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And we continue - Enterra Acquires Initial Land Position in Alberta's Light Oil Cardium Play
?? Many asking this who have stayed with them over 2 years now..
Their corp leaders deserve praise for making hard decisions to do what they did and were first to cut divis to get house in order 2 years ago August, and I was there, and today they are poised for even greater things IMHO.
Any idea on dividend reinstatement? When?
Hey, where is everyone? This is a great investment here and when divis are reinstated, will be wonderful.
Well over a month has gone by and now invested back into this stock from here as oil increases and ENT in very profitable position long term now and going to become major player on market soon as I see it...
I am getting uneasy here and with overall markets after Geinter Hearing today. Took profits and holding only small position in ENT just incase we go back to 6500 level or worse from here,...
Enterra Energy Trust Meets 2008 Production Guidance
8:02a ET February 19, 2009 (Market Wire)
Enterra Energy Trust ("Enterra") reports 2008 production highlights:
- Exit rate of 9,804 boe per day which was within the range of previously announced guidance (9,600 - 10,100 boe per day).
- Average production of 10,283 boe per day for the year, also within the range of guidance announced (9,700 - 10,300 boe per day).
- Drilled ten (2.3 net) wells in Oklahoma during the fourth quarter, resulting in eight liquids-rich gas wells.
- Drilled six (5.6 net) wells in Canada during the fourth quarter, resulting in three oil wells and three gas wells.
- Total wells drilled in 2008 were 42 (17.4 net), with 97 percent success, resulting in 31 (8.7 net) gas wells, eight (7.2 net) oil wells and one saltwater disposal well.
"We are very pleased to have again met our production guidance at the end of 2008, culminating an important year operationally for Enterra," commented Jim Tyndall, Senior Vice President Operations and Chief Operating Officer of Enterra. "We stabilized our production after significant asset sales in early 2008 and participated in a very active and successful drilling program. Going forward, we will apply the same disciplined processes that ensure we live within our means, control our costs and manage our investments wisely."
Beginning with the 2008 exit rate of 9,804 boe per day and going forward, Enterra will be reporting natural gas liquids ("NGL") volumes from its Oklahoma operations in accordance with the new forms of midstream processing contracts. This change will result in an approximate initial increase of four percent in Enterra's barrel of oil equivalent volumes. In the second quarter of 2009 as another contract takes effect, an additional increase of approximately three percent will occur.
The midstream contracts which prompted the reporting change provide direct compensation for NGL volumes. The new prices have been staging into effect since the agreements were finalized in May 2008 and will continue to phase in during the first half of 2009. The full reserves value of these positive changes will be reflected in Enterra's upcoming year end 2008 reports.
Enterra's Oklahoma drilling program continues with four wells to be drilled in the first quarter of 2009. Canadian capital programs have been significantly curtailed to provide cash flexibility in the interim as economic conditions stabilize and with the expectation that commodity prices will recover later in 2009. Enterra has established strict internal economic hurdles for projects and is directing its capital expenditures to where its best returns exist.
Hmmm heard word refinery workers may go on strike as oil prices are too low and it is affecting them and their jobs..??
I have begun to buy this stock again after 1 1/2 years watching them hold their own through so much crap in 2008.
you still adding down here at these levelsor just holding old stock I-MAN??
They have very little debt today compared to initial events nearly 2 years ago, and they still are going forward, yet today, soemone sold against them like other stocks so share price was down on light volume..
Long term I see them as winner regardless..
anyone have a clue as to how much debt ENT still has to pay down?????
Yes, It will be one of the small caps that benefit from here as many did after 1933 ended...
We will never have such low prices again and ENT standing still after so much bad in markets gives testament to them long term...
Enterra Energy Trust Announces Third Quarter 2008 Financial and Operating Results
Date : 11/14/2008 @ 8:00AM
Source : MarketWire
Stock : Enterra Energy Trust (ENT)
Quote : 0.5001 -0.001 (-0.20%) @ 11:34AM
Enterra Energy Trust Announces Third Quarter 2008 Financial and Operating Results
CALGARY, ALBERTA -- (Marketwire) -- 11/14/08 -- Enterra Energy Trust ("Enterra" or the "Trust") announces its financial and operating results for the three and nine months ended September 30, 2008.
"We made tremendous progress on reducing our debt during the quarter," commented Blaine Boerchers, Enterra's Chief Financial Officer. "We were successful in keeping our production steady and achieved 100 percent drilling success during the quarter. The improvement in our financial strength during 2008 will provide us with more financial flexibility to manage through the current volatile economic and financial market conditions."
Q3 2008 Significant Accomplishments
- Reduction of total bank debt in the quarter by $31.3 million to $102.8 million, for a total decrease of $69.2 million since the beginning of 2008
- Funds from operations for the quarter were $27.9 million and $83.7 million for nine months
- Average production of 10,117 boe per day, better than previous target
- Drilled seven liquids-rich gas wells in Oklahoma with 100 percent success
In the third quarter 2008, Enterra reported net income of $14.9 million ($0.23 per unit), compared to a net loss of $47.7 million ($0.78 per unit) in the same period last year. The Trust's funds from operations totalled $27.9 million during the quarter, which is an increase of 29 percent over the same period last year. The increase in funds from operations is primarily the result of higher commodity prices realized.
Capital expenditures during the quarter were $13.7 million. Enterra participated in the drilling of seven (1.6 net) wells in Oklahoma. The wells were liquids-rich natural gas wells which were 100 percent successful. All seven wells have been completed and are in the early dewatering stages.
The Trust recorded a provision for non-recoverable receivables for the full amount owed by SemGroup L.P. of $9.1 million with a corresponding decrease to net income ($6.7 million net of tax). Management believes that some portion of the $9.1 million may be recoverable; however, that amount cannot be determined at this time and therefore an allowance for the full amount has been recorded.
In light of current market uncertainty, Enterra's management and board of directors have decided not to reintroduce any distribution payments for the balance of 2008. Instead, it was determined that the best use of excess cash flow available to the Trust will be towards further debt reduction. Enterra's priority remains the maintenance of the maximum financial flexibility possible, while also continuing to reinvest conservatively to preserve and grow the underlying value of the Trust's assets. Enterra intends to announce specific strategies and targets for 2009 by the end of November.
Third Quarter Summary----------------------------------------------------------------------------
Three months ended
September 30
2008 2007 Change
----------------------------------------------------------------------------
Average sales volume (boe/day) 10,117 12,798 (21%)
----------------------------------------------------------------------------
Revenues(1) (in thousands) $ 68,026 $ 57,677 18%
----------------------------------------------------------------------------
Funds from operations(2)
(in thousands) $ 27,865 $ 21,592 29%
----------------------------------------------------------------------------
Net Income (loss) per unit $ 0.23 $ (0.78) N/A
----------------------------------------------------------------------------
Average sales price realized per boe $ 73.09 $ 48.99 49%
----------------------------------------------------------------------------
Royalties per boe $ 19.19 $ 8.00 140%
----------------------------------------------------------------------------
Production expense per boe $ 16.64 $ 13.90 20%
----------------------------------------------------------------------------
Transportation expense per boe $ 0.28 $ 0.27 4%
----------------------------------------------------------------------------
Operating netback(2) per boe $ 36.98 $ 26.82 38%
----------------------------------------------------------------------------
G&A expense per boe $ 3.79 $ 3.79 -
----------------------------------------------------------------------------
Cash interest expense per boe $ 3.82 $ 4.86 (21%)
----------------------------------------------------------------------------
Other cash costs (0.57) (0.17) N/A
----------------------------------------------------------------------------
Cash flow netback(2) per boe $ 29.94 $ 18.34 61%
----------------------------------------------------------------------------
(1) Excludes unrealized mark to market gain or loss.(2) Funds from operations, operating netback and cash flow netback are
non-GAAP financial measures. Refer to "Non- GAAP Terms" in the Trust's
Management's Discussion and Analysis ("MD&A").
Revised 2008 Outlook
- Enterra continues to target 100 percent replacement of reserves produced in 2008. However, low commodity prices at year end compared with pricing levels seen during much of 2008 may lead to a lower reserve life across Enterra's portfolio and make this target challenging to achieve.
- Average daily production target for 2008 is in the range of 9,700 - 10,300 boe per day (an increase of 500 boe per day from previous guidance), with a year end exit rate of between 9,600 - 10,100 boe per day (an increase of 600 boe per day from previous guidance).
- 2008 capital program is revised upward from previously announced $38 million budget to $43 million.
- During the fourth quarter of 2008, the Trust anticipates drilling 15 wells (7.2 net), in addition to the 26 (9.5 net) wells drilled year-to-date.
- Objective to achieve a bank debt level of between $95 million and $100 million drawn on $135 million senior credit facility by year end.
The Trust's complete unaudited consolidated financial statements, accompanying notes and MD&A for the quarter are available on Enterra's website at www.enterraenergy.com, on SEDAR at www.sedar.com and on EDGAR at www.sec.gov/edgar.shtml.
Enterra will host a conference call and webcast Tuesday, November 18, 2008 at 9:00 a.m. MT (11:00 a.m. ET) to discuss the Trust's third quarter 2008 results. To access the call, please dial 866-225-6564 or 416-641-6119. A live audio webcast of the conference call will be available on the home page of Enterra's website at www.enterraenergy.com. A replay of the conference call will be available until 11:59 p.m. MT, November 25, 2008. The replay may be accessed on Enterra's website in the Investor Relations section, or by dialing 800-408-3053 or 416-695-5800, followed by passcode 3274574#.
About Enterra Energy Trust
Enterra is an exploration and production oil and gas trust based in Calgary, Alberta, Canada with its United States operations office located in Oklahoma City, Oklahoma. Enterra's trust units are listed on the Toronto Stock Exchange (ENT.UN) and the New York Stock Exchange (ENT). The Trust portfolio of oil and gas properties is geographically diversified with producing properties located principally in Alberta, British Columbia, Saskatchewan and Oklahoma. Production is comprised of approximately 63 percent natural gas and 37 percent crude oil and natural gas liquids. Enterra has compiled a multi-year drilling inventory for its properties.
Barrels of Oil Equivalent
Barrels of oil equivalent ("boe") may be misleading, particularly if used in isolation. A boe conversion ratio of six thousand cubic feet of natural gas to one barrel of oil is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.
Forward-Looking Statements
Certain information in this press release constitutes forward-looking statements under applicable securities law. Any statements that are contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as "may," "should," "anticipate," "expects," "seeks" and similar expressions. Forward-looking statements necessarily involve known and unknown risks, including, without limitation, risks associated with oil and gas production; marketing and transportation; loss of markets; volatility of commodity prices; currency and interest rate fluctuations; imprecision of reserve estimates; environmental risks; competition; incorrect assessment of the value of acquisitions; failure to realize the anticipated benefits of acquisitions or dispositions; inability to access sufficient capital from internal and external sources; changes in legislation, including but not limited to income tax, environmental laws and regulatory matters. Readers are cautioned that the foregoing list of factors is not exhaustive.
Readers are cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement.
Additional information on these and other factors that could affect Enterra's operations or financial results are included in Enterra's reports on file with Canadian and U.S. securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com), the SEC's website (www.sec.gov), Enterra's website (www.enterraenergy.com) or by contacting Enterra. Furthermore, the forward looking statements contained in this news release are made as of the date of this news release, and Enterra does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by securities law.
Contacts:
Enterra Energy Trust
Kristin Mason
Investor Relations Coordinator
(403) 263-0262 or Toll Free 1-877-263-0262
Email: info@enterraenergy.com
Website: www.enterraenergy.com
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- Report of Foreign Issuer (6-K)
Date : 11/18/2008 @ 4:42PM
Source : Edgar (US Regulatory)
Stock : (ENT)
Quote : 0.5001 -0.001 (-0.20%) @ 11:34AM
- Report of Foreign Issuer (6-K)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16
under the Securities Exchange Act of 1934
For the month of November 2008
Commission File Number: 0-32115
Enterra Energy Trust
(Translation of registrant's name into English)
2600, 500-4 th Avenue S.W.
Calgary, Alberta T2P 2V6
Canada
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
Form 20-F Form 40-F ___X__
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):
Yes _____ No X
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):
Yes _____ No X
Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes _____ No X
If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):
The documents attached as Exhibit 99.1 to this 6-K shall be incorporated by reference into the Registration Statements under the Securities Act of 1933 on Form F-10 Registration Statement (No. 333-129601), the registration statement on Form S-8 (No. 333-120996) and the Registration Statements on Form F-3 (Nos. 333-113609 and 333-115318).
The Issuer is filing material documents not previously filed.
--------------------------------------------------------------------------------
TABLE OF CONTENTS
The following documents are filed as part of this Form 6-K:
Exhibit
Description
99.1
News Release
--------------------------------------------------------------------------------
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Date: November 18, 2008
Enterra Energy Trust
By: /s/ Blaine Boercher
Name:
Blaine Boerchers
Title:
Chief Financial Officer
--------------------------------------------------------------------------------
EXHIBIT INDEX
Exhibit
Description
99.1
News Release
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Enterra Energy Trust Provides Operational and Financial Guidance for 2009
Date : 11/18/2008 @ 8:00AM
Source : MarketWire
Stock : Enterra Energy Trust (ENT)
Quote : 0.5001 -0.001 (-0.20%) @ 11:34AM
Enterra Energy Trust Provides Operational and Financial Guidance for 2009
CALGARY, ALBERTA -- (Marketwire) -- 11/18/08 -- Enterra Energy Trust ("Enterra" or the "Trust") has developed its operational and financial guidance for 2009.
Planning for the year ahead has been challenging given the volatile state of commodity and currency markets. However, for the 2009 budget and operational approach, Enterra's management team adopted pricing assumptions of US$70 per bbl WTI oil, US$7 per mmbtu NYMEX natural gas and CAD$7 per GJ AECO natural gas, with an exchange rate of US$0.85 to CAD$1.00. These parameters are similar to the current forward prices and rates available at this time, although these market-based expectations are also very volatile.
Enterra's capital expenditure budget for 2009 has been set at approximately $60 million. This will be focused towards maintaining or slightly growing daily production levels, compared with Q3 production of approximately 10,100 boe per day. Enterra is again targeting a 100 percent replacement of reserve volumes in 2009.
Based on the 2009 budget, cash flows are anticipated to be adequate to fund a $60 million capital budget, but will not be sufficient to provide for either significant debt reduction or for sustainable distributions. Debt reduction will continue to be Enterra's second priority after its capital expenditure program. Consequently, the Trust does not foresee the resumption of distribution payments to unitholders during the upcoming year.
Enterra will maintain the same focus and discipline in its operations. The conservative goals established for 2009 are based on a fiscally prudent planning approach. The Enterra team is committed to effective implementation of its business plan which aims to preserve and build value in the Trust, while living within its financial means.
About Enterra Energy Trust
Enterra is an exploration and production oil and gas trust based in Calgary, Alberta, Canada with its United States operations office located in Oklahoma City, Oklahoma. Enterra's trust units are listed on the Toronto Stock Exchange (TSX: ENT.UN) and the New York Stock Exchange (NYSE: ENT). The Trust portfolio of oil and gas properties is geographically diversified with producing properties located principally in Alberta, British Columbia, Saskatchewan and Oklahoma. Production is comprised of approximately 63 percent natural gas and 37 percent crude oil and natural gas liquids. Enterra has compiled a multi-year drilling inventory for its properties.
Barrels of Oil Equivalent
Barrels of oil equivalent ("boe") may be misleading, particularly if used in isolation. A boe conversion ratio of six thousand cubic feet of natural gas to one barrel of oil is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.
Forward-Looking Statements
Certain information in this press release constitutes forward-looking statements under applicable securities law. Any statements that are contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as "may," "should," "anticipate," "expects," "seeks" and similar expressions. Forward-looking statements necessarily involve known and unknown risks, including, without limitation, risks associated with oil and gas production; marketing and transportation; loss of markets; volatility of commodity prices; currency and interest rate fluctuations; imprecision of reserve estimates; environmental risks; competition; incorrect assessment of the value of acquisitions; failure to realize the anticipated benefits of acquisitions or dispositions; inability to access sufficient capital from internal and external sources; changes in legislation, including but not limited to income tax, environmental laws and regulatory matters. Readers are cautioned that the foregoing list of factors is not exhaustive.
Readers are cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement.
Additional information on these and other factors that could affect Enterra's operations or financial results are included in Enterra's reports on file with Canadian and U.S. securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com), the SEC's website (www.sec.gov), Enterra's website (www.enterraenergy.com) or by contacting Enterra. Furthermore, the forward looking statements contained in this news release are made as of the date of this news release, and Enterra does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by securities law.
Contacts:
Enterra Energy Trust
Kristin Mason
Investor Relations Coordinator
(403) 263-0262 or 1-877-263-0262
Email: info@enterraenergy.com
Website: www.enterraenergy.com
<< Back
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Enterra Energy and many smaller cap issues can easily become like many predecessors after 1929 nobody heard marketed heavily then, which later became hosuehold names and mega winners for those who bought & invested in them and had patience..
Looks like the past 1-2 years ENT is surviving and doing well despite what many thought initially almost 2 years ago..
Lots has changed in markets and this energy trust is still going onward...
Looks like it's on the way with Friday's pop...
more good news, pullback was a great buying opportunity, should see new highs with earnings release IMO too.
Handle forming in cup formation, IMO. Breakout coming? Could be. Any good news may do it.
May see new highs in recent run soon imo, volume starting to come in.
now $4.52, only higher from here,IMO. MACD about to cross.
Made an inverted hammer today, should see some movement tomorrow imo but who knows.
I hope this is it, making a move up today.
ENT moving upward steadily for a week and looks positive from here to regain itself...
FYI Funds ownership of ENT stock
Funds that own ENT
Fund Name % Own
Brompton O&G Trust 1.3
Brompton Equal Weight Income Fund 0.6
Barclays Top 100 Equal Weighted Income Fund 0.4
Enterra shows significant progress in the execution of its business plan.
Enterra Energy Trust ("Enterra" or the "Trust") (TSX: ENT.UN) (NYSE: ENT) announces that it has entered into definitive purchase and sale agreements with three counterparties for the sale of oil and gas properties. The three transactions are anticipated to generate total gross proceeds of $40.925 million and it is intended that the closings will be completed by mid-February. The transactions are subject to terms and conditions which are typical of transactions of this nature. The Trust also announces that it closed a further sale of minor assets in December 2007 for gross proceeds of $5.34 million.
Positive things from start in 2008 on this company and its stock.
ENT starting to shine today with heavy volume all day and higher buying suppport?
2008 looks to be great turn around year for these people and all they have now accomplished.
Energy is and will always be big business and never die, and ENT should do exceptionally well from here for its shareholders, and the prices are unbelievably unvervalued IMHO.
ENT Stock boosted pre-trade on bank's new financial injection and agreement extended until November 2008!!
Debts being reduced and according to new business plan structure and things looking very good going forward from here for this energy trust.
Like many stocks, that is the $64,000 question.
You figure with positive news and results the price would move up higher, but it could be other sympathetic things like the economy and negative news regarding other issues and no Santa Rally this year for overall stock markets??
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