We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Exceed Energy | TSXV:EX.A | TSX Venture | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.00 | - |
Exceed Energy Inc. (TSX VENTURE:EX.A) (TSX VENTURE:EX.B) today announced that it has filed its audited financial statements and management's discussion and analysis for the year ended December 31, 2007 as well as the Company's NI 51-101 F1, F2 & F3, and the NI 52-109 CEO and CFO Certificates. This press release is meant to be read in concurrence with the above filed documents. Copies of these documents are available on SEDAR at www.sedar.com. In May, Exceed Energy Inc. ("Exceed" of the "Company") will file with the securities commissions its 2007 Management Information Circular, providing governance and voting information for shareholders in advance of the Company's June 24, 2008, annual general meeting. Financial Highlights for 2007 (year ended December 31, 2007 comparison to the same period in 2006, where applicable). - Revenue increased 70% - Netbacks improved by 21% - Finding costs for 2007 were $30.51 per BOE for proven plus probable reserves - Cash at end of period was $564,537 - Net loss reduced by 50% from previous year to $0.7 million or one cent per share. - Company gross reserves increase by 15% to 436.4 MBoe Selected Financial Information ---------------------------------------------------------------------------- Year ended Year ended December 31, December 31, Annual financial data 2007 2006 ---------------------------------------------------------------------------- Oil and natural gas revenue, net of royalties $ 2,913,017 $ 2,137,669 Operating expense 856,594 567,702 ---------------------------------------------------------------------------- Net operating income $ 2,056,423 $ 1,569,967 Net loss $ (745,495) $ (1,384,402) Per share, basic (0.01) (0.03) Per share, diluted (0.01) (0.03) Cash flow from operations (non GAAP) $ 1,225,611 $ 734,820 Per share, basic (non GAAP) 0.02 0.02 Per share, diluted (non GAAP) 0.02 0.02 Total assets $ 14,006,666 $ 15,236,871 Total liabilities $ 3,591,492 $ 3,358,874 Share capital data December 31, December 31, 2007 2006 ---------------------------------------------------------------------------- Number of class A common shares 41,368,007 41,710,007 Number of class B common shares 2,333,602 2,333,602 Number of options outstanding 2,100,000 2,104,000 Average exercise price $ 0.21 $ 0.21 Number of options exercisable 626,667 64,000 Number of compensation warrants exercisable 0 371,429 ---------------------------------------------------------------------------- Exceed Energy Inc. Balance Sheets At December 31, 2007 and December 31, 2006 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- 2007 2006 ---------------------------------------------------------------------------- Assets Current assets Cash and short term investments (Note 5) $ 564,537 $ 4,010,890 Accounts receivable 1,027,213 425,560 Prepaid expenses and deposits 81,369 32,239 ---------------------------------------------------------------------------- 1,673,119 4,468,689 Refundable deposit (Note 3) 123,077 147,342 Property and equipment (Note 4) 12,210,470 10,620,840 ---------------------------------------------------------------------------- $ 14,006,666 $ 15,236,871 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Liabilities and Shareholders' Equity Current liabilities Accounts payable and accrued liabilities (Note 7) $ 2,355,884 $ 2,415,749 Asset retirement obligation (Note 7) 207,472 174,328 Future income tax (Note 9) 1,028,136 768,797 ---------------------------------------------------------------------------- 3,591,492 3,358,874 Shareholders' equity Equity instruments (Note 8) 16,602,169 17,445,682 Contributed surplus (Note 8) 725,272 599,087 Deficit (6,912,267) (6,166,772) ---------------------------------------------------------------------------- 10,415,174 11,877,997 ---------------------------------------------------------------------------- $ 14,006,666 $ 15,236,871 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Commitments (Note 14) Subsequent events (Note 15) The accompanying notes are an integral part of these financial statements Note numbers in the Balance Sheet, Statements of Operations and Deficit, and Statements of Cash Flows refer to notes to be found in the Company's filed audited financial statements. Please refer to these documents filed at www.sedar.com. Exceed Energy Inc. Statements of Operations and Deficit Years Ended December 31, 2007 and 2006 2007 2006 ---------------------------------------------------------------------------- Revenue Oil and natural gas sales $ 3,580,328 $ 2,942,665 Royalty expense (net of Alberta Royalty Tax Credits) (667,312) (804,996) Interest and other income 76,752 118,237 ---------------------------------------------------------------------------- 2,989,768 2,255,906 Expenses Operating 856,594 567,702 General and administrative (Note 4) 846,978 665,089 Stock based compensation (Note 8) 96,652 192,466 Interest 43,410 201,551 Depletion, depreciation and amortization (Note 4) 2,352,922 2,438,787 Accretion of asset retirement obligation (Note 7) 28,599 34,924 Amortization of debenture issue costs - 47,113 Accretion of debenture obligation - 88,200 (Gain) on asset retirement obligation settlement (38,008) (10,013) ---------------------------------------------------------------------------- 4,187,147 4,225,819 ---------------------------------------------------------------------------- Loss before taxes (1,197,379) (1,969,913) Taxes Future tax recovery (Note 9) 451,884 585,511 ---------------------------------------------------------------------------- Net loss for the year (745,495) (1,384,402) Deficit, beginning of the year (6,166,772) (4,782,370) ---------------------------------------------------------------------------- Deficit, end of the year $ (6,912,267) $ (6,166,772) ---------------------------------------------------------------------------- Net loss per common share (Note 8) Basic and diluted $ (0.01) $ (0.03) ---------------------------------------------------------------------------- The accompanying notes are an integral part of these financial statements Exceed Energy Inc. Statement of Cash Flows Years Ended December 31, 2007 and 2006 2007 2006 ---------------------------------------------------------------------------- Cash provided by (used in) Operating Activities Net loss for the year $ (745,495) $ (1,384,402) Items not requiring cash Depletion, depreciation and amortization 2,352,922 2,438,787 Accretion of asset retirement obligation (Note 7) 28,599 34,924 Accretion of debenture obligation - 88,200 Amortization of debenture issue costs - 47,113 Future tax inrease (recovery) (451,884) (585,511) Stock based compensation 96,652 192,466 Gain on asset retirement obligation 38,008 10,013 Asset retirement liabilities settled (93,191) (106,770) ---------------------------------------------------------------------------- 1,225,611 734,820 Change in non-cash working capital related to operating activities (Note 11) (195,550) 124,142 ---------------------------------------------------------------------------- 1,030,061 858,962 Financing Activities Issue of share capital, net of costs - 2,109,648 Increase in share issuance costs (41,722) - Shares repurchased (61,035) (25,780) Change in non-cash working capital balances related to financing activities (Note 11) (4,064) (79,512) ---------------------------------------------------------------------------- (106,821) 2,004,356 Investing Activities Additions to property and equipment (3,883,512) (3,191,782) Dispositions of property and equipment 43,200 272,544 (Increase) decrease in refundable deposit 24,265 (97,567) Change in non-cash working capital balances related to investing activities (Note 11) (553,546) 1,305,316 ---------------------------------------------------------------------------- (4,369,593) (1,711,489) Increase (decrease) in cash and short-term investments (3,446,353) 1,151,829 Cash and short-term investments, beginning of year 4,010,890 2,859,061 ---------------------------------------------------------------------------- Cash and short-term investments, end of year $ 564,537 $ 4,010,890 ---------------------------------------------------------------------------- Cash interest payments $ 47,474 $ 255,283 ---------------------------------------------------------------------------- The accompanying notes are an integral part of these financial statements Additional Information Forward Looking Statements This press release may contain forward-looking statements including expectations of future production, cash flow and earnings. Certain information regarding Exceed in this news release including management's assessment of future plans and operations, timing of drilling and tie-in of wells, productive capacity of the new wells, expected production rates, drilling success rates, dates of commencement of production, may constitute forward-looking statements under applicable securities laws and necessarily involve risks. These statements are based on current expectations that involve a number of risks and uncertainties, which could cause actual results to differ from those anticipated. These risks include, but are not limited to: the risks associated with the oil and gas industry (e.g. operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projects relating to production, costs and expenses, and health, safety and environmental risks), commodity price, price and exchange rate fluctuation and uncertainties resulting from the potential delays or changes in plans with respect to exploration or development projects or capital expenditures. Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on these and other factors that could affect Exceed's operations or financial results are included in Exceed's reports on file with Canadian securities regulatory authorities that may be accessed at www.sedar.com or through the Company's website, www.exceedenergy.com. Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and Exceed does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws. Disclosure provided herein in respect of barrels of oil equivalent (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.
1 Year Exceed Energy Chart |
1 Month Exceed Energy Chart |
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions