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Monday, June 29, 2009
Spitfire Energy Earns $250,000 on Record Cash Flow in Fiscal 2009
Comtex
CALGARY, Jun 29, 2009 (Canada NewsWire via COMTEX) ----Spitfire Energy Ltd. (TSX-V: SEL) increased its average production 4% to 317 boe per day, oil and gas revenues 20% to $7.2 million and cash flow from operations 32% to $ 2.7 million for the fiscal year ending March 31, 2009.
The following table provides a summary of Spitfire's results for the 12-month period ending March 31, 2009 and 2008.
<< ------------------------------------------------------------------------- Year Ended March 31 ------------------------------------------------------------------------- 2008 2007 % change ------------------------------------------------------------------------- Financial ------------------------------------------------------------------------- Petroleum and natural gas sales ------------------------------------------------------------------------- Crude oil and NGLs $5,749,019 $4,904,825 17 ------------------------------------------------------------------------- Natural gas $1,422,059 $1,065,679 33 ------------------------------------------------------------------------- Net revenue $7,171,078 $5,970,504 20 ------------------------------------------------------------------------- Cash flow from operations $2,677,480 $2,021,212 32 ------------------------------------------------------------------------- Per share basic and diluted $0.07 $0.04 75 ------------------------------------------------------------------------- Net earnings (loss) $249,979 $211,851 18 ------------------------------------------------------------------------- Per share basic and diluted $0.01 $0.01 - ------------------------------------------------------------------------- Capital expenditures $6,694,411 $3,060,872 119 ------------------------------------------------------------------------- Net debt $5,857,095 $1,725,314 239 ------------------------------------------------------------------------- Total assets $24,426,569 $20,080,331 22 ------------------------------------------------------------------------- Shareholders equity (deficit) ($828,480) ($1,078,459) 23 ------------------------------------------------------------------------- Weighted average outstanding 40,833,887 38,247,744 7 ------------------------------------------------------------------------- Common shares outstanding 40,265,582 41,246,244 -2 ------------------------------------------------------------------------- ------------------------------------------------------------------------- Operating ------------------------------------------------------------------------- Realized prices ------------------------------------------------------------------------- Crude oil and NGLs ($/bbl) $71.66 $58.81 22 ------------------------------------------------------------------------- Natural gas ($/mcf) $6.69 $6.24 7 ------------------------------------------------------------------------- Total ($/boe) $62.01 $53.46 16 ------------------------------------------------------------------------- ------------------------------------------------------------------------- Average production ------------------------------------------------------------------------- Crude oil and NGLs (bbls/d) 220 229 -4 ------------------------------------------------------------------------- Natural gas (mcf/d) 582 468 24 ------------------------------------------------------------------------- Total (boed) 317 306 4 ------------------------------------------------------------------------- ------------------------------------------------------------------------- Reserves BOE PV 5% PV 10% ------------------------------------------------------------------------- ------------------------------------------------------------------------- Fiscal 2009 ------------------------------------------------------------------------- Forecast Pricing (GLJ April 1, 2009) ------------------------------------------------------------------------- Total proved 1,266,000 $25,508,000 $18,896,000 ------------------------------------------------------------------------- Total proved plus probable 2,034,000 $40,620,000 $28,056,000 ------------------------------------------------------------------------- Reserve Life Index - 12.0 years (P+P) ------------------------------------------------------------------------- ------------------------------------------------------------------------- Fiscal 2008 ------------------------------------------------------------------------- Forecast Pricing (GLJ April 1, 2008) ------------------------------------------------------------------------- Total proved 1,215,000 $24,575,000 $19,114,000 ------------------------------------------------------------------------- Total proved plus probable 2,028,000 $39,689,000 $28,461,000 ------------------------------------------------------------------------- Reserve Life Index - 12.1 years (P+P) ------------------------------------------------------------------------- ------------------------------------------------------------------------- Price Assumptions Natural Gas Crude Oil (GLJ April 1, 2009) (NYMEX $US/mmbtu) (WTI $US/bbl) ------------------------------------------------------------------------- 2009 (full year) $4.68 $51.91 ------------------------------------------------------------------------- 2010 $6.50 $62.00 ------------------------------------------------------------------------- 2011 $7.25 $70.00 ------------------------------------------------------------------------- 2012 $7.75 $77.00 ------------------------------------------------------------------------- 2013 $8.25 $85.00 ------------------------------------------------------------------------- >>
In fiscal 2010, the capital spending budget will be dependent upon forecasted cash flows, commodity prices and service costs. The Company will focus on lower risk projects and acquisitions that provide sound economic returns. The Company is currently planning to drill three (1.5 net) development wells with a total estimated capital budget of $2 million. Spitfire will continually manage the capital budget working within fiscal 2010 cash flows.
Spitfire also announces that independent director John Gunton has resigned his directorship effective June 25, 2009. The Company would like to thank John for the valuable contribution he has made to Spitfire as a director and wishes him every success in future endeavors.
Spitfire's audited financial statements, management's discussion and analysis and detailed information regarding Spitfire's reserves for the fiscal year ended March 31, 2009 have been electronically filed and can be accessed on SEDAR at www.sedar.com and on the company website at www.spitfireenergy.com.
Spitfire Energy Ltd. is a junior oil and gas company engaged in the exploration, development and production of natural gas and crude oil reserves. Spitfire's common shares trade on the TSX Venture Exchange under the symbol "SEL".
This press release contains forward-looking statements that are based on current expectations. There are a number of risks and uncertainties associated with the oil and gas industry that could cause actual results to differ materially from those anticipated. A barrel of oil equivalent, derived by converting gas to oil using a ratio of six thousand cubic feet of gas to one barrel of oil, may be misleading, particularly if used in isolation. A boe conversion is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.
<< The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of the contents of this press release. >>
%SEDAR: 00016881E
SOURCE: Spitfire Energy Ltd.
Danny Zivkusic, Chief Financial Officer, (403) 205-3400 x228
Copyright (C) 2009 CNW Group. All rights reserved.
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