Welcome To The Bridge Resources Corp. HUB On AGORACOM

An exploration and development company with exclusive focus on the UK North Sea

Free
Message: Files Interim Financials for Period Ended December 31, 2008
Reply New Message
Prev Message Back To Forum Threaded View Next Message

Files Interim Financials for Period Ended December 31, 2008

posted on Feb 20, 2009 04:30AM
February 20, 2009
Bridge Resources Corp. Files Interim Financials for Period Ended December 31, 2008 Reporting First Gas Sales Revenue
CALGARY, ALBERTA--(Marketwire - Feb. 20, 2009) - Bridge Resources Corp. (the "Corporation" or "Bridge") (TSX VENTURE:BUK) announces that it has released its unaudited interim financial statements, and management discussion and analysis ("MD&A") for the nine months ended December 31, 2008. The financial statements and MD&A are available for viewing on SEDAR at www.sedar.com.

Highlights:

The 100% Durango field reached first gas on November 27, 2008. The field is currently producing at rates of approximately 5,100 boe/d.

The Corporation recorded revenue from the sales of hydrocarbons of USD$1,610,708 for the three months ended December 31, 2008 which comprised 35 days of production.

The third quarter earnings were positively affected by an unrealized foreign exchange gain resulting in net income for accounting purposes of USD$21,440,739.

Cash flow from operations for the three month period ended December 31, 2008 was a negative USD$640,342. The Corporation anticipates it will have positive cash flow from operations in the future quarters as the production from the Durango 48/21a-4z well, which began producing on November 27, 2008, is reaching its projected daily maximum sustainable production rate and the start-up issues and delays that occurred in December 2008 are corrected. 

Summary of Quarterly Results
                                        Three months ended
                                         December 31, 2008
                                        ------------------
Average daily production
Gas (MMcf/d)                                         12.73
Liquid (bbl/d)                                      346.83
Boe/d                                             2,468.02

Total production
Gas (MMcf)                                          445.45
Liquid (bbl)                                     12,138.90

Production adjustments
Gas Backout (MMcf)                                  261.97
Gas line loss/fuel (MMcf)                            44.15
Liquids in tanks at end of period (bbl)           6,666.33

Production sold
Gas (MMcf)                                          139.33
Liquid (bbl)                                      5,472.57

Realized prices (USD$)
Gas ($/Mcf)                                    $     10.54
Liquid ($/bbl)                                 $     26.09

Revenue
Gas ($)                                        $ 1,467,901
Liquid ($)                                     $   142,807
                                               -----------
Total revenue ($)                              $ 1,610,708
                                               -----------
                                               -----------

Operating expenses per boe ($/boe)             $     13.01
Daily production based on 35 days of production: November 27, 2008 -December 31, 2008. Operating expenses included transportation, depreciation and depletion.

Barrel of Oil Equivalent: Where amounts are expressed on a barrel of oil equivalent ("boe") basis, natural gas volumes have been converted to boe at a ratio of 6,000 cubic feet of natural gas to one barrel of oil equivalent. This conversion ratio is based upon an energy equivalent conversion method primarily applicable at the burner tip and does not represent value equivalence at the wellhead. Boe figures may be misleading, particularly if used in isolation.
Reply New Message
Prev Message Back To Forum Threaded View Next Message
Share
Share
New Message
Please login to post a reply