CLEARVIEW RESOURCES LTD. REPORTS 2024 YEAR END RESULTS

CALGARY, AB, April 24, 2025 /CNW/ - Clearview Resources Ltd. ("Clearview" or the "Company") is pleased to announce its financial and operational results for the year ended December 31, 2024.

2024 HIGHLIGHTS

• In the second quarter, Clearview disposed of certain underutilized infrastructure assets at its 100% owned Northville property in West Central Alberta for total cash proceeds of $10.8 million, including the receipt of $2.3 million as settlement of a contract between the Company and the acquirer;
• Immediately following the infrastructure disposition, the Company acquired approximately 100 barrels of oil equivalent per day ("boe/d") of production consisting of 70% oil, 23% natural gas and 7% natural gas liquids with a low production decline rate of 13% and 177 gross (177 net) sections of land of varying petroleum and natural gas rights for $3.1 million, after customary adjustments;
• In the third quarter, the Company closed a disposition of certain mineral rights on 24 sections of the undeveloped lands acquired by Clearview in the second quarter. The Company received a cash payment of $0.9 million and a gross overriding royalty on 13 of the sections;
• Generated adjusted funds flow⁽¹⁾ of $5.1 million ($0.43 per basic share) in 2024 while spending only $1.7 million on capital expenditures⁽²⁾ in the field, resulting in a net contribution to cash on hand;
• Net earnings increased to $2.8 million in 2024, primarily due to a gain on the disposition of $5.5 million, compared to a net loss of $4.0 million in 2023;
• In the second quarter, Clearview repaid all amounts outstanding on the Company's bank debt and subsequently established a $5.0 million revolving credit facility with a Saskatchewan based financial institution, replacing its previous lender; and
• Strengthened the financial position of the Company, having a surplus of $5.2 million at December 31, 2024, including cash on hand of $6.4 million, versus a net debt⁽¹⁾ of $3.7 million at the end of 2023.

FINANCIAL and OPERATIONAL RESULTS

Production for the year ended December 31, 2024 was down 8% to average 1,532 boe/d versus the comparative year of 2023 at 1,671 boe/d.  The decrease was primarily a result of normal production declines, production downtime resulting from turnarounds and production shut-in due to low natural gas prices.  These decreases were partially offset by the new well in Wilson Creek producing since late in the third quarter of 2023 and the oil wells acquired in the second quarter of 2024.

Adjusted funds flow⁽¹⁾ for the year ended December 31, 2024 was $5.1 million ($0.43 per basic share⁽³⁾), an increase of 35% compared to 2023.  Capital expenditures⁽²⁾ for 2024 were $1.7 million and the Company incurred decommissioning expenditures of $0.7 million during 2024.

Clearview had a surplus outstanding of $5.2 million at December 31, 2024, which included cash on hand of $6.4 million, no borrowings from its lender and the Company's convertible debentures of $1.2 million.

Notes

(1)	"Adjusted funds flow" and "net debt" are capital management measures that do not have any standardized meaning as prescribed by IFRS Accounting Standards and therefore may not be comparable with the calculations of similar measures of other entities.  See "Non-IFRS Measures" contained within this press release.
(2)	Non-IFRS measure or ratio that does not have any standardized meaning as prescribed by IFRS Accounting Standards and therefore may not be comparable with the calculations of similar measures or ratios of other entities.  See "Non-IFRS Measures" contained within this press release.
(3)	Supplementary financial measure that does not have any standardized meaning as prescribed by IFRS Accounting Standards and therefore may not be comparable with the calculations of similar measures of other entities.  See "Non-IFRS Measures" contained within this press release.

FINANCIAL and OPERATING HIGHLIGHTS

Financial

	Three months ended			Twelve months ended
($ thousands except per share amounts)	Dec. 31 2024	Dec. 31 2023	% Change	Dec. 31 2024	Dec. 31 2023	% Change
Oil and natural gas sales	4,961	6,931	(28)	20,849	24,824	(16)
Adjusted funds flow ^(1)	472	220	115	5,060	3,736	35
Per share – basic ^(2)	0.04	0.02	100	0.43	0.32	34
Per share – diluted ^(2)	0.04	0.02	100	0.39	0.32	22
Cash provided by operating activities	(379)	150	(353)	3,598	2,327	55
Per share – basic	(0.03)	0.01	(400)	0.31	0.20	55
Per share - diluted	(0.03)	0.01	(400)	0.28	0.20	40
Net earnings (loss)	(1,354)	(1,486)	(9)	2,804	(4,011)	(170)
Per share – basic	(0.11)	(0.13)	(15)	0.24	(0.34)	(171)
Per share - diluted	(0.11)	(0.13)	(15)	0.22	(0.34)	(165)
Net (debt) surplus ^(1)				5,234	(3,724)	(241)
Average shares outstanding	11,789	11,731	-	11,772	11,720	-

(1)	Capital management measure that does not have any standardized meaning as prescribed by IFRS Accounting  Standards and therefore may not be comparable with the calculations of similar measures of other entities.  See "Non-IFRS Measures" contained within this press release.
(2)	Supplementary financial measure that does not have any standardized meaning as prescribed by IFRS Accounting Standards and therefore may not be comparable with the calculations of similar measures of other entities.  See "Non-IFRS Measures" contained within this press release.

Production

	Three months ended			Twelve months ended
	Dec. 31 2024	Dec. 31 2023	% Change	Dec. 31 2024	Dec. 31 2023	% Change
Oil – bbl/d	372	458	(19)	375	381	(2)
Natural gas liquids – bbl/d	337	459	(27)	382	402	(5)
Total liquids – bbl/d	709	917	(23)	757	783	(3)
Natural gas – mcf/d	4,367	5,534	(21)	4,652	5,327	(13)
Total – boe/d	1,437	1,839	(22)	1,532	1,671	(8)

Realized sales prices ⁽¹⁾

	Three months ended			Twelve months ended
	Dec. 31 2024	Dec. 31 2023	% Change	Dec. 31 2024	Dec. 31 2023	% Change
Oil – $/bbl	91.96	97.04	(5)	95.31	97.16	(2)
NGLs – $/bbl	35.20	38.60	(9)	36.43	41.65	(13)
Natural gas – $/mcf	1.80	2.39	(25)	1.57	2.67	(41)
Total – $/boe	37.53	40.97	(8)	37.19	40.70	(9)

(1)	Supplementary financial measure that does not have any standardized meaning as prescribed by IFRS Accounting Standards and therefore may not be comparable with the calculations of similar measures of other entities.  See "Non-IFRS Measures" contained within this press release.

Netback analysis ⁽¹⁾

	Three months ended			Twelve months ended
Barrel of oil equivalent ($/boe)	Dec. 31 2024	Dec. 31 2023	% Positive (Negative)	Dec. 31 2024	Dec. 31 2023	% Positive (Negative)
Realized sales price	37.53	40.97	(8)	37.19	40.70	(9)
Royalties	(2.90)	(6.08)	52	(4.33)	(5.24)	17
Processing income	(0.21)	0.52	(140)	0.72	0.44	64
Transportation	(2.25)	(2.17)	(4)	(2.22)	(2.13)	(4)
Operating	(22.36)	(19.03)	(17)	(21.37)	(20.13)	(6)
Operating netback ^(2)	9.81	14.21	(31)	9.99	13.64	(27)
Realized gain (loss) – financial instruments	-	1.02	(100)	0.84	0.22	282
General and administrative	(4.86)	(4.20)	(16)	(5.25)	(4.58)	(15)
Other (costs) income	-	(9.35)	100	4.10	(2.59)	258
Transaction costs	(0.97)	-	(100)	(0.23)	(0.04)	(475)
Cash finance costs ^(2)	(0.42)	(0.38)	(11)	(0.42)	(0.53)	21
Corporate netback ^(2)	3.56	1.30	174	9.03	6.12	48

(1)	% Positive (Negative) is expressed as being positive (better performance in the category) or negative (reduced performance in the category) in relation to operating netback, corporate netback and net earnings.
(2)	Non-IFRS measure or ratio that does not have any standardized meaning as prescribed by IFRS Accounting Standards and therefore may not be comparable with the calculations of similar measures or ratios of other entities.  See "Non-IFRS Measures" contained within this press release.

OPERATIONS

As previously disclosed, production downtime due to unscheduled third-party turnarounds and maintenance continued from the third quarter of 2024 into October and November. This downtime primarily affected liquids-rich natural gas production with the benchmark AECO natural gas price averaging $1.28 per mcf during these two months; prices not seen since the COVID-19 pandemic. Production was restored in late November. The Company experienced total downtime in the fourth quarter of approximately 160 boe/d.

Based on field estimates, production in the first quarter of 2025 averaged 1,411 boe/d. Production in the quarter was negatively impacted by production freeze-offs during the bitter cold temperatures experienced in February as well as production back-out at Northville.  Total production downtime experienced in the first quarter of 2025 was approximately 140 boe/d.

As a result of the disposition of certain underutilized infrastructure assets in the second quarter at its 100% owned Northville property in West Central Alberta for gross proceeds of $10.8 million (the "Disposition"), the Company commenced infrastructure modifications in the third quarter of 2024 for some of its natural gas production in the area. This was the first of three projects related to a low-pressure inlet to ensure Clearview's ability to produce its natural gas at Northville, mitigating the previously mentioned production back-out. The Company commenced construction activities on the 100% owned low pressure inlet compression project in the first quarter of 2025 and expects to bring the new facility online imminently.  The remaining field booster compression project is expected to be completed and commissioned in early May.

The Company continued abandonment and reclamation activities through to the end of 2024, fulfilling its closure spend activities as mandated by the Alberta Energy Regulator ("AER") and has commenced its 2025 program. During the year, Clearview incurred $0.7 million of net operated expenditures on closure activities. The AER mandated closure spend for Clearview in 2025 is $0.6 million.

STRATEGIC REPOSITIONING PROCESS

Clearview continues to work with its financial advisor, ATB Securities Inc., in connection with its strategic repositioning process announced March 25, 2025.  The Company does not intend to comment further with respect to the process unless and until it determines that additional disclosure is appropriate in the circumstances and in accordance with applicable securities laws. Clearview also cautions that there are no guarantees that the process will result in any particular transaction, which may include, but are not limited to a corporate sale, a corporate merger or takeover, public listing of shares, asset dispositions or an asset acquisition or reorganization. The Company will continue to operate its business as usual as it undertakes this process.

Clearview would like to thank its shareholders for their continued support as we evaluate our internal development plans and external opportunities to grow production volumes and adjusted funds flow towards providing liquidity for shareholders.

Clearview's December 31, 2024 year-end audited financial statements and management's discussion and analysis are available on the Company's website at www.clearviewres.com and SEDAR+ at www.sedarplus.ca.

FOR FURTHER INFORMATION PLEASE CONTACT: 

Note Regarding Forward-Looking Statements

This press release contains forward-looking statements and forward-looking information (collectively "forward-looking information") within the meaning of applicable securities laws relating to the Company's plans and other aspects of our anticipated future operations, management focus, strategies, financial, operating and production results, industry conditions, commodity prices and business opportunities. Specifically, this press release has forward looking information with respect to: the strategic repositioning process, including the timing and results thereof.  Forward-looking information typically uses words such as "anticipate", "believe", "project", "expect", "goal", "plan", "intend" or similar words suggesting future outcomes, statements that actions, events or conditions "may", "would", "could" or "will" be taken or occur in the future. Statements relating to "reserves" are deemed to be forward-looking statements, as they involve the implied assessment, based on certain estimates and assumptions, that the reserves described can be profitably produced in the future.

The forward-looking information is based on certain key expectations and assumptions made by our management, including expectations and assumptions concerning prevailing commodity prices and differentials, exchange rates, applicable royalty rates and tax laws; the impact government assistance programs will have on the Company; the impact on energy demands going forward and the inability of certain entities, including actions of OPEC and OPEC+ members, trade relations and tariffs; the impact on commodity prices, production and cash flow due to production shut-ins; future exchange rates; future debt levels; the availability and cost of financing, labour and services; the impact of increasing competition and the ability to market oil and natural gas successfully and our ability to access capital. Although Clearview believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because Clearview can give no assurance that they will prove to be correct. Since forward-looking information addresses future events and conditions, by its very nature such information involves inherent risks and uncertainties which could include the possibility that Clearview will not be able to execute some or all of its ongoing programs; general economic and political conditions in Canada, the U.S. and globally, and in particular, the effect that those conditions have on commodity prices and our access to capital; further fluctuations in the price of crude oil, natural gas liquids and natural gas; fluctuations in foreign exchange or interest rates; adverse changes to differentials for crude oil and natural gas produced in Canada as compared to other markets and worsened transportation restrictions. These and other risks are set out in more detail in Clearview's Management Discussion and Analysis for the year ended December 31, 2024 and the Annual Information Form for the year ended December 31, 2024, each available on SEDAR+ at sedarplus.ca.

Our actual results, performance or achievement could differ materially from those expressed in, or implied by, the forward-looking information and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking information will transpire or occur, or if any of them do so, what benefits that we will derive therefrom. Management has included the above summary of assumptions and risks related to forward-looking information provided in this press release in order to provide securityholders with a more complete perspective on our future operations and such information may not be appropriate for other purposes. Readers are cautioned that the foregoing lists of factors are not exhaustive. These forward-looking statements are made as of the date of this press release and we disclaim any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.

Non-IFRS Measures

Throughout this press release and other materials disclosed by the Company, Clearview uses certain measures to analyze financial performance, financial position and cash flow. These non-IFRS and other financial measures do not have any standardized meaning prescribed under IFRS and therefore may not be comparable to similar measures presented by other entities. The non-IFRS and other financial measures should not be considered alternatives to, or more meaningful than, financial measures that are determined in accordance with IFRS as indicators of Clearview's performance. Management believes that the presentation of these non-IFRS and other financial measures provides useful information to shareholders and investors in understanding and evaluating the Company's ongoing operating performance, and the measures provide increased transparency and the ability to better analyze Clearview's business performance.

Capital Management Measures

Adjusted Funds Flow

Adjusted funds flow represents cash provided by operating activities before changes in operating non-cash working capital and decommissioning expenditures. The Company considers this metric as a key measure that demonstrate the ability of the Company's continuing operations to generate the cash flow necessary to maintain production at current levels and fund future growth through capital investment, to repay debt and return capital to shareholders. Management believes that this measure provides an insightful assessment of the Company's operations on a continuing basis by eliminating the actual settlements of decommissioning obligations, the timing of which is discretionary. Adjusted funds flow should not be considered as an alternative to or more meaningful than cash provided by operating activities as determined in accordance with IFRS as an indicator of the Company's performance. Clearview's determination of adjusted funds flow may not be comparable to that reported by other companies. Clearview also presents adjusted funds flow per share whereby per share amounts are calculated using weighted average shares outstanding consistent with the calculation of earnings per share.  Please refer to Note 16(e) "Capital Management" in Clearview's December 31, 2024 audited financial statements for additional disclosure on Adjusted Funds Flow.

Net Debt

Clearview closely monitors its capital structure with a goal of maintaining a strong balance sheet to fund the future growth of the Company. The Company monitors net debt as part of its capital structure. The Company uses net debt (current assets, excluding financial derivatives, less current liabilities, excluding financial derivatives, less convertible debentures) to assess financial strength, capacity to finance future development and to assist in assessing the liquidity of the Company. Please refer to Note 16(e) "Capital Management" in Clearview's December 31, 2024 audited financial statements for additional disclosure on Net Debt.

Non-IFRS Measures and Ratios

Capital Expenditures

Capital expenditures equals additions to property, plant & equipment and additions to exploration & evaluation assets.  Clearview considers capital expenditures to be a useful measure of adjusted funds flow used for capital reinvestment.  The most directly comparable IFRS measure to capital expenditures is additions to property, plant & equipment and additions to exploration & evaluation assets.

Cash Finance Costs

Cash finance costs is calculated as finance costs less accretion of decommission obligations and accretion of convertible debenture discount.  The most directly comparable IFRS measure to cash finance costs is finance costs. A reconciliation of cash finance costs to finance costs is set out below:

	Three months ended				Twelve months ended
($ thousands)	Dec. 31 2024		Dec. 31 2023		Dec. 31 2024	Dec. 31 2023
Finance costs		226	96		810	862
Accretion of decommissioning obligations and convertible debentures		(171)	(31)		(571)	(539)
Cash finance costs		55	65		239	323

Cash Finance Costs per boe

Cash finance costs per boe is calculated by dividing cash finance costs by total production volumes sold in the period.  Management considers cash finance costs per boe an important measure to evaluate the Company's cost of debt financing relative to the Company's corporate netback per boe.

Operating Netback per boe

Operating netback per boe is calculated by dividing operating netback by total production volumes sold in the period.  Operating netback equals oil and natural gas sales plus processing income, less royalties, transportation expenses and operating expenses. Management considers operating netback per boe an important measure to evaluate its operational performance as it demonstrates its field level profitability relative to current commodity prices.

Corporate Netback per boe

Corporate netback per boe is calculated as operating netback less general and administrative expenses and finance costs, plus/(minus) realized gains (losses) on financial instruments, minus(plus) other costs (income), plus accretion of decommissioning obligations and convertible debentures divided by total production volumes sold in the period.   Management considers corporate netback per boe an important measure to assist management and investors in assessing Clearview's overall cash profitability. 

Supplementary Financial Measures

Adjusted funds flow per share is comprised of adjusted funds flow divided by the basic weighted average common shares.

Adjusted funds flow per diluted share is comprised of adjusted funds flow divided by the diluted weighted average common shares.

Realized sales price – oil is comprised of light crude oil commodity sales from production, as determined in accordance with IFRS, before deduction of transportation costs and excluding gains and losses on financial instruments, divided by the Company's oil production.

Realized sales price - ngl is comprised of natural gas liquids commodity sales from production, as determined in accordance with IFRS, before deduction of transportation costs and excluding gains and losses on financial instruments, divided by the Company's ngl production.

Realized sales price – natural gas is comprised of natural gas commodity sales from production, as determined in accordance with IFRS, before deduction of transportation costs and excluding gains and losses on financial instruments, divided by the Company's natural gas production.

Realized sales price – total is comprised of oil and natural gas sales from production, as determined in accordance with IFRS, before deduction of transportation costs and excluding gains and losses on financial instruments, divided by the Company's total production on a boe basis.

Oil and Gas Advisories

This press release contains certain oil and gas metrics which do not have standardized meanings or standard methods of calculation and therefore such measures may not be comparable to similar measures used by other companies and should not be used to make comparisons.  Such metrics have been included in this document to provide readers with additional measures to evaluate our performance, however, such measures are not reliable indicators of our future performance and future performance may not compare to our performance in previous periods and therefore such metrics should not be unduly relied upon. Specifically, this press release contains the following metrics:

• Boe means barrel of oil equivalent on the basis of 6 mcf of natural gas to 1 bbl of oil. The term "boe" may be misleading, particularly if used in isolation. A boe conversion ratio of 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. In addition, 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, using a conversion on a 6: 1 basis may be misleading as an indication of value.

Abbreviations

Bbl	barrel
Boe	barrel of oil equivalent
Mbbl	thousands of barrels
Mboe	thousands of barrels of oil equivalent
MMboe	million barrels of oil equivalent
mcf	thousand cubic feet
MMbtu	millions of British thermal units
MMcf	million cubic feet

SOURCE Clearview Resources Ltd.