EnerNorth Reports on Third 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 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 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 third quarter ended March 31, 2006, 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 third quarter ending March 31, 2006. 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. .
SUMMARY OF INTERIM FINANCIAL INFORMATION
----------------------------------------------------------------------
Nine Months Ending March 31
----------------------------------------------------------------------
%
2006 2005 Change
----------------------------------------------------------------------
FINANCIAL INFORMATION:
Oil and gas revenue 908,498 753,987 20%
Less: royalties 128,361 157,778 -19%
Net revenue 780,137 596,209 31%
Net income (loss) from operations
before discontinued operations 204,740 (1,456,530) -114%
Income and gain on disposition
of discontinued operations - 2,184,997 -100%
Net income for the year 204,740 728,467 -72%
Net income (loss) from continuing
operations per share 0.05 (0.36) -114%
Net income per share 0.05 0.18 -72%
Total assets 16,318,939 15,872,568 3%
Total financial liabilities 8,796,054 7,904,777 11%
OPERATIONS:
Average Daily Production
Natural gas (mcf per day) 183 292 -37%
Natural gas liquids (bbls per day) 12 10 20%
Crude oil (bbls per day) 13 11 18%
Total (boe per day) 55 69 -20%
Average Commodity Prices
Natural gas ($/mcf) $ 10.63 $ 6.50 64%
Natural gas liquids ($/bbl) $ 47.02 $ 33.77 39%
Crude oil ($/bbl) $ 66.97 $ 50.98 31%
Total ($/boe) $ 60.90 $ 40.12 52%
Royalties
Natural gas ($/mcf) $ 1.29 $ 1.29 0%
Natural gas liquids ($/bbl) $ 10.12 $ 12.35 -18%
Crude oil ($/bbl) $ 9.33 $ 7.76 20%
Total royalties ($/boe) $ 8.61 $ 8.39 3%
Production costs
Natural gas ($/mcf) $ 3.47 $ 3.05 14%
Natural gas liquids ($/bbl) $ 8.78 $ 8.11 8%
Crude oil ($/bbl) $ 23.78 $ 31.33 -24%
Total production costs ($/boe) $ 18.93 $ 18.88 0%
Netback by Product
Natural gas ($/mcf) $ 5.87 $ 2.16 172%
Natural gas liquids ($/bbl) $ 28.12 $ 13.31 111%
Crude oil ($/bbl) $ 33.86 $ 11.89 185%
Netback ($/boe) $ 33.36 $ 12.85 160%
----------------------------------------------------------------------
----------------------------------------------------------------------
Three Months Ending March 31
----------------------------------------------------------------------
%
2006 2005 Change
----------------------------------------------------------------------
FINANCIAL INFORMATION:
Oil and gas revenue 203,386 271,878 -25%
Less: royalties 36,445 65,834 -45%
Net revenue 166,941 206,044 -19%
Net income (loss) from operations
before discontinued operations 368,323 (771,886) -148%
Income and gain on disposition
of discontinued operations - 1,960,009 -100%
Net income for the year 368,323 1,188,123 -69%
Net income (loss) from continuing
operations per share 0.09 (0.19) -148%
Net income per share 0.09 0.29 -69%
Total assets 16,318,939 15,872,568 3%
Total financial liabilities 8,796,054 7,904,777 11%
OPERATIONS:
Average Daily Production
Natural gas (mcf per day) 123 233 -47%
Natural gas liquids (bbls per day) 4 14 -71%
Crude oil (bbls per day) 15 14 7%
Total (boe per day) 39 66 -41%
Average Commodity Prices
Natural gas ($/mcf) $ 8.71 $ 7.97 9%
Natural gas liquids ($/bbl) $ 48.17 $ 32.67 47%
Crude oil ($/bbl) $ 66.51 $ 52.71 26%
Total ($/boe) $ 57.30 $ 45.68 25%
Royalties
Natural gas ($/mcf) $ 1.74 $ 1.18 47%
Natural gas liquids ($/bbl) $ 12.88 $ 10.03 28%
Crude oil ($/bbl) $ 9.33 $ 9.07 3%
Total royalties ($/boe) $ 10.27 $ 8.07 27%
Production costs
Natural gas ($/mcf) $ 3.89 $ 1.60 143%
Natural gas liquids ($/bbl) $ 16.69 $ 5.86 185%
Crude oil ($/bbl) $ 26.35 $ 21.12 25%
Total production costs ($/boe) $ 23.84 $ 10.99 117%
Netback by Product
Natural gas ($/mcf) $ 3.08 $ 5.19 -41%
Natural gas liquids ($/bbl) $ 18.60 $ 16.78 11%
Crude oil ($/bbl) $ 30.83 $ 22.52 37%
Netback ($/boe) $ 23.19 $ 26.62 -13%
----------------------------------------------------------------------
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. 4.177 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 . Suite 1502, 1 King Street West, Toronto, Ontario Ontario, city, United States Ontario, city (1990 pop. 133,179), San Bernardino co., S Calif., near Los Angeles, in a region of vineyards; inc. 1891. , M5H 1A1, Telephone: 416 861-1484, Facsimile: 416 861-9623, www.enernorth.com |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion