EnerNorth Reports on Second Quarter Results.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 Frankfurt (frängk`f  rt) or Frankfurt am Main (frängk`f :EPW EPW Enemy Prisoner of WarEPW 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 and 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 second quarter ended December December: see month. 31, 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 second quarter ending December 31, 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. .
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Six Months Ending December 31
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2005 2004 % Change
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FINANCIAL INFORMATION:
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Oil and gas revenue 705,112 482,109 46%
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Less: royalties 91,916 91,944 0%
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Net revenue 613,196 390,165 57%
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Net loss from operations before
discontinued operations (163,583) (684,644) -76%
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Income and gain on disposition
of discontinued operations - 224,988 -100%
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Net loss (163,583) (459,656) -64%
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Net loss from continuing
operations per share (0.04) (0.17) -76%
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Net loss per share (0.04) (0.11) -64%
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Total assets 15,538,336 13,184,292 18%
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Total financial liabilities 8,621,945 12,891,356 -33%
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OPERATIONS:
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Average Daily Production
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Natural gas (mcf per day) 211 320 -34%
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Natural gas liquids
(bbls per day) 15 8 88%
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Crude oil (bbls per day) 11 9 22%
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Total (boe per day) 62 70 -11%
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Average Commodity Prices
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Natural gas ($/mcf) $ 11.23 $ 5.97 88%
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Natural gas liquids ($/bbl) $ 46.14 $ 41.26 12%
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Crude oil ($/bbl) $ 67.28 $ 44.42 51%
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Total ($/boe) $ 62.03 $ 37.54 65%
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Royalties
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Natural gas ($/mcf) $ 1.20 $ 1.11 8%
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Natural gas liquids ($/bbl) $ 10.83 $ 12.00 -10%
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Crude oil ($/bbl) $ 7.01 $ 5.44 29%
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Total royalties ($/boe) $ 8.09 $ 7.16 13%
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Production costs
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Natural gas ($/mcf) $ 3.28 $ 4.08 -20%
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Natural gas liquids ($/bbl) $ 6.61 $ 7.92 -17%
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Crude oil ($/bbl) $ 25.14 $ 8.89 183%
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Total production costs ($/boe) $ 17.39 $ 20.75 -16%
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Netback by Product
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Natural gas ($/mcf) $ 6.75 $ 0.78 765%
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Natural gas liquids ($/bbl) $ 28.70 $ 21.34 34%
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Crude oil ($/bbl) $ 35.13 $ 30.09 17%
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Netback ($/boe) $ 36.55 $ 9.63 280%
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Three Month Ending December 31
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2005 2004 % Change
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FINANCIAL INFORMATION:
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Oil and gas revenue 379,865 261,352 45%
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Less: royalties 53,751 34,597 55%
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Net revenue 326,114 226,755 44%
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Net loss from operations before
discontinued operations (158,974) (470,909) -66%
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Income and gain on disposition
of discontinued operations - (77,945) -100%
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Net loss (158,974) (548,854) -71%
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Net loss from continuing
operations per share (0.04) (0.12) -66%
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Net loss per share (0.04) (0.14) -71%
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Total assets 15,538,336 13,184,292 18%
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Total financial liabilities 8,621,945 12,891,356 -33%
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OPERATIONS:
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Average Daily Production
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Natural gas (mcf per day) 212 342 -38%
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Natural gas liquids
(bbls per day) 16 8 100%
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Crude oil (bbls per day) 11 16 -31%
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Total (boe per day) 62 81 -23%
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Average Commodity Prices
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Natural gas ($/mcf) $ 12.95 $ 5.98 117%
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Natural gas liquids ($/bbl) $ 45.52 $ 32.14 42%
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Crude oil ($/bbl) $ 67.28 $ 42.19 59%
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Total ($/boe) $ 66.32 $ 36.77 80%
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Royalties
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Natural gas ($/mcf) $ 1.42 $ 1.48 -4%
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Natural gas liquids ($/bbl) $ 11.39 $ 11.23 1%
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Crude oil ($/bbl) $ 8.61 $ 6.07 42%
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Total royalties ($/boe) $ 9.38 $ 8.58 9%
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Production costs
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Natural gas ($/mcf) $ 3.15 $ 4.27 -26%
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Natural gas liquids ($/bbl) $ 7.34 $ 5.71 29%
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Crude oil ($/bbl) $ 26.49 $ 34.03 -22%
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Total production costs ($/boe) $ 16.98 $ 24.93 -32%
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Netback by Product
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Natural gas ($/mcf) $ 8.38 $ 0.23 3543%
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Natural gas liquids ($/bbl) $ 26.79 $ 15.20 76%
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Crude oil ($/bbl) $ 32.18 $ 2.09 1440%
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Netback ($/boe) $ 39.96 $ 3.26 1126%
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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. 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 Canada (kăn`ədə), independent nation (2001 pop. 30,007,094), 3,851,787 sq mi (9,976,128 sq km), N North America. Canada occupies all of North America N of the United States (and E of Alaska) except for Greenland and the French islands of . There are approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 4.074 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 Inferred from circumstances; known indirectly. In its legal application, the term implied is used in contrast with express, where the intention regarding the subject matter is explicitly and directly indicated. 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 for·ward-look·ing adj. Concerned with or making provision for the future: forward-looking educators; a forward-looking corporate plan. Adj. 1. " 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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