CALGARY, AB, Aug. 20, 2026 /CNW/ -- Fiddlehead Resources Corp. ("Fiddlehead," or the "Company") (TSXV: FHR), is pleased to announce the filing of its unaudited financial and operating results for the three and six months ended June 30, 2026. Selected financial and operating information should be read in conjunction with Fiddlehead's unaudited interim financial statements and related management's discussion and analysis ("MD&A") for the three and six months ended June 30, 2026 and 2025 ("2026 Q2 Documents"). Financial and operating highlights for the period include:
-- For the three and six month period ending June 30, 2026, Fiddlehead's
petroleum and natural gas sales totaled $3.4 million and $6.5 million
respectively (2025 - $2.8 million and $6.8 million). The Company achieved
a Netback of $1.9 million and $2.7 million for the three and six month
period ended June 30, 2026 (2025 - $0.3 million and $1.6 million).
-- The Company exited June 30, 2026, at 1,496 BOE per day ("BOE/d"). In the
three month period ended June 30, 2026, average production was 1,335
BOE/d, a decrease of 12.6% over the comparative prior period. For the six
months period ended June 30, 2026, average production of 1,387 BOE per
day ("BOE/d") was achieved, a decrease of 12.3% over the comparative
prior period. In addition to expected natural decline, the decrease was
due to a 14-day third party outage and compressor overhaul in June 2026,
which decreased production by 450 BOE/d. The outage impacted average
production for the three and six month periods ended June 30, 2026, by an
estimated 69 BOE/d and 35 BOE/d, respectively.
-- Generated $1.4 million in cash proceeds through the sale of its minority,
non-operated working interest in nine sections of non-core acreage. The
disposition reduces Fiddlehead's abandonment liabilities by approximately
$0.2 million. The Company recognized a gain for the 6-month period ended
June 30, 2026, of $1.3 million. The disposition reduces overall
production by approximately 24.7 BOE/d. $0.7 million of the $1.4 million
proceeds was used to repay debt principal and the balance retained for
general working capital purposes.
-- Achieved average realized sales price of $28.79 per BOE, for the three
month period ended June 30, 2026, an increase of 42.7% over the
comparative prior period. For the six month period ended June 30th, 2026,
average realized sales price was $26.26 per BOE, an increase of 10.6%
over the comparative prior period.
-- On January 6, 2026, the Company entered a 7-month natural gas supply
agreement, commencing April 1, 2026, through to October 31, 2026, under
which the Company will deliver 2,000 GJ/d and receive a price of $2.15/GJ,
less associated deductions. On October 30, 2025, the Company entered a
1-year natural gas supply agreement, commencing on November 1, 2025,
under which the Company will deliver 1,500 GJ/d and receive a price of
$2.86/GJ, less associated deductions. In the six month period ended June
30, 2026, the Company received $415,819 above market price under these
contracts. These contracts enables the Company to ensure a portion of its
revenue and cash flow for the contracted periods.
The table below summarizes selected highlights from the Company's financial and operating results:
(Expressed in $000s, except per share, price and volumes amounts)
Three months Six months
endedJune 30 endedJune 30
2026 2025 2026 2025
OPERATING
HIGHLIGHTS AND
NETBACKS(1)
Average
production and
sales volumes
Light oil (bbls/d) 32 84 40 101
NGLs (bbls/d) 388 396 396 395
Natural gas
(Mcf/d) 5,493 6,281 5,705 6,512
Total (BOE/d) 1,335 1,526 1,387 1,581
Average
realized sales
prices
Light oil ($/bbl) 122.64 79.22 102.06 86.56
NGLs ($/bbl) 57.37 33.87 50.26 41.53
Natural gas
($/Mcf) 2.08 1.66 2.08 1.87
Total oil
equivalent
($/BOE) 28.79 20.17 26.26 23.75
Netbacks
($/BOE)(1)
Petroleum and
natural gas sales 28.79 20.17 26.26 23.75
Royalties (1.41) 4.93 1.87 5.82
Operating expenses 14.82 12.81 13.68 12.20
Transportation
expenses 0.28 0.08 0.24 0.09
Operating
netback(1) 15.10 2.35 10.47 5.64
General and
administrative
expenses 7.59 7.84 6.69 7.73
Finance costs 6.92 6.44 7.21 6.35
Adjusted Funds
Flow Netback(1,2) 0.59 (11.94) (3.43) (8.45)
FINANCIAL
HIGHLIGHTS
Petroleum and
natural gas sales 3,414 2,774 6,496 6,750
Petroleum and
natural gas
sales, net of
royalties 3,585 2,090 6,028 5,086
Net loss &
comprehensive
loss (940) (756) (1,629) (3,253)
Basic per share (0.01) (0.01) (0.02) (0.05)
Diluted per share (0.01) (0.01) (0.02) (0.05)
Cash flow from
(used) in
operating
activities 38 (20) (17) (164)
Funds flow from
operations(2) 444 (926) 54 (1,121)
Basic per share 0.01 (0.02) 0.00 (0.02)
Diluted per share 0.01 (0.02) 0.00 (0.02)
Dispositions - - 1,400 -
Total assets 26,588 27,725 26,588 27,725
Total non-current
financial
liabilities 10,400 11,427 10,400 11,427
Total long-term
debt, including
current portion 11,808 12,048 11,808 12,048
Shareholders'
equity (1,282) 2,856 (1,282) 2,856
Weighted average
common shares
outstanding
(000s)
-- basic 71,364 60,521 71,364 60,521
Weighted average
common shares
outstanding
(000s)
-- diluted 71,364 60,521 71,364 60,521
Common shares
outstanding
(000s), end of
period 71,364 60,521 71,364 60,521
(1) "Netbacks" are non-GAAP financial measure calculated
per unit of production. "Operating Netback", and "Adjusted
Funds Flow Netback" do not have standardized meanings
under IFRS Accounting Standards. See " Non-GAAP Financial
Measures " section
(2) "Funds Flow from Operations" ("FFO") does not
have a standardized meanings under IFRS Accounting
Standards. See "Non-GAAP
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release, including, without limitation, future statements related to anticipated production volumes and the the closing of the Transaction. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements.
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements are described under the caption "Risk Factors" in the Company's most recent Management Discussion and Analysis and its Annual Information Form, which are available for view on SEDAR+ at www.sedarplus.ca. These risks include but are not limited to, the risks associated with the oil and natural gas industry, such as exploration, production and general operational risks, the volatility of pricing for oil and natural gas, the inability to market natural gas production and changes in natural gas sale prices, changing investor sentiment about the oil and natural gas industry, any delays in production, marketing and transportation of natural gas, drilling costs and availability of equipment, regulatory approval risks and environmental, health and safety risks. Forward-looking statements contained herein are made as of the date of this news release, and the Company disclaims, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management's estimates or opinions should change, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements. In this press release, all references to "$" are to Canadian dollars.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Fiddlehead Resources Corp.
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