Source Rock Royalties Ltd. (SRR.V) Q4 Results - Apr 22

[dan_s]

This is a micro-cap minerals/royalty company that has been recommended by the same EPG member that brought Hemisphere Energy and InPlay Oil to my attention. I hope to schedule the Founder and CEO, Brad Docherty on a webinar with me soon. Note that the company already pays dividends.
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CALGARY, AB, April 22, 2024 /CNW/ - Source Rock Royalties Ltd. ("Source Rock") (TSXV: SRR), a pure-play oil and gas royalty company with an established portfolio of oil focused royalties, announces results for the three-month period and year ended December 31, 2023.

Annual Highlights:

Record annual royalty revenue of $6,646,3261, an increase of 2% over 2022.
Record annual funds from operations of $5,653,618 ($0.126 per share), an increase of 10% over 2022.
Record annual Adjusted EBITDA of $5,793,204 ($0.129 per share), an increase of 1% over 2022.
Record annual royalty production of 2084 boe/d (93% oil and NGLs), an increase of 25% over 2022.
Declared $2,968,990 in dividends ($0.066 per share), resulting in a payout ratio of 53%.
Achieved an operating netback of $76.30 per boe and a corporate netback3 of $74.47.
Completed $13.23 million of royalty acquisitions in central Alberta and S.E. Saskatchewan.
26 gross horizontal wells drilled on royalty lands in S.E. Saskatchewan (24) and central Alberta (2).

Fourth Quarter Highlights:

Quarterly royalty revenue of $1,720,2641, an increase of 14% over Q4 2022.
Record quarterly funds from operations of $1,663,376 ($0.037 per share), an increase of 18% over Q4 2022.
Quarterly Adjusted EBITDA of $1,525,386 ($0.034 per share), an increase of 9% over Q4 2022.
Quarterly royalty production averaged 2184 boe/d (94% oil and NGLs), an increase of 29% over Q4 2022.
Declared three monthly dividends of $0.006 per share, resulting in a payout ratio of 49%.
Achieved an operating netback of $76.06 per boe and a corporate netback3 of $82.94 per boe.
Completed an $8 million royalty acquisition in the central Alberta Clearwater heavy oil fairway.

Read more: https://www.newswire.ca/news-releases/source-rock-royalties-announces-2023-results-including-record-annual-amp-quarterly-funds-from-operations-809344206.html

[dan_s]

Source Rock is a pure-play oil and gas royalty company with an existing, oil focused portfolio of royalty interests concentrated in southeast Saskatchewan, central Alberta and west-central Saskatchewan. Source Rock targets a balanced growth and yield business model, using funds from operations to pursue accretive royalty acquisitions and to pay dividends. By leveraging its niche industry relationships, Source Rock identifies and acquires both existing royalty interests and newly created royalties through collaboration with industry partners. Source Rock's strategy is premised on maintaining a low-cost corporate structure and achieving a sustainable and scalable business, measured by growing funds from operations per share and maintaining a strong netback on its royalty production.

It trades on the TSXV exchange in Canada as SRR and in the U.S. under the symbol SRRRF