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Share Name | Share Symbol | Market | Type |
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Skywest Energy Corp | TSXV:SKW | 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 | - |
SkyWest Energy Corp. ("SkyWest" or the "Company") (TSX VENTURE:SKW) is pleased to announce it has filed on SEDAR its unaudited financial statements and related Management's Discussion and Analysis ("MD&A") for the three and six months ended June 30, 2010. Selected financial and operational information is outlined below and should be read in conjunction with SkyWest's unaudited financial statements and related MD&A which are available for review at www.sedar.com. These financial and operating results reflect only a prorated 8 days of results of EMM Energy Inc. and 13 days of Stratosphere Energy Corp. for the three and six months ended June 30, 2010. ---------------------------------------------------------------------------- For the three For the six For the 3 1/2 month ($ CDN unless otherwise months ended months ended period ended noted) June 30, 2010 June 30, 2010 December 31, 2009 ---------------------------------------------------------------------------- FINANCIAL Gross revenue 140,482 149,756 - Funds from operations(1) (448,299) (164,735) (35,122) Per share (basic) (0.02) (0.01) (0.01) Per share (diluted) (0.02) (0.01) (0.01) Net income (loss) (3,047,855) (3,126,916) (35,231) Per share (basic) (0.14) (0.20) (0.01) Per share (diluted) (0.14) (0.20) (0.01) Capital expenditures, cash, excluding business combinations 547,091 1,188,549 189,315 Bank debt 1,000,000 1,000,000 - ---------------------------------------------------------------------------- OPERATIONS Production sales Oil (bbls/d) 9 5 - Natural gas (mcf/d) 178 89 - NGL (bbls/d) 1 - - Total (boe/d @ 6 mcf: 1 bbl) 40 20 - Average pricing Natural gas ($/mcf) 4.23 4.24 - Oil ($/bbl) 75.66 76.20 - NGL ($/bbl) 48.67 48.94 - Combined ($/boe) 38.04 39.73 - Expenses Operating expenses ($/boe) 16.92 20.13 - Royalty expense ($/boe) 4.47 5.05 - Netback Combined ($/boe) (2) 16.65 14.55 - ---------------------------------------------------------------------------- 1.Funds from operations is calculated as cash flow from operating activities before the change in non-cash working capital and is a non-GAPP measurement. 2.Netback is a non-GAAP measurement equal to revenue less operating costs, transportation and royalties. See "Non-GAAP Measures" note under Basis of Presentation. Message to Shareholders Well it's been quite a journey these past 8 months. Since incorporation of SkyWest as a private Company with a market cap of $1.5 million dollars, we have seen SkyWest expand and grow into a $50 million dollar market cap Company today, which to us is very exciting. SkyWest is a pure Cardium Player and is focused on drilling and development of oil production in the Cardium zone. In the past 3 months, SkyWest completed its reverse take-over of EMM Energy Inc. ('EMM") and Stratosphere Energy Corp. ("Stratosphere"), closed its initial finance of just over $22 million dollars and is in the final process of closing an additional $10 million dollar flow-through financing. In total SkyWest has raised over $32 million dollars in the first eight months of 2010. Note that the first six months of results for 2010 only represent a prorated 8 days of financial and operating results of EMM and a prorated 13 days of results of Stratosphere. SkyWest has now kicked off its 2010 Drilling Program with the first well in the south Pembina field. The well has been drilled and we expect to complete the well within the next couple of weeks. SkyWest has also commenced drilling operations on its 2nd location in the Willesden Green area, which should be drilled by the end of August. With all the new technologies in completions that are evolving, we continually monitor and assess results of completions in the Cardium formations in the W5 area of Alberta to determine if new technologies will enhance production rates and lower the capital costs of completion. For now, we are going to utilize an oil frac system which we feel is currently the best completion fluid available. Since our closing of the EMM deal, SkyWest has been aggressive in expanding its Cardium position by way of farm-in and land acquisitions. We have entered into a 6 3/4 section farm-in in the south Pembina area for the Cardium, a farm-in with a private Company in a 1.25 section Cardium play , and have acquired an additional 2.8 sections of Cardium acreage in the latest crown land sale. This to date, gives SkyWest 35 sections of Cardium acreage ( 24 net sections - 15,360 net acres) . SkyWest's current production is in the range of 350 to 385 boe/pd. We are very excited moving forward with our drilling program for the year, as we have scheduled the drilling of a total of 10 gross (7 net) Cardium horizontal wells. Our exit production rate is expected to be approximately 900 - 1100 boe/day being weighted towards oil and NGLs We hope that you are as pleased as we at SkyWest are in the growth and evolution of the Company over the past 8 months. We look forward to delivering additional value to our shareholders into the future and would like to thank our shareholders for their support. I would also like to take this opportunity to thank our Board of Directors for their tremendous support, wisdom and the valuable knowledge they bring to SkyWest. On behalf of the Board of Directors Mr. Lawrence Urichuk, President and Chief Executive Officer Information Regarding SkyWest SkyWest Energy Corp. is a public oil and gas exploration and development company, located in Calgary, Alberta with operations in Alberta. SkyWest currently trades on the TSX Venture Exchange (TSXV) under the Symbol "SKW". Statements herein that are not historical facts may be considered forward looking statements including management's assessment of future plans and operations, growth expectations within the Corporation, expected initial production rates from certain new wells, timing of completion of wells and of production additions, expected size of various plays, construction or expansion of facilities and the timing thereof and expected costs and the effects thereof, drilling plans and the effects thereof. These forward-looking statements sometimes include words to the effect that management believes or expects a stated condition or result. All estimates and statements that describe the Corporation's objectives, goals or future plans are forward-looking statements. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties including, without limitation, risks associated with oil and gas exploration, development, exploitation, production, marketing and transportation, loss of markets, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition from other producers, inability to retain drilling rigs and other services, failure to realize the anticipated benefits of acquisitions, delays resulting from or inability to obtain required regulatory approvals and ability to access sufficient capital from internal and external sources. As a consequence, SkyWest's actual results may differ materially from those expressed in, or implied by, the forward-looking statements. Forward-looking statements or information are based on a number of factors and assumptions which have been used to develop such statements and information but which may prove to be incorrect. Although SkyWest 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 SkyWest can give no assurance that such expectations will prove to be correct. In addition to other factors and assumptions which may be identified in this document, assumptions have been made regarding, among other things: the impact of increasing competition; the ability of SkyWest to obtain equipment and services in a timely and cost efficient manner; drilling results; the ability of the operator of the projects which SkyWest has an interest in to operate the field in a safe, efficient and effective manner; field production rates and decline rates; the ability to replace and expand oil and natural gas reserves through acquisition, development or exploration; the timing and costs of pipeline, storage and facility construction and expansion; future oil and natural gas prices; currency, exchange and interest rates; the regulatory framework regarding royalties, taxes and environmental matters in the jurisdictions in which SkyWest operates; and the ability of SkyWest to successfully market its oil and natural gas products. Readers are cautioned that the foregoing list of factors and assumptions is not exhaustive. Additional information on these and other factors that could effect SkyWest's operations and financial results are included in reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com). Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and SkyWest does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws. BOEs Disclosure provided herein in respect of barrels of oil equivalent (boe) 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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