![](/cdn/assets/images/search/clock.png)
We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Traverse Energy Ltd | TSXV:TVL | 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% | 0.005 | 0.005 | 0.01 | 0 | 01:00:00 |
Traverse Energy Ltd. ("Traverse" or "the Company") (TSX VENTURE:TVL) presents financial and operating results for the nine months ended September 30, 2010. Unless otherwise stated, the volume conversion of natural gas to barrel of oil equivalent (BOE) is presented on the basis of 6 thousand cubic feet of natural gas being equal to 1 barrel of oil. ---------------------------------------------------------------------------- HIGHLIGHTS (unaudited) Three months ended Nine months ended Sept. 30, Sept. 30, Sept. 30, Sept. 30, 2010 2009 2010 2009 ---------------------------------------------------------------------------- Financial ($ thousands, except per share amounts) Revenue $ 331 $ 120 $ 951 $ 401 Net loss (461) (515) (915) (545) Per share - basic and diluted (0.02) (0.02) (0.03) (0.03) Funds flow from operations(i) 86 31 159 156 Net capital expenditures 1,314 259 4,401 500 Total assets 12,503 7,918 12,503 7,918 Shareholders' equity 10,633 7,061 10,633 7,061 Working capital 3,045 4,089 3,045 4,089 Common shares Outstanding (millions) 29.4 20.9 29.4 20.9 Weighted average (millions) 29.4 20.9 26.5 16.2 Operations (Units as noted) -------------------- Production (BOE/d) 103 47 90 48 Natural gas (Mcf per day) 419 228 352 238 Oil and NGL (bbls per day) 33 9 31 8 Average sale price Natural gas ($/Mcf) 3.55 3.09 3.98 4.05 Oil and NGL ($/bbl) 67.93 62.11 70.89 55.37 (i)Management uses funds flow from operations (before changes in non-cash working capital) to analyze operating performance. Funds flow as presented does not have any standardized meaning prescribed by Canadian Generally Accepted Accounting Principles and therefore may not be comparable with the calculation of similar measures for other entities. Operations Review All of the Company's oil and gas properties are located in Alberta. During the third quarter, Traverse participated in the drilling of 2 gross (1.5 net) oil wells in the Turin area and expanded its infrastructure. This expansion included pipelining existing wells into a central battery site and adding capacity for incremental wells. The facilities expansion will provide for a more efficient tie in and resulting production from new wells. In the Manyberries area the Company re-entered an existing wellbore to test a potential natural gas zone. The well tested at a low natural gas rate and will be abandoned. Undeveloped land holdings at September 30, 2010 totaled 169,000 gross (160,000 net) acres. Subsequent to the third quarter, Traverse drilled a 100% working interest oil well in the Long Coulee area. The well was placed on production November 9, 2010 and is expected to produce at the allowable rate of 125 BOE/day. In early November Traverse spudded a 2,200 meter horizontal well at Manyberries targeting Jurassic oil. New production from the wells at Turin and Long Coulee are expected to increase average company production to approximately 250 BOE per day. Oil production will now represent over 70% of Traverse's production. Traverse's 2010 drilling program to date includes 8 gross (6.9 net) wells. This has resulted in 3.9 net oil wells, 1 net natural gas well, 1 potential natural gas well and 2 dry holes. Traverse will continue to focus on oil and liquids rich natural gas targets. Traverse is also evaluating its existing lands for potential oil prospects on the developing Southern Alberta Bakken play. Traverse's drilling plans for the remainder of 2010 include a 100% working interest well to be drilled at Carbon on a gas/oil prospect and 2 wells (1.75 net) to be drilled at Turin. Forward-looking information This press release contains forward-looking information. Forward-looking information is based upon the opinions, expectations and estimates of management as at the date the information is provided and, in some cases, information received from or disseminated by third parties. In particular, the Company's statements with respect to facilities expansion at Turin, expected production at Turin and Long Coulee and planned drilling at Carbon and Turin for the remainder of 2010 contain forward-looking information. This forward-looking information is subject to a variety of substantial known and unknown risks and uncertainties and other factors that could cause actual events or outcomes to differ materially from those anticipated or implied by such forward-looking information. The Company's Annual Information Form filed with securities regulatory authorities (accessible through the SEDAR website www.sedar.com) describes the risks, material assumptions and other factors that could influence actual results and which are incorporated herein by reference. The forward-looking information contained in this press release is made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
1 Year Traverse Energy Chart |
1 Month Traverse Energy Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions