Drake Pacific Enterprises Ltd. Reports Third Quarter 2008 Results
26 Novembre 2008 - 10:25PM
Marketwired Canada
Drake Pacific Enterprises Ltd. ("Drake" or "the Company") (TSX VENTURE:DPE) has
filed its Unaudited Financial Statements and Management's Discussion and
Analysis ("MD&A") for the third quarter ended September 30, 2008 on SEDAR. The
documents can be accessed through Drake's website at www.drakepacific.com or on
SEDAR's site at www.sedar.com.
Selected Quarterly Information
The following table provides a summary of key financial results.
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Three months ended
September 30
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%
2008 2007 change
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AVERAGE DAILY PRODUCTION
Oil and liquids-bbls/day 55 27 105%
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Natural gas -mcf/day 785 357 120%
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BOE/day - 6:1 186 87 114%
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PRICES
Price/bbl - oil and liquids $ 102.98 $ 74.27 39%
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Price/mcf - natural gas $ 7.22 $ 5.56 30%
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FINANCIAL
Revenue $ 1,046,739 $ 375,673 179%
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Operating costs/boe $ 21.55 $ 15.65 38%
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Netback/boe $ 30.28 $ 16.82 80%
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General and administrative $ 323,801 $ 143,363 126%
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Net earnings (loss) $ 65,134 $ 3,718 1652%
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Cash flow from operations $ 211,243 $ 185,926 14%
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Common Shares -
Basic weighted average 14,558,973 10,649,647
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Net earnings per share -
basic $ - $ 0.01 -
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diluted $ - $ 0.01 -
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Nine months ended
September 30
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%
2008 2007 change
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AVERAGE DAILY PRODUCTION
Oil and liquids-bbls/day 45 50 -10%
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Natural gas -mcf/day 630 360 75%
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BOE/day - 6:1 150 110 37%
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PRICES
Price/bbl - oil and liquids $ 106.39 $ 66.43 60%
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Price/mcf - natural gas $ 8.62 $ 6.45 34%
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FINANCIAL
Revenue $ 2,803,909 $ 1,543,949 82%
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Operating costs/boe $ 22.09 $ 13.20 67%
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Netback/boe $ 37.32 $ 32.82 14%
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General and administrative $ 629,162 $ 412,699 52%
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Net earnings (loss) $ 115,284 $ 42,451 172%
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Cash flow from operations $ 878,597 $ 539,423 63%
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Common Shares -
Basic weighted average 11,962,267 10,649,647
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Net earnings per share -
basic $ 0.01 $ 0.01 -
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diluted $ 0.01 $ 0.01 -
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Outstanding Shares at
November 25, 2008 16,988,647
Stock Options @ average price of $0.41 1,625,000
Warrants @ $0.40 400,000
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Fully Diluted Shares at
November 25, 2008 19,013,647
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Production
Our production for the quarter averaged 186 boe per day, up modestly from the
previous quarter amount of 172 by 8%, but it has increased by 114% over the same
period in 2007. The increase is in spite of having over 60 boe/day of gas
shut-in for most of the period and reflects the impact of having the production
from the private company acquisition on for the full quarter. Current production
levels are about 220 boes/day as a result of the Retlaw well which was brought
on subsequent to the quarter-end.
Acquisitions
Effective June 1 2008, DPE acquired all of the outstanding common shares of a
private oil and gas company and its related partnerships for the consideration
of 3,750,000 shares valued at $0.40 per share and $1,100,000 in cash for a total
price of $2,600,000. The assets acquired were oil and gas properties and working
capital. This added approximately 70 boe/day. The transaction closed on August
29 2008.
Reserves
Drake's reserves are up over 400% from the same period in 2007. The new well at
Retlaw should contribute additional reserves at year-end. The Company has not
evaluated the reserves at Sousa yet. We will have these reserves evaluated at
the coming year end.
Cash Flow
The 14% increase in cash inflow for the third quarter from $185,926 in Q3 2007
to $211,243 for the comparative period in 2008 was the result of the higher
product prices combined with increased production in 2008.
About Drake
Drake is a publicly traded energy company involved in the exploration and
development of low to medium risk oil and gas properties in Western Canada.
Drake's common shares trade on the TSX Venture exchange under the symbol "DPE".
This news release contains forward-looking information, Implicit in this
information are assumptions regarding commodity pricing, production, royalties
and expenses that, although considered reasonable by the Company at the time of
preparation, may prove to be incorrect. These forward-looking statements are
based on certain assumptions that involve a number of risks and uncertainties
and are not guarantees of future performance. Actual results could differ
materially as a result of changes in the Company's plans, commodity prices,
equipment availability, general economic, market, regulatory and business
conditions as well as production, development and operating performance and
other risks associated with oil and gas operations. There is no guarantee made
by the Company that the actual results achieved will be the same as those
forecasted herein. The reader is therefore cautioned not to place undue reliance
on such forward-looking statements. In addition, barrel of oil equivalent
("boe") amounts may be misleading, particularly if used in isolation. A boe
conversion ratio has been calculated using a conversion rate of six thousand
cubic feet of natural gas to one barrel and is based on an energy equivalent
conversion method application at the burner tip and does not necessarily
represent an economic value equivalent at the wellhead.
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