Bpi (AMEX:BPG)
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BPI Energy (BPI), the operating subsidiary of BPI Energy Holdings, Inc.
(Amex: BPG), an independent energy company engaged in the
exploration, production and commercial sale of coalbed methane (CBM) in
the Illinois Basin, today announced financial results for its fiscal
first quarter ended Oct. 31, 2007.
For the opening three months of fiscal 2008, revenues from gas sales
reached $318,000, compared with $294,000 for the first quarter of 2007.
The increase was attributable to higher sales volume, which was
partially offset by lower sales prices. The company reported a narrower
net loss of $1.9 million, or $0.03 per share, compared with last year’s
first-quarter net loss of $2.7 million, or $0.04 per share.
BPI President and CEO James G. Azlein commented, “While
the average sales price for this fiscal year’s
first three months declined compared with a year ago, revenues were up
on double-digit volume increases. Net gas sales volume also sequentially
rose 19 percent versus the prior three-month period.”
BPI’s parent company, BPI Energy Holdings,
Inc., also announced key events of its 2007 Annual General Meeting of
Shareholders held today. A total of 146 shareholders representing
45,893,840 shares, or approximately 62 percent of the total outstanding
shares, were represented in person or by proxy at the meeting.
Re-elected as directors of the company were James G. Azlein, BPI
president and chief executive officer, James E. Craddock, BPI chief
operating officer, and four outside directors: Dennis Carlton, Joseph P.
McCoy, David E. Preng and Costa Vrisakis. Shareholders also voted to
ratify the appointment of Meaden & Moore, Ltd., as the company’s
independent registered public accounting firm.
To be added to BPI Energy’s e-mail
distribution list, please click on the link below:
http://www.clearperspectivegroup.com/clearsite/bpi/emailoptin.html
About BPI Energy
BPI Energy (BPI) is an independent energy company engaged in the
exploration, production and commercial sale of coalbed methane (CBM) in
the Illinois Basin, which covers approximately 60,000 square miles in
Illinois, southwestern Indiana and northwestern Kentucky. The company
currently controls a large CBM acreage position in the Illinois Basin at
approximately 529,000 acres.
News releases and other information on the company are available on the
Internet at:
http://www.bpi-energy.com
Some of the statements contained in this press release may be deemed
to be forward-looking in nature, outlining future expectations or
anticipated operating results or financial conditions. Such
forward-looking statements are subject to known and unknown risks,
uncertainties and other factors that could cause actual results or
conditions to differ materially from the information expressed or
implied by these forward-looking statements. Some of the factors that
could cause actual results or conditions to differ materially from our
expectations include, but are not limited to: (a) our inability to
generate sufficient income or obtain sufficient financing or draws under
our advancing term credit agreement to fund our operations or future
drilling plans, (b) our inability to retain our acreage rights at our
projects, at the expiration of our lease agreements, due to insufficient
CBM production, or for other reasons; (c) our failure to accurately
forecast CBM production, (d) displacement of our CBM operations by
coal-mining operations, which have superior rights in most of our
acreage, (e) our failure to accurately forecast the number of wells that
we can drill, (f) a decline in the prices that we receive for our CBM
production, (g) our failure to accurately forecast operating and capital
expenditures and capital needs due to rising costs or different drilling
or production conditions in the field, (h) our inability to attract or
retain qualified personnel with the requisite CBM or other experience,
and (i) unexpected economic and market conditions, in the general
economy or the market for natural gas. We caution readers not to place
undue reliance on these forward-looking statements.
—Financial Tables Follow—
BPI Energy Holdings, Inc.
Consolidated Statements of Operations (Unaudited)
(Dollars in thousands, except per-share data)
Three Months Ended October 31,
2007
2006
Revenue
Gas sales
$
318
$
294
Operating expenses
Lease operating expense
259
336
General and administrative expense
1,884
2,735
Depreciation, depletion and amortization
180
184
Total operating expenses
2,323
3,255
Operating loss
(2,005
)
(2,961
)
Other income (expense):
Interest income
97
219
Interest expense
(2
)
(3
)
Other income (expense)
(26
)
-
69
216
Net loss
$
(1,936
)
$
(2,745
)
Basic and diluted net loss per share
$
(0.03
)
$
(0.04
)
Weighted average common shares outstanding
70,133,653
68,796,522
BPI Energy Holdings, Inc.
Consolidated Balance Sheets
(Dollars in thousands)
Oct. 31,
2007
July 31,
2007
(Unaudited)
ASSETS
Current Assets:
Cash and cash equivalents
$
4,864
$
11,292
Accounts receivable
157
94
Other current assets
1,133
1,348
Total current assets
6,154
12,734
Property and equipment, at cost:
Gas properties, full cost method of accounting:
Proved, net of accumulated depreciation, depletion, amortization
and impairment of $999 and $12,621
19,866
16,631
Unproved, excluded from amortization
9,375
8,533
Support equipment, net of accumulated depreciation and
amortization of $789 and $741
504
552
Net gas properties
29,745
25,716
Other property and equipment, net of accumulated depreciation and
amortization of $183 and $152
448
473
Net property and equipment
30,193
26,189
Restricted cash
100
100
Other non-current assets
161
220
Total assets
$
36,608
$
39,243
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities:
Accounts payable
$
710
$
1,371
Current maturities of long-term debt and notes payable
26
8,488
Accrued liabilities and other
726
1,503
Total current liabilities
1,462
11,362
Long-term debt and notes payable, less current maturities
8,827
48
Asset retirement obligation
127
114
Other long-term liabilities
60
-
Total liabilities
10,476
11,524
Shareholders’ Equity:
Common shares, no par value, authorized 200,000,000 shares,
73,618,764 and 72,524,493 issued and outstanding
67,946
67,946
Additional paid-in capital
7,957
7,608
Accumulated deficit
(49,771
)
(47,835
)
Total shareholders’ equity
26,132
27,719
Total liabilities and shareholders’
equity
$
36,608
$
39,243