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Share Name | Share Symbol | Market | Type |
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Cumberland Oil And Gas Ltd. | TSXV:COG | TSX Venture | Common Stock |
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 | - |
Cumberland Oil & Gas Ltd. (TSX VENTURE:COG) ("Cumberland" or the "Company") has filed its unaudited interim financial statements and related Management's Discussion and Analysis ("MD&A") for the three months ended March 31, 2011 (the "Quarter"). Copies of these documents may be obtained under Cumberland's SEDAR profile via the SEDAR website at www.sedar.com or through the Company's website at www.cumberlandltd.com Highlights -- Averaged 69 boe per day of production, a 25% increase from the same period in 2010. -- Valhalla Doe Creek "M" Pool responding to water-flood, with average daily oil production for the Quarter of 23 bbls per day, up from 8 bbls per day in the previous quarter. -- Valhalla Doe Creek "M" Pool exit rate at March 31, 2011 of 42 bbls per day of light oil. -- Doubled the Company's ownership to an average 40% working interest at Aitken Creek, where at the March 30, 2011 B.C. crown land sale, purchasers paid an average $618 per acre for adjacent land. -- Positive working capital of $1.42 million at March 31, 2011. Three months ended March 31 Financial 2011 2010 ---------------------------------------------------------------------------- Oil and gas sales 285,334 165,259 Cash flow (1) (169,124) (324,563) Per basic and diluted share (0.00) (0.01) Cash used in operating activites (282,996) (82,711) Per basic and diluted share (0.01) (0.00) Net loss (71,641) (423,107) Per basic and diluted share (0.00) (0.02) Capital expenditures, net 41,125 405,107 Working capital (2) 1,416,436 4,124,975 Weighted average shares Basic and diluted 35,684,319 25,008,879 Notes: 1. Represents cash flow from operating activities before changes in non- cash working capital. 2. Working capital includes cash and cash equivalents, accounts receivable, deposits and prepaid expenses, and accounts payable and accrued liabilities. Three months ended March 31 Operations 2011 2010 ---------------------------------------------------------------------------- Average Daily Production Crude oil (bbl/d) 23 4 Natural gas (mcf/d) 275 304 Oil equivalent (boe/d @ 6:1) 69 55 Average Realized Prices Crude oil ($/bbl) 91.55 79.54 Natural gas ($/mcf) 3.74 4.91 Oil equivalent ($/boe @ 6:1) 45.83 33.40 Valhalla Doe Creek "M" Pool In late 2010, the Company successfully completed construction and installation of water-flood facilities at its light oil Valhalla Doe Creek "M" Pool (the "Pool"). The Company has seen Pool volumes increase from less than 15 bbls per day in January 2011, to over 40 bbls per day of light oil by the end of the first quarter. The Company expects water-flood response will continue to increase throughout 2011, with expected production rates close to 100 bbls per day by the end of the year. NE British Columbia Montney Update Cumberland has assembled a land position in the liquids-rich Montney natural gas play in northeast British Columbia. The Company has 1,128 net acres of land at Aitken Creek, highly prospective for development of liquids rich natural gas and condensate, in both the Upper and Lower Montney formations. The lands are situated on a well defined structure proximal to recent drilling activity by competitors, are adjacent to infrastructure and afford year round access. The Company plans to recomplete and test an existing cased wellbore in the second half of 2011 to evaluate the productive capability of both the Upper and Lower Montney zones on its land. Both zones are developed in this wellbore. Capital costs net to Cumberland for the re-entry are expected to be approximately $600,000 and will be funded from available cash. The potential exists for up to fourteen (5.6 net) horizontal legs in each Montney zone. SW Saskatchewan Shaunavon Update The Company has over 1,150 net acres of land at Chambery and Dollard in the Shaunavon medium gravity oil trend in southwest Saskatchewan. The lands off-set existing Upper Shaunavon producing wells. The Company's independent engineering consultants assigned over 100,000 bbls of probable undeveloped reserves to a 100% horizontal well location at Chambery, with an initial estimated production rate of approximately 100 bbls per day of oil. Cumberland expects to drill this well in late 2011 or early 2012, funded through a combination of available cash and debt. Cumberland has identified six additional Upper Shaunavon horizontal locations for a total of 7 (5.2 net) horizontal locations on its lands. Reader Advisories Forward-Looking Statements This news release contains certain forward-looking information and statements within the meaning of applicable securities laws. The use of any of the words "expect', "anticipate", "continue", "estimate", "may", "will", "should", "believe", "intends" and similar expressions are intended to identify forward-looking information or statements. In particular, but without limiting the foregoing, this news release contains forward-looking information and statements pertaining to the following: the volumes and estimated value of Cumberland's oil and gas reserves; anticipated production volumes from the expected well at Chambery and from the Pool with continued water-flood activities; anticipated operational activities; the sources of funding for certain of the company's future operations; the life of Cumberland's reserves, the volume and product mix of Cumberland's production; future oil and natural gas prices; future liquidity and financial capacity; the total future capital associated with development of reserves and resources; future operating costs, royalty rates and exchange rates. The recovery and reserve estimates of Cumberland's reserves provided herein are estimates only and there is no guarantee that the estimated reserves will be recovered. In addition, forward-looking statements or information are based on a number of material factors, expectations or assumptions of Cumberland which have been used to develop such statements and information but which may prove to be incorrect. Although Cumberland believes that the expectations reflected in such forward-looking statements or information are reasonable, undue reliance should not be placed on forward-looking statements because Cumberland can give no assurance that such expectations will prove to be correct. In addition to other factors and assumptions which may be identified herein, assumptions have been made regarding, among other things: results from drilling and development activities consistent with past operations and offsetting wells; the effect of water-flood activities at the Pool; continued and timely development of infrastructure in areas of new production; availability of debt and equity financing and cash flow to fund Cumberland's current and future plans and expenditures; the impact of increasing competition; stability of the economic and political environment in which Cumberland operates; timely receipt of any required regulatory approvals; ability of Cumberland to obtain qualified staff, equipment and services in a timely and cost efficient manner; drilling results; ability of the operator of the projects in which Cumberland has an interest in to operate the field in a safe, efficient and effective manner; ability of Cumberland to obtain financing on acceptable terms; field production and decline rates; ability to replace and expand oil and gas reserves through acquisition, development and exploration; timing and cost of pipeline, storage and facility construction and expansion and the ability of Cumberland to secure product transportation; future commodity prices; currency, exchange and interest rates; regulatory framework regarding royalties, taxes, and environmental matters in the jurisdictions in which Cumberland operates; and the ability of Cumberland to successfully market its oil and natural gas products. The forward-looking information and statements included in this news release are not guarantees of future performance and should not be unduly relied upon. Such information and statements, including the assumptions made in respect thereof, involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information or statements including, without limitation; changes in commodity prices; changes in the demand for or supply of Cumberland's products; unanticipated operating results or production declines; changes in tax or environmental laws, royalty rates or other regulatory matters; changes in development plans of Cumberland or by third party operators of Cumberland's properties, inaccurate estimation of Cumberland's oil and gas reserve and resource volumes; limited or a lack of access to capital markets; increased costs; inadequate insurance coverage; impact of competitors and certain other risks detailed from time-to-time in Cumberland's public disclosure documents (including, without limitation, those risks identified in this news release and Cumberland's Annual Information Form). The forward-looking information and statements contained in this news release speak only as of the date of this news release and Cumberland does not assume any obligation to publicly update or revise any of the included forward-looking statements or information, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws. Boe's may be misleading, particularly if used in isolation. A boe conversion 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. Non-IFRS Measures This news release includes references to financial measures commonly used in the oil and gas industry such as "cash flow" which does not have any standardized meaning prescribed by International Financial Reporting Standards ("IFRS"). Management believes that in addition to net income (loss), cash flow is a useful supplemental measure as it is a measure of a company's ability to generate the cash necessary to repay debt or fund future growth through capital investment. However, investors are cautioned that this measure should not be construed as an alternative to net income (loss) determined in accordance with IFRS as an indication of performance. The method of calculating this measure may differ from other companies and accordingly, they may not be comparable to similar measures used by other companies.
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