/EINPresswire.com/ -- CALGARY, ALBERTA -- (Marketwired) -- 08/18/16 -- Steel Reef Infrastructure Corp. -

President's Message

On behalf of the Management of Steel Reef Infrastructure Corp. ("Steel Reef" or the "Company") I am pleased to report our financial and operational results for the second quarter of 2016.

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Financial Highlights
($ thousands, except
 production and per share      Three Months Ended       Six Months Ended
 data)                              June 30,                June 30,
                                   2016        2015        2016        2015
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Net earnings                      2,905         174       5,754       1,606
  Per share - basic and
   diluted                         0.02        0.00        0.04        0.01
Cash flow from operating
 activities                       7,969     (10,327)     13,433      (8,166)
EBITDA(i)                         6,625       2,317      13,140       5,111
Capital expenditures              9,934       8,022      20,698      21,859
Working capital (ii)             35,939      28,693      35,939      28,693
Processing throughput (net
 boe/day)                      12,070.0     7,788.7    12,206.7     7,194.0
Transmission throughput (net
 boe/day)                       5,915.6     3,336.2     5,777.2     3,745.9

Common shares outstanding   169,359,466 133,928,679 169,359,466 133,928,679
Weighted average number of
 shares outstanding
  basic                     161,612,921 128,936,769 147,953,180 121,985,639
  diluted                   166,946,560 133,119,637 153,286,819 126,168,507
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(i)  EBITDA is defined as earnings before interest, taxes, depreciation,
     amortization, unrealized gains and losses, accretion, impairment
     expenses and other non-cash charges. EBITDA is not a standard measure
     under GAAP.
(ii) Working capital is defined as current assets less current liabilities.

On August 18, 2016 Steel Reef declared a dividend of $0.015 per common share for the second quarter of 2016 payable on September 15, 2016 to all shareholders of record as of September 5, 2016.

Construction of the sour gas processing facility located in the Alameda area of Southeast Saskatchewan is proceeding as planned and commissioning continues to be expected in the fourth quarter of 2016.

Steel Reef is well positioned for future growth in this challenging energy market with a cash of balance in excess of $32 million and no amounts drawn on its $60 million credit facility at the beginning of the third quarter of 2016.

Thank you for your continued support,

Scott Southward, President and Chief Executive Officer

Contacts:
Steel Reef Infrastructure Corp.
Scott Southward
President and Chief Executive Officer
403.263.8333
403.237.9464 (FAX)

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