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Whether you're walking a tightrope or scribbling in your checkbook, balance is a good thing. And, one of the best ways to evaluate a company is to glance at its balance sheet to see what it owns with what it owes.
The balance sheet is a paragon of simplicity and is made up of three components: assets (the stuff it owns), liabilities (the money it owes), and shareholders' equity (the company's value to its shareholders).
Assets take two forms: short-term (or current) assets and long-term assets. Under short-term, there¿s good ol' hard cash. Then, there¿s something called "cash equivalents," which are assets like short-term bonds that can be sold so quickly, they might as well be cash. There you factor in inventory, which (if you're a reasonably competent business owner) you can sell to customers in return for--you guessed it--cash. (The raw materials a company owns to make that inventory also falls under this category.)
Long-term assets are things that are harder to convert into cash. (Think real estate and equipment.) Long-term assets depreciate, meaning they lose some value over time. Also under the long-term category are what's called intangible assets: things like patents and brands, that are important, but hard to quantify. Accountants earn their stripes figuring out the real overall value of these assets.
Once you know your assets, it's time for liabilities. As with assets, liabilities are separated into short-term or current, and long-term. Current liabilities are what a company owes in that year: Things like payments to employees or accounts payable to suppliers. Long-term liabilities are debts paid over several years.
Shareholders' equity is determined by subtracting the liabilities from the assets. That number represents the value of the company after all its bills are paid.
Obviously, investors should pay close attention to balance sheets. Spikes in the amount of debt carried, or a reduction in shareholders' equity, are usually red flags.
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Thursday, May 08, 2008
Park Place et al Announces Completion Plans For The Morgan Highpoint Project
Comtex
CALGARY, May 8, 2008 /PRNewswire-FirstCall via COMTEX News Network/ ----Park Place Energy Corp. ("Park Place" or "the Corporation") is pleased to announce that the Operator of the Morgan Highpoint Project, Montello Resources Ltd. (TSX Venture Exchange symbol "MEO") has conducted an extended production test on the Morgan Highpoint # 3 Well after resolving a number of common operational start-up issues. In less than 10 full days of production the Operator has recovered in excess of 800 barrels of light sweet high gravity oil from the 6.25 inch well bore. After analyzing the logs, including the Weatherford Fracture Imaging Log that was run on the Morgan Highpoint # 5 Well and geological data recently obtained from the 5 wells recently drilled or logged, along with the extended production test on the Morgan Highpoint # 5 Well, the Operator has now confirmed the presence of an extensive fracture network which explains why the daily production rate in the Morgan Highpoint # 3 Well has sharply declined to approximately 15 barrels of oil per day which mirrors the decline rates recorded on other wells drilled to a similar depth in the southern portion of the Appalachians. After conferring with a number of service companies specializing in unique completion techniques the Operator has obtained approval from its partners including Park Place to proceed with a completion program that has been designed with the goal to exponentially increase daily production rates as well as significantly improve the ultimate recovery rates that are typically achieved from wells in the area. For competitive reasons Park Place and its partners will not be disclosing how the wells will be completed. The Operator has further advised the Corporation that logistics are now being finalized to mobilize specialized equipment from Canada and the United States to perform the contemplated completion programs which are anticipated to commence within the next four to six weeks.
Park Place is further pleased to announce that plans are underway to finalize the surface location from which the Morgan Highpoint # 6 Well will be drilled. Park Place and its partners now have approximately 1,500 acres of land tied up. Without acquiring any additional mineral leases, if the scheduled completion programs are as successful as contemplated Park Place as to a 5% participating interest and its partners are positioned to conduct a multi-well drilling program consisting of over 20 shallow oil wells and 2 additional deep gas wells. Based on the knowledge and understanding that Park Place and its partners now have of both the shallow oil play and the deep gas play recently identified in the John Bowen # 2 Well, the Morgan Highpoint partners are now aggressively pursuing acquiring additional mineral leases and drilling/re-completion opportunities in Morgan County, Tennessee.
About Park Place
Park Place is a diversified resource company that is participating in high impact international resource opportunities. The Corporation is currently developing its North American oil and gas assets as well as advancing its BrasAm Diamond Project in Central Brazil. Park Place's management are focused on optimizing profitability and enhancing shareholder value.
Certain information regarding the Corporation contained herein may constitute forward-looking statements. These statements may include estimates, plans, expectations, opinions, forecasts, projections, guidance or other statements that are not statements of fact. Although Park Place believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. These statements are subject to certain risks and uncertainties and may be based on assumptions that could cause actual results to differ materially from those anticipated or implied. The Corporation is under no obligation to update or alter any forward-looking statement. These risks include operational and geological risks, the ability of the Corporation to raise necessary funds for exploration and the fact that the Corporation does not operate all its properties. Park Place's forward-looking statements are expressly qualified in their entirety by this cautionary statement.
CONTACT: Investor Relations: (877) 685-0076, Email: info@parkplaceenergy.com, Website: www.parkplaceenergy.com, Calgary Head Office: Suite 300, 840 - 6th Avenue S.W., Calgary, Alberta, Canada, T2P 3E5
SOURCE Park Place Energy Corp.
Copyright (C) 2008 PR Newswire. All rights reserved
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