We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register for Free to get streaming real-time quotes, interactive charts, live options flow, and more.
| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Colonia Energy (Tier2) | TSXV:CLA | TSX Venture | Common Stock |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0 | - |
Hot Features
Premium
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE U.S.
Antrim Energy Inc. ("Antrim" or "the Company") (TSX:AEN) (AIM:AEY), an
international oil and gas exploration and production company, today reported its
financial and operational results for the three month period ended March 31,
2011.
All financial figures are unaudited and in US dollars unless otherwise noted
HIGHLIGHTS:
-- Antrim to drill three wells in the UK North Sea
-- Joint venture with Premier Oil on the Fyne Field proceeding
-- Heads of Terms export agreement signed for Causeway oil production
-- Average gas price in Argentina increased 12% to $2.08 per mcf
-- Antrim raised Cdn $48.5 million from equity financing
-- Current cash position of $76 million and no bank debt
In the first quarter 2011, average production in Argentina was 1,640 barrels of
oil equivalent per day ("boepd") compared to 1,835 boepd in the first quarter
2010. The decline in production is attributable to the sale of the Puesto
Guardian property in February 2010, as well as scheduled gas plant maintenance
and service rig repairs in Tierra del Fuego.
Oil and gas revenue, net of royalties, was $2.4 million for the three months
ended March 31, 2011 compared to $2.7 million for the same period in 2010. Net
revenue decreased as a result of lower oil and gas sales partially offset by
higher oil and gas prices received. Antrim generated cash flow from operations
of $0.6 million for the three months ended March 31, 2011 compared to a cash
flow deficiency of $0.2 million for the same period in 2010.
Antrim's average gas price for the first quarter of 2011 was $2.08 per mcf
compared to $1.85 per mcf for the same period in 2010, a 12% increase. For the
first quarter, oil prices averaged $55.00 per barrel compared to $46.54 per
barrel for the same period in 2010, an 18% increase.
On April 5, 2011, Antrim announced that a Heads of Terms agreement had been
signed for the export of Causeway crude oil to the Cormorant North production
platform. The Cormorant North platform is operated by TAQA Bratani Limited and
is located approximately 15 km west of the Causeway Field.
On April 4, 2011, Antrim announced that Premier Oil UK Limited ("Premier") had
elected to drill the East Fyne well under the Earn-In Agreement ("EIA")
previously announced on October 6, 2010. The well is an appraisal well designed
to de-risk the eastern extent of the Fyne Field and is expected to be drilled
before the end of 2011. Under the terms of the EIA, Antrim will be carried for
all development expenses, including the East Fyne drilling costs, up to $50
million.
On March 28, 2011, Antrim announced that it had signed a Letter of Award ("LOA")
to provide well project management and drilling services for two wells
commencing in the third quarter of 2011.
On March 17, 2011, Antrim issued 48,191,700 common shares at a price of Cdn
$1.07 per common share for gross proceeds of Cdn $51.6 million (net proceeds Cdn
$48.5 million) which included 6,191,700 common shares issued to the underwriters
pursuant to the 98.3% exercise of the over-allotment option. Net proceeds from
the equity financing will be used for exploration of the Greater Fyne Area
including the West Teal Prospect and either the Carra or Erne Prospects.
Financial and Operating Results (unaudited)
Three Months Ended
March 31
2011 2010
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Financial Results ($000's, except per share
data)
----------------------------------------------
Revenue, net of royalties 2,384 2,658
Cash flow (used in) from operations (1) 608 (248)
Cash flow (used in) from operations per 0.00 (0.00)
share(1)
Net (loss) (1,136) (1,294)
Net (loss) per share - basic (0.01) (0.01)
Total assets 286,784 226,606
Working capital 75,307 30,686
Capital expenditures 1,623 953
Common shares outstanding (000's)
----------------------------------------------
End of period 183,982 135,353
Weighted average - basic 143,206 135,352
Weighted average - diluted 144,742 137,264
Production
----------------------------------------------
Oil, natural gas and NGL production (boe per 1,640 1,835
day) (2)
(1) Cash flow from operations and cash flow from operations per share are
Non-IFRS Measures. Refer to "Non-IFRS Measures" in Management's
Discussion and Analysis.
(2) The 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.
OVERVIEW OF OPERATIONS
United Kingdom
Fyne Field
On April 4, 2011, Antrim announced that Premier had elected to drill the East
Fyne well in the Fyne Field in P077 Block 21/28a (the "Fyne Licence") under the
EIA signed in October 2010. The appraisal well is designed to de-risk the
eastern extent of the Fyne Field and is expected to be drilled in the third
quarter of 2011. The well will be drilled at no cost to Antrim and the cost of
drilling, completion and/or abandonment will be deducted from Premier's $50
million carried contribution.
The election by Premier resulted in the transfer of a 39.9% working interest and
operatorship of the Fyne Licence from Antrim to Premier, with Antrim retaining a
35.1% working interest.
The Fyne Licence expires on November 25, 2011. The UK Department of Energy and
Climate Change ("DECC") has agreed to a three year extension on the condition
that a Field Development Plan ("FDP") is submitted by December 25, 2011 or by
June 25, 2012 if the East Fyne appraisal well is drilled on the licence prior to
expiry in November 2011.
Antrim is continuing to work with Premier on the identification of alternative
export routes. The preferred production system will handle up to 20,000 barrels
of oil per day ("bopd") directly from the Fyne Field, with potential capacity
add-ons to handle additional volume from satellite fields. First production is
anticipated in the middle of 2013.
The EIA also provides Premier with the option to participate at a "promoted" 20%
to 50% working interest alongside Antrim in a planned drilling program on
Antrim's 100% licences surrounding the Fyne Field (the "Greater Fyne Area").
Greater Fyne Area
In addition to the Fyne development, Antrim has identified several high priority
drilling prospects on Antrim licences surrounding the Greater Fyne Area. Initial
drilling targets are expected to be the West Teal Upper Jurassic Fulmar
Prospect, at 10,400 feet true vertical depth, in P1625 Block 21/24b, the Carra
Eocene Tay Prospect in P1563 Block 21/28b at 5,000 feet drilling depth, and the
Erne Tay Prospect in P1875 Block 21/29d at 5,600 feet drilling depth. The West
Teal Prospect contains a discovery well drilled by a previous operator in 1991
that was subsequently abandoned after encountering mechanical problems.
Antrim signed a LOA for project management and drilling services for two wells
commencing in the third quarter of 2011. The estimated duration for the drilling
of the two wells is 50 days, not including testing. Antrim completed the site
survey work over the West Teal, Carra and Erne Prospects in April 2011. Premier
retains a right to participate up to 50% in the Greater Fyne Area exploration
program.
Antrim announced on October 28, 2010 that two new licences were offered to
Antrim by DECC in the UK 26th Seaward Licensing Round. Licence documents were
executed, effective January 10, 2011, for P1875 Block 21/29d (Antrim 100%)
located in the Greater Fyne Area, and P1784 Block 21/7b (Premier 70%, Antrim
30%) located north of the Greater Fyne Area. Both blocks contain additional
drilling prospects, which are currently being evaluated.
Causeway Field
In March 2010, Antrim signed a Conditional Letter Agreement ("CLA") with Valiant
Petroleum plc ("Valiant") to sell a 30% interest in P201 Block 211/22a South
East Area and P1383 Block 211/23d (the "Causeway Licences"). In return, Antrim
will receive up to $21.75 million towards its remaining working interest share
of development costs of the Causeway Field. Completion of the transaction is
subject to several conditions, including sanction of a FDP and the consent of
DECC.
As part of the transaction, Antrim transferred operatorship of the licences to
Valiant. Following completion of the transaction, Antrim will retain a 35.5%
working interest in the Causeway Licences.
On April 5, 2011, Antrim announced that a non-binding Heads of Terms agreement
had been signed for the export route of Causeway crude oil to the Cormorant
North production platform. The Cormorant North platform is operated by TAQA
Bratani Limited and is located approximately 15 km west of the Causeway Field.
Antrim and Valiant are currently discussing the FDP to be submitted to DECC with
respect to the Causeway Field. Among the items being discussed is Valiant's
estimate of reserves associated with Phase II and later production phases of the
field, which may be lower than that of Antrim and its independent reserve
evaluator McDaniel & Associates Consultants Ltd. Such discussions are at a
preliminary stage and subject to finalization as the process of preparing the
FDP evolves. Antrim expects that a finalized FDP will be submitted to DECC with
a target of achieving first production in the middle of 2012.
Argentina
Antrim completed a ten (net 2.5) well drilling program on its Tierra del Fuego
Concessions in southern Argentina in 2010. The program targeted the liquid-rich
gas bearing sandstone reservoirs of the Springhill Formation in the Los
Flamencos Field. Of the ten wells drilled, eight were cased for production and
two were plugged and abandoned. Three cased wells were completed and tied-in in
2010. Of the remaining five wells, four have recently been fracture stimulated.
Three wells flowed gas and are currently going through a cleanup period before
final testing. The fourth well tested oil and has been put on pump for cleanup
and test. The remaining cased well will be fracture stimulated later in 2011.
With the stimulation and tie-in of the four wells, Antrim's daily production is
expected to average approximately 1,750 boepd in 2011.
Antrim's average gas price for the first quarter of 2011 was $2.08 per mcf
compared to $1.85 per mcf for the same period in 2010, a 12% increase. In the
first quarter of 2011, oil prices averaged $55.00 per barrel compared to $46.54
per barrel for the same period in 2010, an 18% increase.
Antrim sells all of its oil production and approximately 81% of its natural gas
production from Tierra del Fuego to the Argentine mainland. These sales generate
value-added tax ("VAT") of 21%, which is retained by Antrim due to favourable
tax laws pertaining to Tierra del Fuego. VAT of $0.5 million (2010 - $0.4
million) is reported as other income and is not included in Antrim's per unit
sales prices.
Antrim's field netbacks in Argentina, based on sales, were $8.96 (2010 - $7.86)
per boe for the three month periods ended March 31, 2011. The increase in the
2011 field netbacks, as compared to 2010, was due to the lower operating costs
partially offset by a higher proportion of gas to oil sales.
The Company applied for "Gas Plus" pricing incentives for new gas that will be
produced from the wells drilled in 2010. The submission has received a
favourable technical review and Antrim is now awaiting final government
approval. If approved by the federal authorities, this will permit Antrim to
sell a portion of its gas in the higher-priced industrial market on the
mainland.
In December 2010 Antrim entered into an agreement to acquire a 50.1% interest in
and operatorship of the 307,215 acre Cerro de Los Leones Exploration Concession,
located in Argentina's Neuquen Basin. Cerro de Los Leones is situated in the
northern portion of the Neuquen Basin in the Province of Mendoza. The existing
2-D seismic coverage of 700 km provides regional control and has identified
numerous lower Tertiary and Cretaceous structural and stratigraphic leads at
drilling depths of between 5,000 and 8,200 feet. Antrim continues to work on
obtaining the necessary environmental approvals to shoot a 3-D seismic program
in the second half of 2011. At least one exploration well is planned for the
latter part of 2011.
Antrim's Argentine operations are self-sustaining thereby enabling the Company
to evaluate other opportunities in Argentina using the cash flow generated from
the Tierra del Fuego properties.
Tanzania
In December 2010, two agreements were signed in Tanzania which are expected to
lead to the resumption of exploration activities on the production sharing
agreement for the Pemba-Zanzibar exploration licence offshore and onshore
Tanzania (the "P-Z PSA"). Antrim holds an option for a 20% carried interest in
the P-Z PSA through the pre-drilling phase and an additional 10% option to be
exercised up to 180 days following receipt of the initial drilling results. The
carried interests would be repaid from future production. The P-Z PSA has been
in a state of effective force majeure for several years due to a dispute between
the federal government of Tanzania and the provincial government of Zanzibar
regarding revenue sharing, and access to the licence area for petroleum
exploration activities has been blocked. RAK Gas, the operator, is currently
drafting a revised work program for the P-Z PSA for submission to the government
of Tanzania.
Outlook
Antrim expects to have a FDP for the Causeway Field submitted and approved in
2011 for an anticipated production startup in the middle of 2012. Production
startup from the Fyne Field is anticipated in the middle of 2013.
In 2011, Antrim will use its strong financial position to take a leading role in
the exploration of the Greater Fyne Area. The drilling program is scheduled to
begin in the third quarter with a well drilled to test a Jurassic Fulmar oil
prospect. The well is expected to take 55 days to drill and test and cost
approximately $30 million.
An additional exploration well in the Greater Fyne Area is expected to be
drilled to test an Eocene Tay oil target. The well is expected to take 19 days
to drill, at an estimated cost of $12 million.
An East Fyne appraisal well is also scheduled to be drilled on the Fyne Field in
the third quarter 2011. This well is intended to de-risk the eastern extent of
the Fyne Field and will extend the submission deadline of the FDP for Fyne to
June 25, 2012. Antrim together with its partners, continues to work towards
identifying the most attractive export route for future oil production from the
Fyne Field. Under the terms of the EIA, Antrim's costs up to $50 million are
paid by Premier.
In Argentina, Antrim's focus will be on the recently acquired Cerro de Los
Leones Exploration Concession (Antrim 50.1% and operator) in the Neuquen Basin.
A 3-D seismic program will be shot to support the drilling of at least one
exploration well on the licence in 2011. Cash flow from Antrim's expected 1,750
boepd from Tierra del Fuego will be used to support this exploration program.
In East Africa, Antrim holds an option to participate up to 30% working interest
in an exploration program on the Tanzanian P-Z PSA. This region has recently
experienced a significant increase in exploration activity, with several major
discoveries announced by Anadarko and British Gas. The P-Z PSA has been in an
effective force majeure for several years. Antrim expects this impasse could be
resolved with the recently announced agreement signed with RAK Gas LLC, a
UAE-based exploration and production company with interests elsewhere in
Tanzania.
Antrim also considers other global exploration opportunities and views its
bilateral strategy of balancing longer term and capital-intensive investments in
the UK North Sea with shorter investment cycle on-shore exploration and
production opportunities as central to its corporate development.
About Antrim
Antrim Energy Inc. is a Canadian, Calgary based high-growth junior oil and gas
exploration and production company with assets in the UK North Sea and
Argentina. Antrim is listed on the Toronto Stock Exchange (AEN) and on the
London Stock Exchange's Alternative Investment Market (AEY). Visit
www.antrimenergy.com for more information.
Forward-Looking Statements
This MD&A and any documents incorporated by reference herein contain certain
forward-looking statements and forward-looking information which are based on
Antrim's internal reasonable expectations, estimates, projections, assumptions
and beliefs as at the date of such statements or information. Forward-looking
statements often, but not always, are identified by the use of words such as
"seek", "anticipate", "believe", "plan", "estimate", "expect", "targeting",
"forecast", "achieve" and "intend" and statements that an event or result "may",
"will", "should", "could" or "might" occur or be achieved and other similar
expressions. These statements are not guarantees of future performance and
involve known and unknown risks, uncertainties, assumptions and other factors
that may cause actual results or events to differ materially from those
anticipated in such forward-looking statements and information. Antrim believes
that the expectations reflected in those forward-looking statements and
information are reasonable but no assurance can be given that these expectations
will prove to be correct and such forward-looking statements and information
included in this MD&A and any documents incorporated by reference herein should
not be unduly relied upon. Such forward-looking statements and information speak
only as of the date of this MD&A or the particular document incorporated by
reference herein and Antrim does not undertake any obligation to publicly update
or revise any forward-looking statements or information, except as required by
applicable laws.
In particular, this MD&A and any documents incorporated by reference herein,
contain specific forward-looking statements and information pertaining to the
quality of and future net revenues from Antrim's reserves of oil, natural gas
liquids ("NGL") and natural gas production levels. This MD&A may also contain
specific forward-looking statements and information pertaining to commodity
prices, foreign currency exchange rates and interest rates, capital expenditure
programs and other expenditures, supply and demand for oil, NGL's and natural
gas, expectations regarding Antrim's ability to raise capital, to continually
add to reserves through acquisitions and development, the schedules and timing
of certain projects, Antrim's strategy for growth, Antrim's future operating and
financial results, treatment under governmental and other regulatory regimes and
tax, environmental and other laws and the start up of production from the
Causeway or Fyne Fields in the UK North Sea.
With respect to forward-looking statements contained in this MD&A and any
documents incorporated by reference herein, Antrim has made assumptions
regarding Antrim's ability to obtain additional drilling rigs and other
equipment in a timely manner, obtain regulatory approvals, future oil and
natural gas production levels from Antrim's properties and the price obtained
from the sales of such production, the level of future capital expenditure
required to exploit and develop reserves, the ability of Antrim's partners to
meet their commitments as they relate to the Company and more specifically the
ability of Valiant to honour its commitments as identified in the CLA and
Antrim's reliance on industry partners for the development of some of its
properties. Antrim's ability to obtain financing on acceptable terms, the
general stability of the economic and political environment in which Antrim
operates and the future of oil and natural gas pricing. In respect to these
assumptions, the reader is cautioned that assumptions used in the preparation of
such information may prove to be incorrect.
Antrim's actual results could differ materially from those anticipated in these
forward-looking statements and information as a result of assumptions proving
inaccurate and of both known and unknown risks, including risks associated with
the exploration for and development of oil and natural gas reserves, operational
risks and liabilities that are not covered by insurance, volatility in market
prices for oil, NGLs and natural gas, changes or fluctuations in oil, NGLs and
natural gas production levels, changes in foreign currency exchange rates and
interest rates, the ability of Antrim to fund its substantial capital
requirements and operations, Antrim's ability to finalize the sale of a portion
of the Causeway Field to Valiant, Premier exercising its option to acquire a
portion of the Fyne Licence, Antrim's ability to obtain access to sub-sea or
floating facility including transportation and production storage offshore
providers, and Antrim's reliance on industry partners for the development of
some of its properties, risks associated with ensuring title to the Company's
properties, liabilities and unexpected events inherent in oil and gas
operations, including geological, technical, drilling and processing problems,
the accuracy of oil and gas reserve estimates and estimated production levels as
they are affected by the Antrim's exploration and development drilling and
estimated decline rates, in particular the future production rates at the
Causeway and Fyne Fields in the UK North Sea and at the Tierra del Fuego
concession in Argentina. Additional risks include the ability to effectively
compete for, among other things, capital, acquisitions of reserves, undeveloped
lands and skilled personnel, incorrect assessments of the value of acquisitions,
Antrim's success at acquisition, exploitation and development of reserves,
changes in general economic, market and business conditions in Canada, North
America, Argentina, South America, the United Kingdom, Europe and worldwide,
actions by governmental or regulatory authorities including changes in income
tax laws or changes in tax laws, royalty rates and incentive programs relating
to the oil and gas industry and more specifically, changes to the capped market
price in Argentina, changes in environmental or other legislation applicable to
Antrim's operations, and Antrim's ability to comply with current and future
environmental and other laws, adverse regulatory rulings, order and decisions
and risks associated with the nature of the Common Shares.
Statements relating to "resources" are deemed to be forward-looking statements.
The estimates of remaining recoverable prospective resources have been risked
for chance of discovery, but have not been risked for chance of development. If
a discovery is made, there is no certainty that it will be developed or, if it
is developed, there is no certainty as to the timing of such development.
Many of these risk factors, other specific risks, uncertainties and material
assumptions are discussed in further detail throughout the MD&A and in Antrim's
management discussion and analysis for the year ended December 31, 2010. Readers
are specifically referred to the risk factors described in this MD&A under "Risk
Factors" and in other documents Antrim files from time to time with securities
regulatory authorities. Copies of these documents are available without charge
from Antrim or electronically on the internet on Antrim's SEDAR profile at
www.sedar.com. Readers are cautioned that this list of risk factors should not
be construed as exhaustive.
The calculation of barrels of oil equivalent ("boe") is based on a conversion
rate of six thousand cubic feet of natural gas ("mcf") to one barrel of crude
oil ("bbl"). Boe's 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 accordance with AIM guidelines, Mr. Kerry Fulton, P. Eng and Vice President,
Operations for Antrim, is the qualified person that has reviewed the technical
information contained in this MD&A. Mr. Fulton has over 30 years operating
experience in the upstream oil and gas industry.
Antrim Energy Inc.
Consolidated Balance Sheet
As at March 31, 2011 (unaudited)
(Amounts in US$ thousands)
----------------------------------------------------------------------------
March 31 December 31 January 1
2011 2010 2010
$ $ $
---------------------------------------------
Assets
Current assets
Cash and cash equivalents 76,205 25,650 31,169
Accounts receivable 2,088 3,530 3,278
Inventory and prepaid expenses 993 727 937
---------------------------------------------
79,286 29,907 35,384
Exploration and evaluation
assets 179,685 171,850 176,588
Property, plant and equipment 25,661 26,129 24,932
Investments and other non-
current assets 2,152 2,026 1,274
---------------------------------------------
286,784 229,912 238,178
---------------------------------------------
---------------------------------------------
Liabilities
Current liabilities
Accounts payable and accrued
liabilities 2,703 2,413 3,425
Loan from Valiant 1,277 836 -
---------------------------------------------
3,980 3,249 3,425
---------------------------------------------
Asset retirement obligations 7,812 7,380 7,664
---------------------------------------------
11,792 10,629 11,089
---------------------------------------------
Commitments and contingencies
Shareholders' equity
Share capital 361,506 312,062 311,946
Contributed surplus 18,715 18,377 16,929
Deficit (107,940) (106,804) (101,786)
Accumulated other comprehensive
income (loss) 2,711 (4,352) -
---------------------------------------------
274,992 219,283 227,089
---------------------------------------------
286,784 229,912 238,178
---------------------------------------------
---------------------------------------------
Antrim Energy Inc.
Consolidated Statement of Loss and Comprehensive (Income) Loss
For the three months ended March 31, 2011 and 2010 (unaudited)
(Amounts in US$ thousands, except per share data)
----------------------------------------------------------------------------
2011 2010
$ $
------------------------------
Revenue, net of royalties (2,384) (2,658)
Production and operating expenditures 1,004 1,348
Depletion and depreciation 1,096 1,212
General and administrative expenses 1,622 1,827
Exploration and evaluation expenditures 161 297
Other income (498) (434)
Export taxes 37 57
Gain on disposals - (622)
------------------------------
1,038 1,027
Finance income (130) (44)
Finance costs 151 308
------------------------------
Loss for the period before income taxes 1,059 1,291
Income tax expense 77 3
------------------------------
Net loss for the period 1,136 1,294
------------------------------
Other comprehensive (income) loss
Exchange differences on translation of foreign
operations (7,063) 8,458
------------------------------
Other comprehensive (income) loss for the
period (7,063) 8,458
------------------------------
------------------------------
Comprehensive (income) loss for the period (5,927) 9,752
------------------------------
------------------------------
Net loss per common share
Basic 0.01 0.01
Diluted 0.01 0.01
Antrim Energy Inc.
Consolidated Statement of Changes in Equity
For the three months ended March 31, 2011 and 2010 (unaudited)
(Amounts in US$ thousands)
----------------------------------------------------------------------------
Accumulated
other
Share Contributed comprehensive
capital surplus income Deficit Total
$ $ $ $ $
--------------------------------------------------------
Balance, January 1,
2010 311,946 16,929 - (101,786) 227,089
Net loss for the
period - - - (1,294) (1,294)
Other comprehensive
loss - - (8,458) - (8,458)
Share-based
compensation - 434 - - 434
Stock options
exercised 2 (1) - - 1
--------------------------------------------------------
Balance, March 31,
2010 311,948 17,362 (8,458) (103,080) 217,772
--------------------------------------------------------
--------------------------------------------------------
Balance, January 1,
2011 312,062 18,377 (4,352) (106,804) 219,283
Net loss for the
period - - - (1,136) (1,136)
Other comprehensive
income - - 7,063 - 7,063
Issuance of common
shares 52,297 - - - 52,297
Share issuance costs (2,977) - - - (2,977)
Share-based
compensation - 389 - - 389
Stock options
exercised 124 (51) - - 73
--------------------------------------------------------
Balance, March 31,
2011 361,506 18,715 2,711 (107,940) 274,992
--------------------------------------------------------
--------------------------------------------------------
Antrim Energy Inc.
Consolidated Statement of Cash Flows
For the three months ended March 31, 2011 and 2010 (unaudited)
(Amounts in US$ thousands)
----------------------------------------------------------------------------
2011 2010
$ $
------------------------------
Cash Provided by (used in):
Operating Activities
Net loss for the period (1,136) (1,294)
Items not involving cash:
Depletion and depreciation 1,096 1,212
Accretion of asset retirement obligations 68 76
Accretion of financial asset (38) -
Share-based payments 260 293
Foreign exchange loss 358 87
Gain on disposal - (622)
------------------------------
608 (248)
Changes in non-cash working capital items 1,425 (485)
------------------------------
2,033 (733)
------------------------------
Financing Activities
Issue of common shares 52,370 1
Share issue expenses (2,977) -
------------------------------
49,393 1
------------------------------
Investing Activities
Capital expenditures (1,623) (953)
Other non-current assets (107) (570)
------------------------------
(1,730) (1,523)
------------------------------
Effects of foreign exchange on cash and cash
equivalents 859 461
Net increase (decrease) in cash and cash
equivalents 50,555 (1,794)
Cash and cash equivalents - beginning of
period 25,650 31,169
------------------------------
Cash and cash equivalents - end of period 76,205 29,375
------------------------------
------------------------------
Cash and cash equivalents are comprised of:
Cash in bank 5,155 5,430
Short-term deposits 71,050 23,945
------------------------------
76,205 29,375
------------------------------
------------------------------
Interest received 94 44
Income taxes paid 77 3
1 Year Colonia Energy (Tier2) Chart |
1 Month Colonia Energy (Tier2) 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
