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Aengus Kelly, CEO of AerCap, commented: “AerCap delivered another quarter of consistent results. During the first quarter, we generated $1.48 of earnings per share and net income of $261.2 million. The strong operational performance of the business is evidenced in 105 aircraft transactions executed during the quarter, as well as the 99.7% fleet utilization level achieved. We also received our third investment grade rating from Moody’s and completed $7.2 billion of financing transactions, further strengthening AerCap’s balance sheet.” Set forth below are the components of net income and diluted earnings per share. Maintenance rights amortization impact represents the difference between the amortization cost of the maintenance rights asset as compared to depreciation expense if this asset had been classified as flight equipment. Please refer to Notes regarding Financial Information Presented in this Press Release for additional detail. Basic lease rents were $1,067.1 million for the first quarter of 2017, compared with $1,139.3 million for the same period in 2016. The decrease was primarily due to the sale of mid-life and older aircraft during 2016 and 2017, which reduced average lease assets. Our average lease assets for the first quarter of 2017 were $34.1 billion, compared with $35.5 billion for the same period in 2016. Maintenance rents and other receipts were $89.9 million for the first quarter of 2017, compared with $150.4 million for the same period in 2016. During the first quarter of 2016, the higher maintenance rents were primarily driven by lease terminations and amendments. Net gain on sale of assets for the first quarter of 2017 was $47.3 million, relating to 21 aircraft sold and three aircraft reclassified to finance leases, compared with $19.0 million for the same period in 2016, relating to 19 aircraft sold and nine aircraft reclassified to finance leases. Other income for the first quarter of 2017 was $32.5 million, compared with $9.3 million for the same period in 2016. During the first quarter of 2017, the increase in other income was primarily related to contractual payments from a lease termination agreement with a lessee. As shown in the table above, adjusted interest expense was $279.2 million in the first quarter of 2017, compared with $273.6 million for the same period in 2016. Annualized net spread was 9.2% in the first quarter of 2017, compared with 9.8% for the same period in 2016. The decrease was primarily a result of the lower age of our owned fleet and the higher average cost of debt. Our average cost of debt increased primarily due to the issuance of new longer-term bonds to replace shorter-term ILFC notes, which had lower reported interest expense as a result of ILFC acquisition purchase accounting. We did not record any asset impairment charges for the first quarter of 2017, compared to $44.6 million recorded for the same period in 2016. Asset impairment recorded in the first quarter of 2016 was driven by impairments resulting from lease termination and amendments, which were more than offset by $62.1 million primarily due to the release of maintenance rents. Leasing expenses were $122.4 million for the first quarter of 2017, compared with $167.4 million for the same period in 2016. The decrease in leasing expenses was primarily related to lower maintenance rights expense due to fewer maintenance events during the first quarter of 2017. Restructuring related expenses were $9.9 million for the first quarter of 2017, compared with $12.6 million for the same period in 2016. Restructuring related expenses in the first quarter of 2017 and 2016 represented non-recurring charges related to the downsizing of AeroTurbine. AerCap’s effective tax rate was 13.0% during the first quarter of 2017, compared to 13.5% for the same period in 2016. The effective tax rate for the full year 2016 was 14.5%. The effective tax rate in any year is impacted by the source and amount of earnings among AerCap’s different tax jurisdictions. As of March 31, 2017, AerCap’s portfolio consisted of 1,541 aircraft that were owned, on order or managed (including aircraft owned by AerDragon, a non-consolidated joint venture). The average age of our owned fleet as of March 31, 2017 was 7.3 years and the average remaining contracted lease term was 6.5 years. We have authorized a new $300 million share repurchase program, which will run through September 30, 2017. Repurchases under the program may be made through open market purchases or privately negotiated transactions in accordance with applicable U.S. federal securities laws. The timing of repurchases and the exact number of common shares to be purchased will be determined by the Company’s management, in its discretion, and will depend upon market conditions and other factors. The program will be funded using the Company’s cash on hand and cash generated from operations. The program may be suspended or discontinued at any time. Notes Regarding Financial Information Presented in This Press Release The financial information presented in this press release is not audited. Due to rounding, numbers presented throughout this document may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures. In connection with the ILFC transaction, we have recognized maintenance rights intangible assets associated with existing leases on the legacy ILFC aircraft and we are expensing these assets during the remaining lease terms. The maintenance rights amortization impact represents the difference between expensing the maintenance rights intangible assets on a more accelerated basis during the remaining lease terms as compared to expensing these assets on a straight-line basis over the remaining economic life of the aircraft. The following is a definition of non-GAAP measures used in this press release. We believe these measures may further assist investors in their understanding of our operational performance. Adjusted debt/equity ratio. This measure is the ratio obtained by dividing adjusted debt by adjusted equity. Adjusted debt and adjusted equity are adjusted by the 50% equity credit to reflect the equity nature of those financing arrangements and to provide information that is consistent with definitions under certain of our debt covenants. Net interest margin, or net spread (refer to the second table under the Revenue and Net Spread section of this press release). This measure is the difference between basic lease rents and interest expense, excluding the impact of the mark-to-market of interest rate caps and swaps. We believe this measure may further assist investors in their understanding of the changes and trends related to the earnings of our leasing activities. This measure reflects the impact from changes in the number of aircraft leased, lease rates, utilization rates, as well as the impact from changes in the amount of debt and interest rates. In connection with the earnings release, management will host an earnings conference call today, Tuesday, May 9, 2017, at 8:30 am Eastern Daylight time. The call can be accessed live by dialing (U.S./Canada) +1 719 325 2385 or (International) +353 1 246 5638 and referencing code 9781821 at least 5 minutes before start time, or by visiting AerCap’s website at www.aercap.com under “Investor Relations”. The webcast replay will be archived in the “Investor Relations” section of the Company’s website for one year. For further details and to register for this event please email: aercap@instinctif.com. For further information, contact Brian Canniffe: +353 1 418 0461 (bcanniffe@aercap.com) or Mark Walter (Instinctif Partners): +44 20 7457 2020 (aercap@instinctif.com). AerCap is the global leader in aircraft leasing with, as of March 31, 2017, 1,541 owned, managed or on order aircraft in its portfolio. AerCap has one of the most attractive order books in the industry. AerCap serves approximately 200 customers in approximately 80 countries with comprehensive fleet solutions. AerCap is listed on the New York Stock Exchange (AER) and has its headquarters in Dublin with offices in Shannon, Los Angeles, Singapore, Amsterdam, Fort Lauderdale, Miami, Shanghai, Abu Dhabi, Seattle and Toulouse. This press release contains certain statements, estimates and forecasts with respect to future performance and events. These statements, estimates and forecasts are "forward-looking statements". In some cases, forward-looking statements can be identified by the use of forward-looking terminology such as "may," "might," "should," "expect," "plan," "intend," "estimate," "anticipate," "believe," "predict," "potential" or "continue" or the negatives thereof or variations thereon or similar terminology. All statements other than statements of historical fact included in this press release are forward-looking statements and are based on various underlying assumptions and expectations and are subject to known and unknown risks, uncertainties and assumptions, and may include projections of our future financial performance based on our growth strategies and anticipated trends in our business. These statements are only predictions based on our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied in the forward-looking statements. As a result, we cannot assure you that the forward-looking statements included in this press release will prove to be accurate or correct. In light of these risks, uncertainties and assumptions, the future performance or events described in the forward-looking statements in this press release might not occur. Accordingly, you should not rely upon forward-looking statements as a prediction of actual results and we do not assume any responsibility for the accuracy or completeness of any of these forward-looking statements. Except as required by applicable law, we do not undertake any obligation to, and will not, update any forward-looking statements, whether as a result of new information, future events or otherwise. For more information regarding AerCap and to be added to our email distribution list, please visit www.aercap.com and follow us on Twitter www.twitter.com/aercapnv.


CALGARY, ALBERTA--(Marketwired - May 25, 2017) - Trilogy Energy Corp. ("Trilogy" or the "Company") (TSX:TET) is pleased to announce that it has entered into an agreement to sell certain Duvernay assets in the Kaybob area of Alberta and provide an update on its previously announced asset sale in the Grande Prairie area of Alberta. Trilogy has entered into a definitive agreement to sell approximately 9.75 net sections of Duvernay mineral rights in its Kaybob Duvernay play and its 11.0% interest in a non-operated gas plant for cash consideration of $60 million (before adjustments). The predominantly non-operated Duvernay sale assets have an average production (net to Trilogy) of approximately 640 Boe/d (2.6 MMcf/d of natural gas and 200 Bbl/d of natural gas liquids) for the month of April, 2017. The transaction includes Trilogy's Total Proved Developed Producing reserves attributable to such assets of approximately 879 MBoe as of December 31, 2016, based on the year end reserves estimate completed by Trilogy's independent reserves evaluator. After completion of this sale, Trilogy will continue to hold a substantial land position in the Kaybob area Duvernay play with approximately 175 net sections (112,000 net acres) of land in areas prospective for Duvernay shale development. The sale is effective May 1, 2017 and is expected to be completed on or about May 31, 2017. Trilogy also confirms that its previously announced sale of certain Valhalla assets in the Grande Prairie area of Alberta for cash consideration of $50 Million (before adjustments) remains conditional pending purchaser's receipt of the Alberta Energy Regulator ("AER") approvals for the transfer of the wells, pipelines and facilities. The sale is effective May 1, 2017 and is expected to be completed by the end of May provided the AER approvals are received. Proceeds from the sale of the two transactions described above will be applied to reduce Trilogy's indebtedness under its revolving credit facility. Upon closing of the Valhalla area asset sale, Trilogy's borrowing base will be reduced from $300 million to $290 million. Upon closing of the Duvernay asset sale, Trilogy's borrowing base will be reduced from $290 million to $285 million. Provided that both of these transactions close by the end of May, 2017, proforma, Trilogy will be drawn $175 million as at May 31, 2017 under its revolving credit facility leaving Trilogy with capacity of $110 million under such facility. After positive first quarter operational results and factoring in the impact of the two above mentioned asset sales, Trilogy maintains its current average 2017 annual production guidance of 24,000 Boe/d. Trilogy is a petroleum and natural gas-focused Canadian energy corporation that actively develops, produces and sells natural gas, crude oil and natural gas liquids. Trilogy's geographically concentrated assets are primarily high working interest properties that provide abundant low-risk infill drilling opportunities and good access to infrastructure and processing facilities, many of which are operated and controlled by Trilogy. Trilogy's common shares are listed on the Toronto Stock Exchange under the symbol "TET". Certain information included in this news release constitutes forward-looking statements under applicable securities legislation. Forward-looking statements or information typically contain statements with words such as "anticipate", "believe", "expect", "plan", "intend", "estimate", "propose", "budget", "goal", "objective", "possible", "probable", "projected", scheduled", or state that certain actions, events or results "may", "could", should", "would," "might", or "will" be taken, occur or be achieved, or similar words suggesting future outcomes or statements regarding an outlook. Forward-looking statements or information in this news release include, but are not limited to: Such forward-looking statements or information are based on a number of assumptions which may prove to be incorrect. In addition to other assumptions identified in this document, assumptions have been made regarding, among other things: Although Trilogy believes that the expectations reflected in such forward-looking statements or information are reasonable, undue reliance should not be placed on forward-looking statements because Trilogy can give no assurance that such expectations will prove to be correct. Forward-looking statements or information are based on current expectations, estimates and projections that involve a number of risks and uncertainties which could cause actual results to differ materially from those anticipated by Trilogy and described in the forward-looking statements or information. These risks and uncertainties include but are not limited to: other risks and uncertainties described elsewhere in this document and in Trilogy's other filings with Canadian securities authorities, including its Annual Information Form. The forward-looking statements and information contained in this news release are made as of the date hereof and Trilogy undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws. This document contains disclosure expressed as "Boe/d" and "MBoe ". All oil and natural gas equivalency volumes have been derived using the ratio of six thousand cubic feet of natural gas to one barrel of oil (6:1). Equivalency measures may be misleading, particularly if used in isolation. A conversion ratio of six thousand cubic feet of natural gas to one barrel of oil is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the well head. For Q1 2017, the ratio between Trilogy's average realized oil price and the average realized natural gas price was approximately 20:1 ("Value Ratio"). The Value Ratio is obtained using the Q1 2017 average realized oil price of $61.36 (CAD$/Bbl) and the Q1 2017 average realized natural gas price of $3.09 (CAD$/Mcf).This Value Ratio is significantly different from the energy equivalency ratio of 6:1 and using a 6:1 ratio would be misleading as an indication of value. All reserves information in this News Release is gross reserves. Gross reserves means Trilogy's working interest (operating or non-operating) share before deduction of royalties and without including any royalty interest of Trilogy. Reserves estimates are based on the independent engineering evaluation prepared by McDaniel & Associates Consultants Ltd. dated March 7, 2017, evaluating Trilogy's crude oil, natural gas and natural gas liquids reserves effective as of December 31, 2016.


DUBLIN--(BUSINESS WIRE)--AerCap Holdings N.V. ("AerCap") (NYSE: AER) today announced it has filed an interim financial report including its unaudited condensed consolidated financial statements and notes for the first quarter ended March 31, 2017 with the U.S. Securities and Exchange Commission (the "SEC"). AerCap's Form 6-K can be accessed on the Investor Relations page of the Company's website at www.aercap.com, as well as on the SEC's website at www.sec.gov. AerCap is the global leader in aircraft leasing with, as of March 31, 2017, 1,541 owned, managed or on order aircraft in its portfolio. AerCap has one of the most attractive order books in the industry. AerCap serves approximately 200 customers in approximately 80 countries with comprehensive fleet solutions. AerCap is listed on the New York Stock Exchange (AER) and has its headquarters in Dublin with offices in Amsterdam, Los Angeles, Shannon, Fort Lauderdale, Miami, Singapore, Shanghai, Abu Dhabi, Seattle and Toulouse. This press release contains certain statements, estimates and forecasts with respect to future performance and events. These statements, estimates and forecasts are "forward-looking statements". In some cases, forward-looking statements can be identified by the use of forward-looking terminology such as "may," "might," "should," "expect," "plan," "intend," "estimate," "anticipate," "believe," "predict," "potential" or "continue" or the negatives thereof or variations thereon or similar terminology. All statements other than statements of historical fact included in this press release are forward-looking statements and are based on various underlying assumptions and expectations and are subject to known and unknown risks, uncertainties and assumptions, and may include projections of our future financial performance based on our growth strategies and anticipated trends in our business. These statements are only predictions based on our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied in the forward-looking statements. As a result, we cannot assure you that the forward-looking statements included in this press release will prove to be accurate or correct. In light of these risks, uncertainties and assumptions, the future performance or events described in the forward-looking statements in this press release might not occur. Accordingly, you should not rely upon forward-looking statements as a prediction of actual results and we do not assume any responsibility for the accuracy or completeness of any of these forward-looking statements. Except as required by applicable law, we do not undertake any obligation to, and will not, update any forward-looking statements, whether as a result of new information, future events or otherwise. For more information regarding AerCap and to be added to our email distribution list, please visit www.aercap.com and follow us on Twitter www.twitter.com/aercapnv.


News Article | May 10, 2017
Site: www.businesswire.com

DUBLIN--(BUSINESS WIRE)--AerCap Holdings N.V. (“AerCap”) (NYSE: AER) has announced it has delivered a Boeing 787-9 to Chinese carrier, Hainan Airlines. The delivery signifies AerCap’s first 787-9 to deliver to the airline and its 55th delivery of the aircraft type. Hainan Airlines now operates twenty 787s, of which ten are 787-9 aircraft. With over 80 aircraft owned and on order, AerCap is the world’s largest 787 lessor. AerCap President and Chief Commercial Officer Philip Scruggs said, “We are very pleased to deliver our first 787 to Hainan Airlines. This is our 55th Dreamliner. The 787 is a perfect choice for Hainan Airlines, offering unparalleled levels of passenger comfort to support the airline’s high quality service standards and innovation. In addition, the Dreamliner provides exceptional value to airlines due to its advanced technology and fuel efficiency. We wish Hainan Airlines continued success.” AerCap is the global leader in aircraft leasing with, as of March 31, 2017, 1,541 owned, managed or on order aircraft in its portfolio. AerCap has one of the most attractive order books in the industry. AerCap serves approximately 200 customers in approximately 80 countries with comprehensive fleet solutions. AerCap is listed on the New York Stock Exchange (AER) and has its headquarters in Dublin with offices in Amsterdam, Los Angeles, Shannon, Fort Lauderdale, Miami, Singapore, Shanghai, Abu Dhabi, Seattle and Toulouse. This press release contains certain statements, estimates and forecasts with respect to future performance and events. These statements, estimates and forecasts are "forward-looking statements." In some cases, forward-looking statements can be identified by the use of forward-looking terminology such as "may," "might," "should," "expect," "plan," "intend," "estimate," "anticipate," "believe," "predict," "potential" or "continue" or the negatives thereof or variations thereon or similar terminology. All statements other than statements of historical fact included in this press release are forward-looking statements and are based on various underlying assumptions and expectations and are subject to known and unknown risks, uncertainties and assumptions, and may include projections of our future financial performance based on our growth strategies and anticipated trends in our business. These statements are only predictions based on our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied in the forward-looking statements. As a result, we cannot assure you that the forward-looking statements included in this press release will prove to be accurate or correct. In light of these risks, uncertainties and assumptions, the future performance or events described in the forward-looking statements in this press release might not occur. Accordingly, you should not rely upon forward-looking statements as a prediction of actual results and we do not assume any responsibility for the accuracy or completeness of any of these forward-looking statements. Except as required by applicable law, we do not undertake any obligation to, and will not, update any forward-looking statements, whether as a result of new information, future events or otherwise. For more information regarding AerCap and to be added to our email distribution list, please visit www.aercap.com and follow us on Twitter www.twitter.com/aercapnv.


Trilogy Energy Corp. (TSX:TET) ("Trilogy") is pleased to announce its financial and operating results for the quarter-ended March 31, 2017. Operations Update for the First Quarter 2017 Trilogy's first quarter 2017 production was 25,133 Boe/d (38 percent oil and natural gas liquids), an increase of 11 percent from fourth quarter 2016 production of 22,565 Boe/d (32 percent oil and natural gas liquids). The increase in first quarter production reflects the impact of new horizontal Montney and Duvernay wells drilled and completed in the fourth quarter 2016 and first quarter 2017. Three wells drilled late in the fourth quarter of 2016 were fracture stimulated in January and on production in February 2017. Trilogy drilled 6 horizontal Montney oil wells during the first quarter, of which 3 were completed and on production in late March. Funds flow from operations was $36.4 million and net capital expenditures were $41.0 million for the first quarter. Second quarter capital spending is estimated to be between $20-$25 million, depending on weather and ground conditions during the quarter. Subsequent to the end of the first quarter, Trilogy announced that it has agreed to sell certain assets located in the Grande Prairie area of Alberta for cash consideration of $50 Million (before customary adjustments). The transaction is conditional upon the purchaser's receipt of the Alberta Energy Regulator ("AER") approvals for the transfer of the wells, pipelines and facilities. The assets being sold consist of approximately 44,427 net acres of mineral rights (including approximately 11,500 net acres of Montney/Doig mineral rights) in the Valhalla area along with current net production of approximately 1,100 Boe/d (16 percent oil and natural gas liquids) net to Trilogy, estimated Total Proved Developed Producing reserves of approximately 1,800 MBoe and Total Proved plus Probable reserves of approximately 5,500 MBoe, each as at December 31, 2016, net of Q1 2017 production. The sale is effective May 1, 2017 and is expected to be completed before the end of May 2017, provided the purchaser receives the above mentioned AER approvals. Proceeds from the sale will be applied to reduce Trilogy's indebtedness under its revolving credit facility. The shift from hydrocarbon-based to water-based fracture stimulations in early 2016 reduced completion costs and allowed the Company to economically increase proppant volume and decrease stage spacing, thereby better distributing proppant along the length of the lateral wellbore. Trilogy varied sand volumes from 10 tonnes per stage in the Company's original horizontal Montney oil wells to as much as 20 tonnes per stage in recent wells. At the same time, stage spacing was reduced from 75 meters per stage in the original wells to 50 to 65 meters in recent wells. In addition, completion pump rates have increased substantially, resulting in increased fracture complexity. All of these factors combined have contributed to higher initial well productivity as compared to the Company's first generation Montney oil wells. Trilogy has allocated approximately $60 million towards further development of its Montney oil pool in 2017. The majority of the capital will be allocated to drill 15 wells and complete 18 wells in the pool, incorporating the efficiencies from the Company's 2016 Montney drilling and completion program. To date, 6 wells have been drilled in the first quarter with plans to drill at least 9 additional horizontal wells through the second half of 2017. Trilogy also intends to allocate capital to a water disposal project, an enhanced recovery gas reinjection pilot project and to the construction of pad sites and pipelines intended for future development of the pool. The following table updates production results to April 30, 2017 for the 9 horizontal Montney oil wells that were drilled, completed and brought on production in 2016, the 3 wells that were drilled in 2016 and completed in the first quarter of 2017. The variable results reflect the evolution of completion techniques described above and the amount of time the wells have been on production. Trilogy's 2017 budget provided approximately $30 million to develop 6 (6.0 net) wells in the Presley Montney liquids-rich gas pool. Trilogy drilled 3 (3.0 net) extended length horizontal wells (each approximately 2 miles in lateral length) into the pool in the first quarter and is currently drilling a 3-well pad (1 mile laterals) through the second quarter. One of the extended reach lateral wells was fracture stimulated in April and is expected to be on production in early May. The remaining 2 wells are expected to be completed in mid-May and on production in mid-June once break up is over. The 3-well pad currently being drilled is expected to be completed and tied in during the third quarter. Trilogy plans to continue to prepare drilling locations and evaluate infrastructure alternatives for the Montney gas pool as well as operated Duvernay production in the Presley area, so as to be prepared for full field development when commodity prices increase. Trilogy did not have any Duvernay spending in the first quarter but is preparing to build on the success of the Company's recent wells and will be monitoring industry drilling, completion and production results adjacent to its Duvernay acreage. The 2 horizontal Duvernay wells Trilogy drilled in 2016 were drilled and completed on single well pads at a cost of approximately $10.2 million per well. Trilogy expects to realize significant reduction in costs relative to previous Duvernay wells once multi-well pad development begins. The following table summarizes the production up to April 30, 2017 from the 2 Duvernay horizontal wells drilled in 2016. Trilogy has allocated approximately $35 million towards Duvernay projects in the second half of 2017. The decision to execute this portion of the capital budget will be made later in the year. Trilogy may consider monetizing a portion of its Duvernay acreage to help fund the development of the remaining Duvernay acreage. This could potentially include a joint venture arrangement, external sources of funding to accelerate the commercial development of some of this acreage or a sale of a portion of the Company's Duvernay acreage. Trilogy has processing capacity in place to produce volumes from its Duvernay development plan for the initial two to three year development period; however, to produce Trilogy's longer term Duvernay development plan, Trilogy will require access to additional operated and non-operated natural gas processing and NGL handling infrastructure. Trilogy plans to execute a 2017 capital spending budget that is within anticipated 2017 funds flow from operations based on Trilogy's 2017 production expectations and forecasted pricing for the year. The level of capital spending in the second half of the year will depend on commodity prices and will primarily impact the Duvernay projects later in 2017. Given the encouraging production results to date, which is expected to offset the impact of the aforementioned Grande Prairie disposition, Trilogy continues to reaffirm its 2017 annual guidance as follows: Trilogy's financial and operating results for the first quarter of 2017, including Management's Discussion and Analysis and the Company's Unaudited Interim Consolidated Financial Statements and related Notes as at and for the quarter-ended March 31, 2017 can be obtained at http://media3.marketwire.com/docs/Q1-2017REPORT.pdf. These reports will also be made available through Trilogy's website at www.trilogyenergy.com and SEDAR at www.sedar.com. Trilogy is a petroleum and natural gas-focused Canadian energy corporation that actively develops, produces and sells natural gas, crude oil and natural gas liquids. Trilogy's geographically concentrated assets are primarily, high working interest properties that provide abundant low-risk infill drilling opportunities and good access to infrastructure and processing facilities, many of which are operated and controlled by Trilogy. Trilogy's common shares are listed on the Toronto Stock Exchange under the symbol "TET". Certain measures used in this document, including "adjusted EBITDA", "consolidated debt", "finding and development costs", "funds flow from operations", "operating income", "net debt", "operating netback", "recycle ratio" and "senior debt" collectively the "Non GAAP measures" do not have any standardized meaning as prescribed by IFRS and previous GAAP and, therefore, are considered Non-GAAP measures. Non-GAAP measures are commonly used in the oil and gas industry and by Trilogy to provide Shareholders and potential investors with additional information regarding the Company's liquidity and its ability to generate funds to finance its operations. However, given their lack of standardized meaning, such measurements are unlikely to be comparable to similar measures presented by other issuers. "Adjusted EBITDA" refers to "Funds flow from operations" plus cash interest, tax expenses, certain other items (accrued cash remuneration costs for its employees - deducted from EBITDA when paid) that do not appear individually in the line items of the Company's financial statements, in addition to pro-forma adjustments for properties acquired or disposed of in the period and the exclusion of revenues or losses of an extraordinary and non-recurring nature. "Consolidated debt" generally includes all long-term debt plus any issued and undrawn letters of credit, less any cash held. "Finding and development costs" refers to all capital expenditures and costs of acquisitions, excluding expenditures where the related assets were disposed of by the end of the year, and including changes in future development capital on a total proved or total proved plus probable basis. "Finding and development costs per Barrel of oil equivalent" ("F&D $/Boe") is calculated by dividing finding and development costs by the current year's reserve extensions, discoveries and revisions on a total proved or total proved plus probable reserve basis. Management uses finding and development costs as a measure to assess the performance of the Company's resources required to locate and extract new hydrocarbon reservoirs. "Funds flow from operations" refers to the cash flow from operating activities before net changes in operating working capital as shown in the consolidated statements of cash flows. Management utilizes funds flow from operations as a key measure to assess the ability of the Company to finance dividends, operating activities, capital expenditures and debt repayments. "Operating income" is equal to petroleum and natural gas sales before financial instruments and bad debt expenses minus royalties, operating charges, and transportation costs. Management uses this metric to measure the discrete operating results of its oil and gas properties. "Operating netback" refers to operating income plus realized financial instrument gains and losses and other income minus actual decommissioning, restoration, and remediation costs incurred. Operating netback provides management with a more fulsome metric on its oil and gas properties considering strategic decisions (for example, hedging programs) and associated full life cycle charges. "Net debt" is calculated as current liabilities minus current assets excluding assets and liabilities held for sale therein plus long-term debt. Management utilizes net debt as a key measure to assess the liquidity of the Company. "Recycle ratio" is equal to "Operating netback" on a production barrel of oil equivalent for the year divided by "F&D $/Boe" (computed on a total proved or total proved plus probable reserve basis as applicable). Management uses this metric to measure the profitability of the Company in turning a barrel of reserves into a barrel of production. "Senior debt" is generally defined as "Consolidated debt" but excluding any indebtedness under the Senior Unsecured Notes. Investors are cautioned that the Non-GAAP measures should not be considered in isolation or construed as alternatives to their most directly comparable measure calculated in accordance with IFRS, as set forth above, or other measures of financial performance calculated in accordance with IFRS. Certain statements included in this document (including this MD&A and the Operations Update) constitute forward-looking statements under applicable securities legislation. Forward-looking statements or information typically contain statements with words such as "anticipate", "believe", "expect", "plan", "intend", "estimate", "propose", "budget", "goal", "objective", "possible", "probable", "projected", "scheduled", or state that certain actions, events or results "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved, or similar words suggesting future outcomes or statements regarding an outlook. Forward-looking statements or information in this document include but are not limited to statements regarding: Statements regarding "reserves" are forward-looking statements, as they involve the implied assessment, based on certain estimates and assumptions, that the reserves described exist in the quantities predicted or estimated, and can be profitably produced in the future. Such forward-looking statements or information are based on a number of assumptions which may prove to be incorrect. In addition to other assumptions identified in this document, assumptions have been made regarding, among other things: Although Trilogy believes that the expectations reflected in such forward-looking statements or information are reasonable, undue reliance should not be placed on forward-looking statements because Trilogy can give no assurance that such expectations will prove to be correct. Forward-looking statements or information are based on current expectations, estimates and projections that involve a number of risks and uncertainties which could cause actual results to differ materially from those anticipated by Trilogy and described in the forward-looking statements or information. These risks and uncertainties include but are not limited to: The foregoing lists are not exhaustive. Additional information on these and other factors which could affect the Company's operations or financial results are included in the Company's most recent Annual Information Form and in other documents on file with the Canadian Securities regulatory authorities. The forward-looking statements or information contained in this document are made as of the date hereof and Trilogy undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws. This document contains disclosure expressed as "Boe", "MBoe", "Boe/d", "Mcf", "Mcf/d", "MMcf", "MMcf/d", "Bcf", "Bbl", and "Bbl/d". All oil and natural gas equivalency volumes have been derived using the ratio of six thousand cubic feet of natural gas to one barrel of oil (6:1). Equivalency measures may be misleading, particularly if used in isolation. A conversion ratio of six thousand cubic feet of natural gas to one barrel of oil is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the well head. For Q1 2017, the ratio between Trilogy's average realized oil price and the average realized natural gas price was approximately 20:1 ("Value Ratio"). The Value Ratio is obtained using the Q1 2017 average realized oil price of $61.36 (CAD$/Bbl) and the Q1 2017 average realized natural gas price of $3.09 (CAD$/Mcf). This Value Ratio is significantly different from the energy equivalency ratio of 6:1 and using a 6:1 ratio would be misleading as an indication of value.


The present invention relates to a speed measurement system allowing the relative speed V of a moving body in relation to an ambient air mass to be measured independently of the atmospheric conditions, the moving body being designed to move at least at subsonic and transonic speeds. The speed measurement system comprises:


News Article | February 17, 2017
Site: www.marketwired.com

CALGARY, ALBERTA--(Marketwired - Feb. 17, 2017) - Members of the media are invited to attend a technical briefing to learn about the Alberta Energy Regulator's new approach to reporting on industry performance, which will include pipeline performance results from 2015 and 2016. Representatives from the AER will be available for comment. A live webcast will be available for media who are unable to attend. To participate in the webcast, please email media@aer.ca, before 12:00 p.m. on Tuesday, February 21. AER will provide login information for the webcast upon registration.


News Article | February 15, 2017
Site: www.marketwired.com

CALGARY, ALBERTA--(Marketwired - Feb. 14, 2017) - Members of the media are invited to a briefing on corporate enforcement action taken by the Alberta Energy Regulator (AER). Representatives from the AER will be available for comment. A live audiocast will be available for media who are unable to attend. To register, please RSVP before 9 a.m. on Wednesday, February 15. Upon registration, a web link to the audiocast and instructions for submitting questions during the technical briefing will be provided.


News Article | March 1, 2017
Site: cleantechnica.com

Yes, energy companies are bailing on Canadian tar sands oil. The latest to pull back is Royal Dutch Shell, which just let word slip that it will probably not expand its operations in Canada. ExxonMobil and Chevron recently went a step farther and wrote down their tar sands reserves, as did Norway’s Statoil last year. Even Koch Industries appears to have one foot out the door. That’s a significant development considering that the company has been among the top leaseholders in the tar sands oil field. Before you do a happy dance about Shell and tar sands oil, there are a few caveats. First, according to our friends over at Fuel Fix Shell has not yet come to a final decision about whether or not to expand its operations in Canada. It seems likely to go in the direction of not, but the company may be holding back to see if prices recover after others pull out. Second, Shell does have existing tar sands operations that it describes as “cash engines,” and those are likely to continue, at least into the near future. Shell could also up its involvement in other unconventional fossil energy operations, namely deep-water and shale drilling. To underscore the risks involved in those fields, consider BP’s Gulf oil spill disaster and the growing pile of evidence over the consequences of oil and gas fracking. However, the main point is that Shell and other companies are transitioning out of an energy field that has been widely described as a carbon bomb. For the record, Shell is getting into the wind power field as part of that transition. Statoil has also been pulling in more wind energy. On the other hand, Chevron bailed on its renewables division back in 2014, and ExxonMobil is…well, ExxonMobil. Last week in a blog post, the company’s new CEO suggested that algae biofuel could be a “game changer,” but that’s a long way off. Back in 2012, Inside Climate News documented a history of more than 50 years’ worth of involvement in the Canadian tar sands field on the part of Koch Industries. By extension, that includes an interest in the success of the Keystone XL tar sands oil pipeline. However, Koch Industries may not be immune to the tar sands slump. Last December, our friends over at Oil Price took a look at the Koch picture and came up with this: Koch Industries Inc. has become the latest in a long line of companies to move away from the Canadian oil sands, stating that it wants to pull out of a project in the Muskwa region. Previously the third largest leaseholder in the sector, Koch Industries cited both economic and regulatory uncertainties as the reason behind its decision. If you caught that thing about “regulatory uncertainties,” that refers to the movement to establish a federal carbon tax in Canada. To be clear, Oil Price notes that the “mass exodus from Canada’s oil sands” started long before the carbon tax movement began gathering steam, due to the global downward slide in oil prices: Regardless of the environmental impact, the high capital investment required and the low quality of oil produced makes the oil sands an economically challenging sector. Prices have been slowly recovering from their downturn, but Oil Price predicts that the regulatory environment, and pressure from environmental stakeholders, will continue to push down interest in the tar sands field. Well, that was last December. As it turns out, Oil Price was on to something when it conjectured that the Muskwa lease fell victim to economic fundamentals, not over-regulation. In January 2017, Canada’s National Observer took a dive into the Koch decision to cancel the $800 million tar sands lease in northern Alberta. National Observer came up with a letter to Alberta regulators from the Koch Oil Sands Operating subsidiary, in which the company blamed excessive regulation for its decision: “…The longer term risk of the project is further burdened with regulatory uncertainty around the Climate Leadership Program and its potential impacts on the project, from carbon tax to the emissions cap, both recently legislated by the Alberta government.” The letter gave plenty of ammo to the opposition party in terms of political positioning, but according to National Observer it was all hot air: In their public statements, neither they, nor Koch Industries mentioned that only two days after the withdrawal — very quietly — Koch Oil Sands Operating ULC filed an application to the AER for a brand new oilsands project near Bonnyville, Alta. Upon closer examination, National Observer pinpoints the primary rationale for cancelling one lease and entering into another: infrastructure. The Muskwa lease was in a remote area and would have cost “substantially more” than similar projects that are already located near roads, power lines and other vital infrastructure. When oil prices were going through the roof, it made financial sense to invest in new infrastructure, but that was then. Here’s an expert cited by National Observer: “The reality is that while this project may have made some economic sense under higher oil prices… with the expectation of oil prices now much more moderate, it really doesn’t make financial sense.” In contrast, the new project is in a developed region. Also helping to keep costs under control is the involvement of an experienced Canadian partner, Pengrowth Energy. Count Canadian tar sands oil down, not out. Follow me on Twitter and Google+. 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News Article | February 27, 2017
Site: www.prnewswire.co.uk

Ian Page, Chief Executive Officer: "Our core portfolio continues to grow, the enhanced product pipeline is delivering new products and good progress has been made on the rationalisation and integration of our recent acquisitions." The Group has performed strongly throughout the first six months of the financial year ending 30 June 2017 (the Period). This result has been driven by a solid revenue performance in our core businesses, good market penetration from recently launched pipeline products and a strong performance from our recent acquisitions. The operating profit performance has been enhanced by the successful rationalisation and integration of these acquisitions, prudent cost control in our core businesses and a significant favourable foreign exchange tail wind. -  Total Group revenue of £172.6 million, a growth of 34.7% at Constant Exchange Rate (CER) (55.9% at Actual Exchange Rate (AER)). -  Core (excluding acquisitions) European Pharmaceuticals (EU Pharmaceuticals) Segment revenue growth of 5.9% at CER (20.0% at AER). -  Core North American Pharmaceuticals (NA Pharmaceuticals) Segment revenue growth of 10.2% at CER (31.7% at AER). -  Sales growth across all product groups; Companion Animal Products (CAP), Food producing Animal Products (FAP), Equine and Diets. -  Underlying operating profit increased by 28.6% at CER (47.1% at AER). -  Net cash inflow from underlying operating activities of £43.9 million with a cash conversion of 124.0%. The Group continues to perform well with current trading meeting management expectations. Our core portfolio continues to grow, the enhanced product pipeline is delivering new products and good progress has been made on the rationalisation and integration of our recent acquisitions. The Board therefore remains confident in our strategy, our future prospects and our expectations for full year performance. To read the 2017 Half Yearly Report in full please visit http://www.dechra.com All growth rates for both underlying and reported financial results included in the Dechra report are at CER, unless otherwise stated. This shows the year on year growth rates as if exchange rates had remained the same as in the previous year. The Group presents a number of non-GAAP Alternative Performance Measures (APM's). This allows investors to understand better the underlying performance of the Group, by excluding amortisation of acquired intangibles and impairment (if any) of acquired intangibles, acquisition expenses, fair value of uplift of inventory acquired through business combinations, rationalisation costs, loss on extinguishment of debt, and fair value and other movements on deferred and contingent consideration. EBITDA is defined as underlying earnings before interest, tax, depreciation and amortisation.

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