CALGARY, Feb. 27 /CNW/ - Spitfire Energy Ltd. (TSX-V: SEL) is pleased to
announce its financial and operating results for the third quarter of fiscal
2009 ending December 31, 2008.
Third Quarter Fiscal 2009 Highlights
- Crude oil and natural gas revenue for the quarter ended
December 31, 2008 was $1,423,790, increasing 6% over the quarter
ended December 31, 2007;
- Production increased 22% to 352 boed for the third quarter of
fiscal 2009 compared with 289 boed for the same quarter in
fiscal 2008. Compared to the previous quarter, production in the
third quarter of 2009 increased 11% from 317 boed.
- The pipeline for Spitfire's Verlo, Saskatchewan exploration well
drilled in the second quarter of fiscal 2009 was completed and is
currently producing at initial rates of 36 net boed;
- Over 50% of the pipeline project required to tie-in the new pool
exploration well in Oak, Alberta drilled in the previous quarter was
completed.
- Spitfire's production at February 27, 2009 is 451 boepd.
The following table provides a summary of Spitfire's results for the
three-month period ending December 31, 2008 and 2007. Spitfire's unaudited
financial statements and Management's Discussion and Analysis can be accessed
for viewing on SEDAR at www.sedar.com and on the Company website at
www.spitfireenergy.com.
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Quarter Ended December 31
2008 2007
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Financial
Petroleum and natural gas sales
Crude oil and NGLs $955,044 $1,128,695
Natural gas $468,746 $218,727
Net revenue $1,423,790 $1,347,422
Cash flow from operations $74,891 $457,284
Per share basic and diluted $0.00 $0.01
Net earnings (loss) ($449,896) ($13,182)
Per share basic and diluted ($0.01) $0.00
Capital expenditures $862,824 $769,917
Working capital (deficit) ($5,525,721) ($1,246,963)
Total assets $24,141,251 $19,311,406
Common shares outstanding 40,746,582 42,223,744
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Operating
Realized prices
Crude oil and NGLs ($/bbl) $46.05 $55.26
Natural gas ($/mcf) $6.71 $5.93
Total ($/boe) $43.97 $50.68
Netbacks ($/boe) $12.81 $17.20
Average production
Crude oil and NGLs (bbl/d) 225 222
Natural gas (mcfd) 759 401
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Total (boed) 352 289
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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.
