measures and should not be considered an alternative to, or more meaningful than “cash flows from operating activities” as determined in accordance with International Financial Reporting Standards (“IFRS”) as an indicator of the Company’s performance. Working capital, funds flow from operations and funds flow from operations per share (basic and diluted) do not have any standardized meanings prescribed by IFRS and may not be comparable with the calculation of similar measures for other entities. Management uses funds flow from continuing operations to analyze operating performance and considers funds flow from continuing operations to be a key measure as it demonstrates the Company’s ability to generate the cash necessary to fund future capital investment. The reconciliation between funds flow from continuing operations and cash flows from operating activities can be found in the MD&A. Funds flow from continuing operations per share is calculated using the basic and diluted weighted average number of shares for the period, consistent with the calculations of earnings (loss) per share. Working capital is computed as current assets less current liabilities. Management uses working capital to measure liquidity and to evaluate financial resources.

(2) Operating netback is a non-GAAP measure calculated as the average per boe of the Company’s oil and gas sales, less royalties and operating costs.

In light of the proposed transactions previously announced by the Company, the Company will not be holding an investor conference call to discuss these financial results.

About Centaurus Energy

Centaurus is an independent upstream oil and gas company with both conventional and unconventional oil and gas operations in Argentina. The Company’s shares trade on the TSX Venture Exchange under the symbol CTA and on the OTC Pink market under the symbol CTARF.

For further information please contact:

David Tawil
Chief Executive Officer
Email: [email protected]

Reader Advisories

Forward-Looking Information

The information in this news release contains certain forward-looking statements. These statements relate to future events or our future performance. All statements other than statements of historical fact may be forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as “seek”, “anticipate”, “plan”, “continue”, “estimate”, “approximate”, “expect”, “may”, “will”, “project”, “predict”, “potential”, “targeting”, “intend”, “could”, “might”, “should”, “believe”, “would” and similar expressions. These statements involve substantial known and unknown risks and uncertainties, certain of which are beyond the Company’s control, including: the impact of the COVID-19 pandemic on the Company’s business and operations (and the duration of the impacts thereof), the impact of general economic conditions; industry conditions; changes in laws and regulations including the adoption of new environmental laws and regulations and changes in how they are interpreted and enforced; fluctuations in commodity prices and foreign exchange and interest rates; stock market volatility and market valuations; volatility in market prices for oil and natural gas; liabilities inherent in oil and natural gas operations; uncertainties associated with estimating oil and natural gas reserves, changes in income tax laws or changes in tax laws and incentive programs relating to the oil and gas industry; geological, technical, drilling and processing problems and other difficulties in producing petroleum reserves; and obtaining required approvals of regulatory authorities. The Company’s actual results, performance or achievement could differ materially from those expressed in, or implied by, such forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur or, if any of them do, what benefits the Company will derive from them. These statements are subject to certain risks and uncertainties and may be based on assumptions that could cause actual results to differ materially from those anticipated or implied in the forward-looking statements. The forward-looking statements in this news release are expressly qualified in their entirety by this cautionary statement. Except as required by law, the Company undertakes no obligation to publicly update or revise any forward-looking statements. Investors are encouraged to review and consider the additional risk factors set forth in the Company’s Annual Information Form, which is available on SEDAR at www.sedar.com.

Non-GAAP Measurements

The Company utilizes certain measurements that do not have a standardized meaning or definition as prescribed by IFRS and therefore may not be comparable with the calculation of similar measures by other entities, including operating netback, funds flow from continuing operations and working capital. Readers are referred to advisories and further discussion on non-GAAP measurements contained in the Company’s MD&A. Operating netback is a non‐GAAP measure calculated as the average per boe of the Company’s oil and gas sales, less royalties and operating costs. Funds flow from continuing operations per share is calculated using the basic and diluted weighted average number of shares for the period, consistent with the calculations of earnings (loss) per share. Working capital is computed as current assets less current liabilities.

Meaning of Boe

The term “boe” or barrels of oil equivalent may be misleading, particularly if used in isolation. A boe conversion ratio of six thousand cubic feet of natural gas to one barrel of oil equivalent (6 Mcf: 1 bbl) is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Additionally, given that the value ratio based on the current price of crude oil, as compared to natural gas, is significantly different from the energy equivalency of 6:1; utilizing a conversion ratio of 6:1 may be misleading as an indication of value.

Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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