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Share Name | Share Symbol | Market | Type |
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Stonefire Energy Corp | TSXV:SFE.B | TSX Venture | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0.00 | - |
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. Stonefire Energy Corp. (the "Corporation" or "Stonefire") (TSX VENTURE:SFE.A) (TSX VENTURE:SFE.B) is pleased to announce that it has filed on SEDAR its audited financial statements, related management's discussion and analysis ("MD&A") and its Annual Information Form for the year ended December 31, 2007. The Corporation has also filed today its reserves data and other oil and gas information for the year ended December 31, 2007 as mandated by National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities. Selected operational and financial results are outlined below and should be read in conjunction with Stonefire's audited financial statements and related MD&A. Copies of these filings can be found at www.sedar.com. ---------------------------------------------------------------------------- Financial and Operating Highlights ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Three months ended Year ended Dec 31, 2007 Dec 31, 2006 Dec 31, 2007 Dec 31, 2006 ---------------------------------------------------------------------------- ($ except share amounts) (unaudited) (unaudited) (audited) (audited) FINANCIAL Petroleum and natural gas revenues $ 1,720,144 $ 296,681 $ 2,880,146 $ 586,427 Funds flow from (used in) operations (1) 673,994 38,175 632,351 (161,619) Per share, basic and diluted (1) 0.03 0.00 0.03 (0.01) Net income (loss) 343,164 1,685 (399,404) (485,507) Per share, basic and diluted 0.01 0.00 (0.02) (0.04) Capital expenditures $ 4,850,234 $ 2,933,151 18,731,496 13,748,274 Working capital (deficit) (end of period) $ (7,691,921) $ 1,694,131 Shares outstanding (end of period) Class A, including shares under share purchase loans 18,265,000 11,850,000 Class B 1,012,000 1,012,000 Options 1,775,000 1,061,000 Weighted average shares outstanding Class A 16,701,821 11,096,739 14,803,815 9,197,397 Class B 1,012,000 1,012,000 1,012,000 806,827 Conversion of Class B shares (2) 9,108,000 4,641,631 9,108,000 3,700,589 ----------- ----------- ----------- ----------- Weighted average shares outstanding - basic 26,821,821 16,750,370 24,923,815 13,704,813 Class A share trading High $ 2.29 $ 4.00 Low 0.72 1.60 Close $ 0.80 $ 1.79 ---------------------------------------------------------------------------- OPERATIONS Production Natural gas liquids (bbls/d) 102 14 42 7 Natural gas (mcf/d) 1,629 336 735 186 Total (boe/d at 6:1) 373 70 164 38 Reference prices WTI (US$ per bbl) $ 90.69 $ 60.21 $ 72.34 $ 66.21 AECO (Cdn$ per GJ) 5.82 6.55 6.11 6.19 Average selling price Natural gas liquids (per bbl) 70.72 50.42 65.90 57.57 Natural gas (per mcf) 7.07 7.49 7.00 6.57 Operating netback (per boe at 6:1) 25.68 22.99 23.88 20.29 Funds flow netback (per boe at 6:1) $ 19.64 $ 5.93 $ 10.56 $ (11.65) (1) Management uses funds flow from operations (before changes in non-cash working capital) to analyze operating performance and leverage. Funds flow from operations as presented does not have any standardized meaning prescribed by Canadian generally accepted accounting principles (GAAP) and, therefore, may not be comparable with the calculation of similar measures by other entities. (2) For the year ended December 31, 2007, the Class B shares are converted at the Class A share price of $1.00 and added to the Class A shares to calculate basic shares outstanding. 2007 Corporate Highlights - Stonefire achieved a 2007 exit production rate of 611 boe/d based on field estimated production for the last week of December 2007, an all-time high for the Corporation. - Average production for Q4 2007 was 373 boe/d, an all-time quarterly high and an increase of 433 percent over Q4 2006 average production of 70 boe/d. - Constructed and commissioned a 100 percent working interest, 5.5 mmscf/d capacity, natural gas processing plant in the Corporation's core Edson area in September 2007. - Continued exploration success, drilling four gross (3.5 net) exploration wells in the Edson exploration area, achieving a 100 percent exploration success rate for the year. - Discovered 1.574 million boe of proved plus probable reserves in 2007. All-in finding and development cost averaged $15.36 per boe, including $4.4 million of gas plant capital and changes in future development capital. Excluding the gas plant, proved plus probable finding and development costs for 2007 were a highly competitive $12.49 per boe. - Capital spending totalled $18.7 million in 2007 with approximately $10 million spent on land and facilities. The Corporation also satisfied its corporate flow-through spending commitments for 2007. - Operating costs of $7.98 per boe in Q4 2007 were down by 16 percent from Q4 2006. Unit operating costs are expected to continue declining in 2008 with increasing production. - Stonefire generated revenue of $2.88 million in 2007, an increase of 391 percent over 2006 revenue of $590,000. - Gross land base increased in 2007 from 16,160 acres at the start of 2007 to 24,800 gross acres at year-end, an increase of 54 percent. President's Message It is a great pleasure to report on Stonefire's activities for 2007. Stonefire continued to execute its business growth plan in 2007 and achieved successes that resulted in record production, record reserve growth, record revenue and positive cash flow in Q4. We continue to build a solid foundation of high-quality growth opportunities for the Corporation in the core Edson exploration area. In spite of continued turmoil in the equity and credit markets plus volatile natural gas prices Stonefire continued to execute its business plan of targeting long-life, liquids-rich natural gas and remained focused in the Edson area of west central Alberta. Stonefire's operating strategy is based on controlling each element of the exploration and production cycle in order to maximize success rates, control costs and maximize operating netbacks. The cornerstones of this business strategy are operatorship, high working interest, control of facilities and an exploration focus on multi-zone, Deep Basin, liquids-rich natural gas drilling prospects. In 2007 Stonefire operated all its capital spending projects. The Corporation successfully drilled four multi-zone exploration wells (3.5 net) in the Edson and McLeod fields and achieved 100 percent exploration success. Three of these four wells are 100 percent working interest. Stonefire gained control over its gas processing in the core Edson area by building a 100 percent working interest natural gas plant. The Edson gas plant came on production in September 2007. It is a strategic asset allowing Stonefire to control development of its offsetting lands and will allow us to achieve low operating costs, high liquids recoveries and high netbacks. The Corporation currently has an inventory of over 30 gross exploration and development wells with an average working interest of approximately 70 percent. As an exploration-focused growth company one of the key measures of our success is our finding and development (F&D) costs. I am pleased to report that in spite of significant spending on land and facilities in the first two years of Stonefire's operations we have posted very respectable F&D costs. The all-in proved plus probable F&D cost averaged $15.36 per boe of reserves added in 2007. Since inception Stonefire has discovered 2.42 million boe of proved plus probable reserves at an average cost of $15.97 per boe. All reserves have been added through drilling. Looking forward Stonefire plans to spend the majority of its $12 million budget for 2008 on drilling. The Corporation plans to drill six gross (5.5 net) wells in 2008. All wells will be Stonefire-operated and most will be 100 percent working interest drilling prospects in the Edson area. A 16-square-kilometre proprietary 3D seismic survey was shot over a portion of the Corporation's Edson lands in early Q1 2008. The new data have proved up at least eight multi-zone drilling locations. As of this date two of these wells (1.5 net) have been drilled. Both have been cased and encountered multiple gas zones again achieving a 100 percent drilling success rate. Based on the 2008 drilling success the Corporation is on-track to execute the 2008 capital program and is forecasting average production for 2008 of 800 boe/d with the year-end production rate forecast to exceed 1,000 boe/d. The Corporation anticipates funding the 2008 budget with cash flow and bank debt. Stonefire Energy Corp. is an Alberta-based company formed to participate in oil and gas exploration, development and acquisitions focusing in the West Central region of Alberta. The Company's shares trade on the TSX Venture exchange under the symbols SFE.A and SFE.B. The Company currently has 18,265,000 Class A shares and 1,012,000 Class B shares outstanding. As referred to above, to view a full copy of the Corporation's audited financial results for the year ended December 31, 2007, including the Corporation's audited financial statements and accompanying MD&A, please refer to the SEDAR website at www.sedar.com. Reader Advisory This news release contains certain forward-looking statements, including management's assessment of future plans and operations, and capital expenditures and the timing thereof, that involve substantial known and unknown risks and uncertainties, certain of which are beyond Stonefire's control. Such risks and uncertainties include, without limitation, risks associated with oil and gas exploration, development, exploitation, production, marketing and transportation, loss of markets, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition from other producers, inability to retain drilling rigs and other services, delays resulting from or inability to obtain required regulatory approvals and ability to access sufficient capital from internal and external sources, the impact of general economic conditions in Canada, the United States and overseas, industry conditions, changes in laws and regulations (including the adoption of new environmental laws and regulations) and changes in how they are interpreted and enforced, increased competition, the lack of availability of qualified personnel or management, fluctuations in foreign exchange or interest rates, stock market volatility and market valuations of companies with respect to announced transactions and the final valuations thereof, and obtaining required approvals of regulatory authorities. Stonefire's actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits, including the amount of proceeds, that Stonefire will derive therefrom. Readers are cautioned that the foregoing list of factors is not exhaustive. All subsequent forward-looking statements, whether written or oral, attributable to Stonefire or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and Stonefire 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. Petroleum and natural gas volumes are converted to an equivalent measurement basis referred to as a "barrel of oil equivalent" (boe) on the basis of 6 thousand cubic feet of natural gas equalling 1 barrel of oil. This is based on an energy equivalency conversion method applicable at the burner tip and does not necessarily represent a value equivalency at the wellhead. Readers are cautioned that boe figures may be misleading, particularly if used in isolation. To request a free copy of Stonefire's financial report or if you would like to be put on Stonefire's mailing list please contact Ronald Williams, Vice President, Finance and CFO at rwilliams@stonefire-energy.com
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