EnerNorth Reports on First Quarter Results, Annual and Special Shareholder Meeting of Shareholders and the Appointment of an Independent Director.TORONTO Toronto (tərŏn`tō), city (1998 est pop. 2,400,000), provincial capital, S Ont., Canada, on Lake Ontario. Toronto is the largest city in Canada and since the 1970s has been one of the fastest-changing cities in North America, experiencing -- EnerNorth Industries Inc. (AMEX AMEX See: American Stock Exchange :ENY ENY East New York )(Frankfurt Stock Exchange Frankfurt Stock Exchange The largest of Germany's eight securities exchanges, operated by Deutsche Borse AS. :EPW EPW Enemy Prisoner of War EPW Electron Plasma Wave EPW Earth Penetrating Warhead EPW Earth Penetrating Weapon EPW Engine Protection Washer EPW Edge Pro Wrestling EPW Extreme Power Wrestling EPW Extreme Polystyrene Wrestling EPW Electronic Payment Window 1) (www.enernorth.com) ("EnerNorth" or the "Company") announces that it has filed its unaudited consolidated financial statements Consolidated Financial Statements The combined financial statements of a parent company and its subsidiaries. Notes: Because consolidated financial statements present an aggregated look at the financial position of a parent and its subsidiaries, they enable you to gauge , management's discussion and analysis Management's discussion and analysis (MD&A) A report from management to shareholders that accompanies the firm's financial statements in the annual report. It explains the period's financial results and enables management to discuss topics that may not be apparent in the financial for the first quarter ended September September: see month. 30, 2005 expressed in Canadian dollars Noun 1. Canadian dollar - the basic unit of money in Canada; "the Canadian dollar has the image of loon on one side of the coin" loonie dollar - the basic monetary unit in many countries; equal to 100 cents . Below is a summary of financial and operational highlights for the first quarter ending September 30, 2005. For full details of EnerNorth's unaudited interim financial results and management's discussion and analysis please visit www.sedar.com or www.sec.gov See .gov and GovNet. (networking) gov - The top-level domain for US government bodies. . Effective February February: see month. 1, 2005, the Company divested of its interest in its Industrial & Offshore Division, which has been accounted for as discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. for the purpose of financial presentation.
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SUMMARY For the Three Month Period Ending
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September 30, September 30, %
2005 2004 Change
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FINANCIAL INFORMATION:
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Oil and gas revenue $325,247 $211,236 54%
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Less: royalties 38,165 47,826 (20%)
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Net revenue 287,082 163,410 76%
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Net Income (loss) from
operations before
discontinued operations (4,609) (213,735) (98%)
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Income and gain on
disposition of discontinued
operations
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Net Income (loss) for the year (4,609) 89,198 (105%)
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Net Income (loss) from
continuing operations per
share (0.001) (0.05) (98%)
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Net Income (loss) per share (0.001) 0.02 (106%)
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Total assets 16,063,026 21,483,870 (25%)
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Total financial liabilities 8,987,661 14,202,888 (37%)
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OPERATIONS:
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Average Daily Production
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Natural gas (mcf per day) 231 171 35%
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Natural gas liquids
(bbls per day) 13 5 172%
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Crude oil (bbls per day) 11 1 820%
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Total (boe per day) 62 34 80%
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Average Commodity Prices
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Natural gas ($/mcf) $9.73 $6.07 60%
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Natural gas liquids ($/bbl) $47.01 $37.95 24%
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Crude oil ($/bbl) $68.30 $55.91 22%
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Total ($/boe) $57.67 $37.29 55%
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Royalties
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Natural gas ($/mcf) $0.98 $1.77 (45%)
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Natural gas liquids ($/bbl) 10.84 $19.83 (45%)
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Crude oil ($/bbl) $4.95 $4.92 1%
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Total royalties ($/boe) $6.77 $11.72 (42%)
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Production costs
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Natural gas ($/mcf) $3.36 $2.77 21%
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Natural gas liquids ($/bbl) $5.71 $10.94 (48%)
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Crude oil ($/bbl) $24.07 $35.82 (33%)
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Total production costs ($/boe) $17.81 $16.52 8%
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Netback by Product
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Natural gas ($/mcf) $5.39 $1.53 253%
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Natural gas liquids ($/bbl) $30.46 $7.18 324%
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Crude oil ($/bbl) $39.28 $15.17 159%
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Netback ($/boe) $33.09 $9.05 266%
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A Boe conversion ratio of 6 Mcf: 1 Bbl is based on an energy equivalency equivalency the combining power of an electrolyte. See also equivalent. conversion method primarily applicable at the burner A drive that writes write-once optical discs such as CD-Rs and DVD-Rs. A "burner" implies a one-time recording, but the term is erroneously used to refer to drives that "write" to re-recordable CD-RW and DVD-RW/+RW media as well. See burn, CD-R and DVD-R. tip and does not represent a value equivalency at the wellhead well·head n. 1. The source of a well or stream. 2. A principal source; a fountainhead. 3. The structure built over a well. wellhead Noun 1. . Disclosure provided herein in respect of Boes Bo´es 3d sing. p 1. Behoves or behooves. may be misleading, particularly if used in isolation. Annual and Special Meeting of Shareholders EnerNorth is pleased to announce that at an Annual and Special Meeting of Shareholders held today, all resolutions were carried. Appointment of Director In addition, the Company is pleased to announce the appointment of Mr. Hagen Gocht, B.A. as an independent director to the board of EnerNorth. Mr. Gocht was appointed by the directors immediately following the Company's Annual and Special Meeting of Shareholders. Other News On August 2, 2005 the Superior Court for the Province of Ontario ruled that the Singapore judgment against the Company was enforceable in Ontario (with costs). The Company filed notice of appeal of the August 2, 2005 ruling and the appeal date has been set for April 10, 2006. About EnerNorth Industries Inc. EnerNorth is a junior oil and gas company carrying out operations through production, development and exploration of oil and gas in the Western Sedimentary Basin The term sedimentary basin is used to refer to any geographical feature exhibiting subsidence and consequent infilling by sedimentation. As the sediments are buried, they are subjected to increasing pressure and begin the process of lithification. , Canada. There are approximately 4.06 million shares issued and outstanding in the capital of the Company. Certain statements contained herein constitute "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995 (the "Reform Act"), which reflect the Company's current expectations regarding the future results of operations, performance and achievements of the Company. The Company has tried, wherever possible, to identify these forward-looking statements by, among other things, using words such as "anticipate," "believe," "estimate," "expect" and similar expressions. These statements reflect the current beliefs of management of the Company, and are based on current available information. Accordingly, these statements are subject to known and unknown risks, uncertainties and other factors which could cause the actual results, performance or achievements of the Company to differ materially from those expressed in, or implied by, these statements. (See the Company's Annual Information Form and Annual Form 20 F for Risk Factors.) The Company is not obligated ob·li·gate tr.v. ob·li·gat·ed, ob·li·gat·ing, ob·li·gates 1. To bind, compel, or constrain by a social, legal, or moral tie. See Synonyms at force. 2. To cause to be grateful or indebted; oblige. to update or revise these "forward-looking" statements to reflect new events or circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or . EnerNorth Industries Inc. (AMEX:ENY) |
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