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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Lifestyle Global Brands Limited | TSXV:GBE | 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% | 0.015 | 0.005 | 0.02 | 0 | 01:00:00 |
Grand Banks Energy Corporation (the "Company" or "Grand Banks") (TSX VENTURE:GBE) is pleased to announce its financial results for the first quarter ended March 31, 2008. The detailed financial statements and management discussion and analysis for the quarter are accessible on the internet at the website www.sedar.com. In the first quarter of 2008 Grand Banks achieved record levels of production, revenues, funds flow from operations and pre-tax income, all of which are a testament to the quality of the Company's asset base. The Company's solid operational performance was further enhanced by record oil prices and strong natural gas prices. Three Months ended March 31, -------------------------------- 2008 2007 % Change ------ ------ ---------- Average Sales Volumes: ------------------------------------ Crude oil & liquids - bbls/day 724 616 18 Natural gas - mcf/day 4,382 1,056 315 Sales volumes - boe/day (6:1) 1,454 792 84 Financial Results (Canadian $000's) ------------------------------------ Gross revenues $ 9,726 $ 4,124 136 Net income (loss) $ 1,995 $ (320) 723 Per share - basic 0.06 (0.01) 700 Per share - diluted 0.06 (0.01) 700 Funds flow from operations (1) $ 5,737 $ 1,885 204 Per share - basic 0.18 0.06 200 Per share - diluted 0.17 0.06 183 Capital expenditures $ 5,428 $ 2,939 85 Working capital (deficiency) $ (12,227) $ (10,382) (18) Flow-through obligations (to year end) $ - $ 2,864 (100) Total assets $ 59,665 $ 50,618 18 (1) Funds flow from operations is a non-GAAP measure that represents net income plus depletion, depreciation and accretion, stock-based compensation, future taxes and other non-cash expenses. Takeover Bid: On April 29, 2008, the Company announced it had entered into an agreement with Fairborne Energy Ltd. ("Fairborne") pursuant to which Fairborne has made an offer (the "Offer") to acquire all of the issued and outstanding common shares of the Company by way of a takeover bid. Under the terms of the Offer, Fairborne will pay $2.90 cash per share and assume the Company's debt for an estimated purchase price of $112.0 million. The Offer is subject to certain conditions, including the deposit of not less than 66 2/3% of the outstanding common shares of the Company (on a fully diluted basis), receipt of regulatory approvals and other customary conditions. Having considered the terms of the Offer, the fairness opinion provided by Rundle Energy Partners Ltd., the advice of its financial and legal advisors and additional matters, the board of directors of Grand Banks has determined that the Offer is fair, from a financial point of view, to holders of Grand Banks common shares and is in the best interest of Grand Banks and its shareholders. The board of directors has unanimously resolved to recommend that the holders of Grand Banks common shares accept the Offer and tender their Grand Banks common shares to the Offer. A Directors' Circular setting out the recommendation of the board of directors of Grand Banks in relation to the Offer along with the formal offer documents were mailed to holders of securities of Grand Banks on May 7, 2008. Shareholders are reminded that the deadline for them to tender their shares to the Fairborne Offer is June 12, 2008. Outlook: Grand Banks has recently commenced a multi-well drilling program on its lands in the Williston Basin. It is expected that this program, which will utilize two drilling rigs, will result in strong increases in production and cash flow as approximately four horizontal oil wells per month are completed. Grand Banks is listed on the TSX-Venture Exchange under the Symbol GBE. FORWARD LOOKING STATEMENTS This press release contains forward-looking statements including expectations of future production. These statements are based on current expectations that involve a number of risks and uncertainties, which could cause actual results to differ from those anticipated. BOEs 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.
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