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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Elemental Altus Royalties Corp | TSXV:ELE | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.01 | -0.90% | 1.10 | 1.08 | 1.10 | 1.12 | 1.10 | 1.12 | 28,100 | 20:51:12 |
Excelsior Energy Limited (TSX VENTURE:ELE) ("Excelsior" or the "Company") announces it has filed financial statements and management's discussion and analysis for the three month periods ended March 31, 2010 and 2009. These financial statements and associated management's discussion and analysis can be found online at www.sedar.com. First Quarter 2010 Highlights -- Pursuant to the Hangingstone farm-in agreement, in January 2010 the Company exercised its option to acquire and cancel the gross overriding royalty that encumbered the Company's Hangingstone oil sands property. Excelsior issued 1,445,056 common shares in consideration for the acquisition and cancellation of the gross overriding royalty. -- The Company engaged an independent resource engineer, McDaniel & Associates Consultants Ltd. ("McDaniel") to update their previous resource report on the Hangingstone property dated July 1, 2009. The mechanical update was dated December 31, 2009, ("the Report") and incorporated the McDaniel price deck as at January 1, 2010 and assumed the cancellation of the gross over-riding royalty. No additional geological or engineering work was conducted and the resource estimates, production forecasts, operating costs (other than updated price deck for natural gas) and capital cost parameters were unchanged from the July 1, 2009. Refer to news release on April 14, 2010 for full details. Outlook -- The Company entered into agreements in April and May 2010, to finance up to $26,000,000 in non-brokered private placements to a group of investors including Frank Giustra, Peninsula Merchant Syndications Corp. and Jeff Scott. The net proceeds of the offering will be used to fund further delineation at Hangingstone and for general corporate purposes. The private placement financings are subject to regulatory approval and conditions, as well as other customary closing conditions. -- To assist funding the COGD project, the Company re-submitted its application to the Alberta government's Innovative Energy Technology Program for the COGD experimental technology in the amount of $10 million. Excelsior was selected to submit a full proposal for $22 million of funding from Climate Change and Emissions Management Corporation. The proposal was submitted in February 2010. Resolution on both these initiatives is expected by mid year. Selected Information ------------------------------------------------------------------------- ($'s except weighted average shares) Mar 31, 2010 Mar 31, 2009 ------------------------------------------------------------------------- Gas sales - 6,153 Royalties - (249) Operating expenses (258) (4,195) ------------------------------------------------------------------------- Net gas revenue (258) 1,709 ------------------------------------------------------------------------- Interest and other income 1,556 27,979 General and administrative expense 288,687 261,614 Net loss and comprehensive loss (334,744) (410,800) Loss per share (basic and diluted) - - ------------------------------------------------------------------------- Capital expenditures Petroleum and natural gas properties-cash 29,975 7,739,361 Petroleum and natural gas properties-non cash 231,209 - ------------------------------------------------------------------------- Cash flows Cash flows used in operations (338,215) (409,372) Cash flows used in investing (43,929) (8,321,785) Cash flows from financing (1,745) - ------------------------------------------------------------------------- Change in cash and cash equivalents (383,889) (8,731,157) Cash and cash equivalents, beginning of period 1,564,964 13,748,057 ------------------------------------------------------------------------- Cash and cash equivalents, end of period 1,181,075 5,016,900 ------------------------------------------------------------------------- Basic and diluted weighted average number of shares outstanding 144,409,309 143,060,590 ------------------------------------------------------------------------- About Excelsior Excelsior is an early stage, oil sands company with 58 operated sections on two contiguous blocks in the Hangingstone and West Surmont areas of the Athabasca Oil Sands Region near Fort McMurray, Alberta. The Company has developed a proprietary in situ combustion technology ("Combustion Overhead Gravity Drainage" or "COGD") which has potential to improve economic and environmental impact in the development and recovery of heavy oil and bitumen. An application for an experimental pilot project to field demonstrate the COGD technology was submitted in the second quarter of 2009. Project approval is expected in the latter half of 2010 with subsequent implementation and commissioning in early 2011. Excelsior's strategy is to capture oil and gas appraisal and development opportunities where we can leverage Management's diverse international operating, heavy oil and field development expertise with developing technologies to produce oil and gas. Forward Looking Information This press release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify forward-looking statements or information. More particularly and without limitation, this press release contains forward-looking statements and information concerning: anticipated regulatory approvals, expected timing on project applications, use of proceeds of the Company's proposed financing activities, anticipated production and recovery results using the Company's COGD process, the sufficiency of its current funding to meet planned expenditure requirements. The forward-looking statements and information in this press release are based on certain key expectations and assumptions made by Excelsior, including expectations and assumptions concerning: prevailing commodity prices and exchange rates; applicable royalty rates and tax laws; future production rates; reserve and resource volumes; the success obtained in drilling new wells; the anticipated production rates and recoverability factors based on certain modeling results conducted by third parties; the availability and cost of labour and services; and the receipt, in a timely manner, of regulatory approvals. Although Excelsior believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information because Excelsior can give no assurance that they will prove to be correct. Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to the risks associated with the oil and gas industry in general such as: 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 and resource estimates; the uncertainty of estimates relating to production, costs and expenses; health, safety and environmental risks; commodity price and exchange rate fluctuations; marketing and transportation or petroleum and natural gas and loss of markets; environmental risks; competition; incorrect assessment of the value of acquisitions; failure to realize the anticipated benefits of acquisitions; ability to access sufficient capital from internal and external sources; failure to obtain required regulatory approvals; inaccuracies in modeling results conducted by third parties; the ability of the Company to identify and enter into a binding agreement with a joint venture partner on terms acceptable to the Company; and changes in legislation, including but not limited to tax laws, royalty rates and environmental regulations. Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on these and other factors that could affect the operations or financial results of Excelsior are included in reports on file with applicable securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com). The forward-looking statements and information contained in this press release are made as of the date hereof and Excelsior undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
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