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Share Name | Share Symbol | Market | Type |
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TSXV:ERX | TSX Venture | Common Stock |
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Eagle Rock Exploration Ltd. ("ERX" or the "Company") (TSX VENTURE:ERX) is pleased to announce it has filed on SEDAR its unaudited financial statements for the second quarter ended June 30, 2007. The Company also filed its initial Annual Information Form. Selected Quarterly Information The following table provides a summary of key financial results. 000's except Q2 Q1 Q4 Q3 Q2 Q1 production and per 2007 2007 2006 2006 2006 2006 share amounts $ 000's $ 000's $ 000's $ 000's $ 000's $ 000's Average daily production - boed 549 563 464 202 225 82 Petroleum and natural gas revenue 2,887 2,652 2,127 1,086 1,249 340 Total revenues net of royalties 2,421 2,232 1,905 832 892 294 Cash flow from operations (note 1) 1,174 808 540 345 515 (1) Loss for the period (412) (785) (626) (63) (46) (211) Basic and diluted loss per share (0.010) (0.020) (0.020) (0.010) (0.002) (0.015) Capital expenditures, net 4,193 2,308 7,904 1,924 1,993 1,068 Total assets 31,966 28,952 29,929 29,230 4,636 6,802 Working capital surplus (deficiency) (9,222) (6,203) (4,710) 2,650 7,042 1,282 Shareholders' equity 19,094 19,394 21,949 22,654 12,109 5,211 Common shares outstanding - basic 39,662 39,662 39,636 38,686 26,021 20,501 Common shares outstanding - 100% dilution 43,339 43,059 43,057 41,801 28,131 22,356 Weighted average common shares outstanding 39,662 39,662 39,285 28,086 21,415 13,910 Note 1: Cash flow from operations excludes the changes in non cash working capital. 2nd Quarter Highlights Cash flow from operations increased from $808,000 in Q1 2007 to $1,174,000, a 45% increase in Q2 2007. Revenues increased from $2,652,000 in Q1 2007 to $2,887,000 in Q2 2007, a 9% increase which is the result of higher oil prices. Compared to Q2 2006, cash flow from operations increased from $515,000 to $1,174,000 in Q2 2007, a 127% increase. Revenues also showed a big improvement increasing from $1,249,000 in Q2 2006 to $2,887,000 in Q2 2007, a 131% increase. Average daily production of 225 BOE's/d in Q2 2006 increased to 549 BOE's/d in Q2 2007, a 144% increase year over year. In June 2006 the Company issued common shares for net proceeds of $7.2 million resulting in a working capital position at June 30, 2006 of $7 million compared to a working capital deficiency of $9.2 million at June 30, 2007. The 2006 funds were utilized to build the Red Coulee infrastructure (battery, gathering system, water disposal wells) and to drill the Antelope Lake development wells in 2006. Subsequent to these capital investments, ERX has utilized its cash flow and credit facilities to finance capital expenditures. Future capital expenditures will be limited to funds available from operations, the remaining credit facility and proceeds from equity issues should the Company choose that option. Coutts/Red Coulee, Alberta Second quarter drilling results moved the Company's Rundle oil play in Southern Alberta from a pilot project into the development phase. In June, four wells were drilled with a 100% success ratio resulting in three oil wells and one Bow Island gas well. ERX holds a 100% working interest (WI) in these properties. Antelope Lake, SW Saskatchewan During Q2 of 2007, ERX participated in the successful drilling of two gross oil wells (0.82 net). Total gross production from the Antelope Lake field during the quarter stood at approximately 900 bbls/d (300 net). Operational Update In August the Company continued with follow up drilling at Coutts/Red Coulee (02-1-9, T1 R17 W4). This well has been completed and is currently producing approximately 60 bbls/d. Over-all current production is approximately 650 bbls/d. During the remainder of 2007, the Company plans to drill an additional three to four development wells as part of its development program at its Coutts/Red Coulee and SW Saskatchewan properties. The Company also announces that Mr. Jean-Guy Lambert resigned from the Board of Directors for personal reasons. Eagle Rock Exploration Ltd. is a publicly traded energy company involved in the exploration and development of low to medium risk oil and gas properties in Western Canada. Eagle Rock Exploration Ltd. Trades on the TSX Venture Exchange under the symbol ERX. For more information please visit us at www.eaglerockexploration.com. Forward-looking Information This press release includes forward-looking statements and assumptions respecting ERX's strategies, future operations, expected financial results, financial sources, commodity prices, costs of production and quantum of oil and natural gas reserves and discusses certain issues, risks and uncertainties that can be expected to impact on any of such matters. By their nature, forward-looking statements are subject to numerous risks and uncertainties that can significantly affect future results. Actual future results may differ materially from those assumed or described in such forward-looking statements as a result of the impact of issues, risks and uncertainties whether described herein or not, which ERX may not be able to control. The reader is therefore cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements contained in this news release are made as of the date hereof and ERX undertakes no obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement. In addition, the term BOE or BOE's may be misleading, particularly if used in isolation. A BOE (barrel of oil equivalent) conversion ratio of 6 Mcf per one (1) BOE is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.
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