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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Titanium Transportation Group Inc | TSXV:TTR | 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% | 2.44 | 2.41 | 2.46 | 0 | 01:00:00 |
Terra Energy Corp. ("Terra Energy" or the "Company") (TSX VENTURE:TTR) is pleased to release its Financial Statements and related Management's Discussion and Analysis for the three month period and the six month period ended June 30, 2008. Copies of Terra Energy's second quarter 2008 results may be obtained at www.sedar.com or www.terraenergy.ca. The second quarter of 2008 was highlighted by the successful closing of the previously announced (May 12th, 2008) sale by Terra Energy of its Montney P&NG rights in British Columbia for total proceeds of approximately $65.2 million. The proceeds have been used to eliminate the Company's bank debt as well as to increase and accelerate the Company's 2008 capital expenditure program. The Company's production rate averaged approximately 3,400 boed during the second quarter of 2008. This is consistent with the Company's expectations for this period and is a result of the McMahon Gas Processing Plant (the "McMahon Plant") being shut down for a major routine maintenance program, which typically occurs every three years. As a result of Terra Energy's asset base being so focused in the Fort St. John area, approximately 90% of the Company's production is processed at or impacted by the McMahon Plant. The curtailment of gas and the shut down of operations at the McMahon Plant resulted in a loss of production by the Company for almost all of the month of June 2008. This resulted in a reduction of production by the Company during the second quarter of 2008 by approximately 27% when compared to first quarter 2008 production. The maintenance program was carried out successfully by the McMahon Plant operator and should not adversely impact Terra Energy's production rates going forward. Second Quarter 2008 Highlights: - Sale of Montney P&NG rights successfully closed for approximately $65.2 million. - Average production per day increased 47.4% to 4,041 boed for the six month period ended June 30, 2008 compared to same period in 2007. - Gross revenue increased 81.3% year over year from $22.7 million to $41.1 million for the six month periods ended June 30, 2007 and 2008. - Cash flow from operations rose 134% year over year from $8.1 million to $19.0 million for the six month periods ended June 30, 2007 and 2008. - Operating expense per unit of production decreased 13.5% year over year from $13.31per boe to $11.51 per boe for the six month periods ended June 30, 2007 and 2008. - Net income increased 401.8% year over year from a loss of $1.5 million to income of $4.7 million for the six month periods ended June 30, 2007 and 2008 inclusive of an unrealized loss on financial instruments of $12.3 million and a gain on disposition of P&NG rights of $14.5 million. OPERATIONS In addition to the curtailment and shut down of production associated with the major routine maintenance program carried out at the McMahon Plant, certain volumes of the Company's gas produced from our Sunrise Gas Field and being processed at the Doe Creek processing facility experienced intermittent interruption during the second quarter due to operational issues at the processing facility. The Company's production at Sunrise was tied in during the first quarter of 2008. Management is working with the third party operator to resolve these issues at the processing facility in order to be able to produce and process its total firm capacity at this processing facility (approx. 500 boed). During the second quarter, the Company resumed its 2008 Capital Expenditure Program. The Company started with two drilling rigs after the spring break-up, and now has three drilling rigs engaged on its drilling program. A detailed operational update is anticipated to be released by the Company in approximately three weeks, and the Company remains on track with its target exit rate for 2008 of 5,700 boed. READER ADVISORY A BOE conversion ratio of six thousand cubic feet per barrel (6mcf/bbl) of natural gas to barrels of oil equivalence is based upon an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency for the individual products at the wellhead. Such disclosure of BOE's may be misleading, particularly if used in isolation. The media release may contain forward-looking statements including expectations of future production, cash flow and earnings. 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. These risks include, but are not limited to: the risks associated with the oil and gas industry (eg., 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 estimates; the uncertainty of estimates and projections relating to production, costs and expenses, and health, safety and environmental risks), commodity price, price and exchange rate fluctuation and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures. Additional information on these and other factors that could affect Terra Energy's operations or financial results are included in Terra Energy's reports on file with Canadian securities regulatory authorities. Terra Energy is a junior oil and gas company engaged in the exploration for, and development and production of, natural gas and oil in Western Canada. Terra Energy's common shares trade on the TSX Venture Exchange under the symbol 'TTR'.
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