Blackdog Resources Ltd. Announces Year Over Year Q2 Revenue Increase of 161%
01 Settembre 2011 - 2:00PM
Marketwired Canada
Blackdog Resources Ltd. ("Blackdog" or the "Company") (TSX VENTURE:DOG) is
pleased to provide an update on its Q2, 2011 for the period ending June 30,
2011.
Selected highlights of the Company's results are as follows:
-- Revenue increased to $1,062,906 (2010 - $406,848). This represented a
year over year Q2 increase of 161%.
-- Barrels of oil ("bbls") per day increased to 115 bbls (2010 - 63). This
represented a year over year Q2 increase of 155%.
-- Operating netbacks increased to $346,833 (2010 - $182,073). This
represented a year over year Q2 increase of 90%.
-- Funds flow from operations increased to $189,066 (2010 - $3,462). This
represented a year over year Q2 increase of 5,361%.
-- The Company recorded a quarterly profit of $22,069 which reversed a loss
of ($118,695) during Q2, 2010.
-- General and administrative costs decreased to $141,028 (2010 -
$170,082). This represented a year over year Q2 decrease of 17%.
-- Applied for drilling royalty credits rebates from the Ministry of Energy
in Alberta net to the Company of approximately $265,000. These credits
are not reflected in the Q2 financial statements. Subsequent to the end
of the second quarter, the Company received its first payment in the
amount of $79,500 from the Ministry of Energy.
David A. Corcoran, President of Blackdog commented, "The second quarter of 2011
was a quarter full of ups and downs for both the Company and the oil patch
generally in the Western Canadian Sedimentary Basin ("WCSB"). The month of April
was Blackdog's strongest month in its history for revenue and cash flow, however
starting in the middle of May a series of incidents impacted our production for
the rest of the quarter. This included but was not limited to the large scale
forest fire in the Slave Lake area of Alberta which shut in our Evi Slave Point
property for 5 weeks, torrential rains in both South East Saskatchewan and North
West Alberta which at one time or another shut in all our properties and made
certain roads impassable which hampered the ability of the Company to deliver
its production to market, plus third party pipeline spills and breaks which also
limited the Company's ability to get produced product to market. Despite these
setbacks, the Company once again delivered excellent results with its third
consecutive quarter of over $1,000,000 in revenue and continued its strong
growth in production, operating netbacks, revenue and funds flow from operations
as compared to Q2, 2010. The Company continued to maintain its focus on costs,
and during this period of 161% growth in revenue, decreased its general and
administrative costs by 17%. The Company believes that without these
extraordinary series of setbacks Company revenue, production and cash flow would
have been much higher for the quarter.
We invite our shareholders and other interested parties to read a comprehensive
breakdown of our Q2 operations in our Financial Statements and Management
Discussion and Analysis which are posted on www.sedar.com.
Blackdog is planning an active fall and winter drilling season and we expect to
announce more news to this effect in a timely manner."
Blackdog Resources Ltd. is a junior oil and gas Company focused on the
development of light and medium oil with producing assets in South East
Saskatchewan and Alberta. The Company has 24,574,318 common shares outstanding.
Certain information regarding Blackdog in this news release, including
management's assessment of future plans and operations, may constitute forward
looking statements under applicable securities laws and necessarily involve
risks including, without limitation, risks associated with oil and gas
exploration, development, production, marketing and transportation, loss of
markets, volatility of commodity prices, imprecision of reserve estimates,
environmental risks, competition from other producers, unexpected decline rates
in wells, wells not performing as expected, delays resulting from or inability
to obtain required regulatory approvals and ability to access sufficient capital
from internal and external sources. As a consequence, actual results may differ
materially from those anticipated in the forward-looking statements. Readers are
cautioned that the foregoing list of factors is not exhaustive. Additional
information on these and other factors that could affect Blackdog'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). The forward-looking statements or information contained in this
news release are made as of the date hereof and Blackdog does not undertake any
obligation to update publicly or revise any forward-looking statements or
information, whether as a result of new information, future events or otherwise,
unless so required by applicable securities laws.
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