Upper Lake Oil earns $429,000 in Q2 2008
2008-08-14 09:49 ET - News Release
Mr. Kelly Ogle reports
UPPER LAKE OIL AND GAS LTD. EARNS $429,000 IN Q2 2008
Upper Lake Oil and Gas Ltd. has released its financial and operating results for the second quarter and first half of 2008. The company's financial statements and management's discussion and analysis for the three and six months ended June 30, 2008, will be available on SEDAR and on Upper Lake's website.
Financial and operating highlights for 2008 do not include comparisons with 2007 because Upper Lake did not commence business until Oct. 12, 2007.
PRODUCTION HIGHLIGHTS
Three months ended Six months ended
June 30, 2008 June 30, 2008
Natural gas 3,455 mcf/day 3,624 mcf/day
Oil and natural gas liquids 309 bbl/day 325 bbl/day
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Total 885 boe/day 929 boe/day
FINANCIAL HIGHLIGHTS
Three months ended Six months ended
June 30, 2008 June 30, 2008
($000s) $/unit ($000s) $/unit
Revenue: oil and NGLs 2,744 97.46/bbl 5,095 86.04/bbl
Revenue: natural gas 3,382 10.76/mcf 6,233 9.45/mcf
Royalties: oil and liquids (700) 24.86/bbl (1,290) 21.78/bbl
Royalties: natural gas (845) 2.69/mcf (1,509) 2.29/mcf
Operating expenses (793) 9.85/boe (1,613) 9.54/boe
Field netback(1) 3,788 47.01/boe 6,916 40.88/boe
General and administrative expenses (492) 6.11/boe (1,016) 6.00/boe
Interest expense (61) 0.76/boe (92) 0.54/boe
Funds flow from operations(1) 3,235 39.61/boe 5,808 34.08/boe
Funds flow per diluted share(1) 0.12/share 0.22/share
Cash flow from operating activities 3,407 42.29/boe 6,378 37.71/boe
Net earnings 429 5.32/boe 241 1.43/boe
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