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Today's candle and volume spike should grab some attention tomorrow. Should be getting a lot of eyes on this one. Getting lots of buzz here on iHub as well.
as i can see,momma didn't raise no fool..
MT. MCKINLEY!!! Nice jump on Christmas in yer siggy!!! Glad to have you - only the highest and best!!!
Hey racerdave... we're about to get yer $$$ back and then some!!!
b/m,if some of i-hub's finest are in then maybe i should join the fun ..be buyin in the morn..glta
Nice board! Looking for a nice pop on PED this week
I almost forgot about this sleeper, nearly fell off my radar!
Nice finish seconds before the close, someone smacked the asked and cleared the phoney small sell.
http://ih.advfn.com/p.php?pid=trades&cb=1259614975&symbol=PED
The ask is back pedalling into the close...
L-2 is seemingly on the move...
Yep... the i-Box could use some flashy upgrades...
As I see this, there will never be a R/S... and this company now seems to on a fundamentally sound roll -
See this latest filing from the middle of November -
http://www.pinksheets.com/edgar/GetFilingHtml?FilingID=6889677
Terrific comp #'s... PETROFLOW ENERGY LTD. ANNOUNCES THIRD QUARTER RESULTS FOR 2009 AND OPERATIONAL UPDATE
FOR IMMEDIATE RELEASE – November 12, 2009 – CALGARY, ALBERTA - PETROFLOW ENERGY LTD. (TSX Symbol – PEF; NYSE Amex Symbol – PED)
http://www.petroflowenergy.com/news.aspx?ID=101
Petroflow Energy Ltd. (“Petroflow” or the “Company”) announces that it has filed with Canadian and US securities regulatory authorities its unaudited consolidated financial statements for the three and nine months ended September 30, 2009, and the accompanying Management’s Discussion and Analysis. These filings are available in their entirety at Hwww.sedar.comH and in the US at www.sec.gov/edgar. A summary of these results is given below.
Certain selected financial and operational information for the three and nine months ended September 30, 2009 and September 30, 2008 comparatives are set out below and should be read in conjunction with Petroflow’s unaudited financial statements complete with the notes to the financial statements and related MD&A.
Operational Update
The Company is pleased to report a production increase for the third quarter. Mr. Sandy Andrew, President and COO of Petroflow reports that “In September our peak production was 4,437 BOE’s (26,622 MCFGE) and our average daily production for September has reached a new high at 4,321 BOE’s (25,926 MCFGE). Overall, our average daily production for the three months of the third quarter is to 4,190 BOE’s (25,140 MCFGE).”
“We are very pleased to see our production volumes continue in this positive direction. No new wells have been added and some wells have been shut in as a result of the less than favorable commodity prices that we experienced this year. This performance adds to the consistency that we have come to expect from our operations in Oklahoma,” added Mr. Andrew.
Petroflow’s average production for the month of July was 4,177 BOE’s per day (24,414 MCFGE). In August, the average daily production was 4,069 BOE’s per day (24,414 MCFGE).
OVERVIEW AND HIGHLIGHTS
- Petroflow’s average sales production rate grew to 4,190 boe per day, a 53% increase over the third quarter of 2008 average sales production of 2,737 boe per day.
- Mainly as a consequence of low commodity prices, funds from operations decreased by 123% in the third quarter of 2009 to negative $1.4 million from $6.0 million in the third quarter of 2008.
- During the third quarter of 2009, Petroflow’s average operating net back per boe (defined as revenue including realized commodity derivatives, less royalties, operating costs and transportation costs) was $10.62 per boe.
- The Company entered into a swap contract with respect to 6,800 MMBTU per day of gas production for a period from October 1, 2009 to September 30, 2012. The swap contract covers over 25% of the Company’s current working interest production levels and provides Petroflow with stabilized prices for those volumes which is in excess of current market prices. Combined with existing derivative contracts, the Company has downside price protection on over 40% of its current working interest production for the next two years.
- The Company recorded a $0.30 net loss per share for the third quarter of 2009 compared to a net income of $0.41 per share in the same period of 2008. Net loss was $8.7 million for the third quarter of 2009, a decrease of 172% from a net income of $12.0 million for the same period in 2008.
- Operating costs decreased 19% to $9.35 per boe in the third quarter of 2009 as compared to $11.50 per boe in the third quarter of 2008 and $12.53 per boe in the second quarter of 2009. The decrease is due to production levels increasing at a greater rate than costs.
- Effective September 30, 2009 the Company entered into an amended credit facility agreement (the “Amended Facility”). This facility is made up two tranches, “A” and “C”. The “A” tranche has a maturity date of January 1, 2012 with a borrowing base of US$100 million. There is an interest rate floor on tranche A of 5.5%. The “C” tranche matures on September 30, 2010, has a borrowing base of US$10 million, and interest rate floor of 7.5%.
- As at September 30, 2009 the Company was not in compliance with its debt covenants. As a result the bank loan has been reclassified to a current liability.
- The Amended Facility also requires that the Company raise an additional US$18 million on or before December 17, 2009 to reduce the aggregate outstanding indebtedness.
- The Company’s ability to continue as a going concern will be dependent on various factors, including the continuing support of its bank and other creditors, securing ongoing debt and equity financing, the generation of profitable operating results and or the sale of a portion of its property and equipment assets. While the Company is focusing its efforts on these matters, there is significant uncertainty that these initiatives will be successful, which would make the use of accounting principles applicable to a going concern inappropriate.
- The global economic and financial crisis has continued to reduce liquidity in financial markets, restrict access to financing and has caused significant demand destruction for commodities and lower pricing. These factors may continue to impact the performance of the economy going forward. The Company will continue to be flexible in its capital spending in order to respond to changes in commodity prices, costs and capital markets.
Petroflow announces its financial and operational results for the three and nine months ended September 30, 2009
Three months ended September 30,
Nine months ended September 30,
2009
2008
2009
2008
Financials
Oil Sales ($)
1,638,145
5,538,025
(70%)
5,793,817
13,005,919
(55%)
Natural gas and NGL sales ($)
7,389,492
11,079,893
(33%)
21,728,459
29,224,420
(26%)
Total oil, natural gas
and NGL Sales ($)
9,027,637
16,617,918
(46%)
27,522,276
42,230,339
(35%)
Funds (used in) from
operations ($)(1)
(1,367,678)
6,023,007
(123%)
4,476,710
11,918,914
(62%)
Per share basic ($)
(0.05)
0.20
(123%)
0.15
0.41
(63%)
Per share diluted ($)
(0.05)
0.19
(124%)
0.15
0.39
(63%)
Net income (loss) ($)
(8,705,716)
12,031,390
(172%)
(17,296,096)
988,012
(1,851%)
Per share basic ($)
(0.30)
0.41
(172%)
(0.59)
0.03
(1,839%)
Per share diluted ($)
(0.30)
0.39
(177%)
(0.59)
0.03
(1,926%)
Capital expenditures ($)(2)
248,779
22,338,329
(99%)
14,392,092
57,629,136
(75%)
Net debt (as at September 30)(3)
136,395,182
78,729,439
73%
136,395,182
78,729,439
73%
Operating Highlights
Production:
Oil (bbls per day)
302
504
(40%)
369
415
(11%)
Natural gas and
NGL (mcfe per day)
23,328
13,396
74%
21,604
12,212
77%
Total (boe per day) (6:1)
4,190
2,737
53%
3,970
2,451
62%
Average realized price:
Oil ($ per bbl)
58.92
119.39
(51%)
57.49
114.74
(50%)
Natural gas and NGL
($ per mcfe)
3.44
8.99
(62%)
3.68
8.77
(58%)
Realized gain (loss) on
commodity contracts
($ per boe)
1.20
(2.16)
156%
8.91
(2.34)
481%
Combined average
($ per boe)
24.62
63.84
(61%)
34.31
60.79
(44%)
Netback ($ per boe)
Oil, natural gas
and NGL sales
23.42
66.00
(65%)
25.40
63.12
(60%)
Realized gain (loss) on
commodity contracts
1.20
(2.16)
156%
8.91
(2.34)
(481%)
Royalties
4.65
13.93
(67%)
5.43
13.54
(60%)
Operating expenses
9.35
11.50
(19%)
11.10
10.75
3%
Transportation expenses
-
-
0%
-
0.30
(100%)
Operating netback
10.62
38.40
(72%)
17.79
36.20
(51%)
G&A expense
7.62
11.26
(32%)
6.78
10.63
(36%)
Provision for doubtful
receivables
0.52
0.06
747%
0.18
2.13
(91%)
Interest expense
6.03
6.08
(1%)
6.70
6.78
(1%)
Corporate netback
(3.55)
21.01
(117%)
4.12
16.66
(75%)
Common shares
Common shares outstanding,
end of period
29,549,894
29,567,394
(0.1%)
29,549,894
29,567,394
(0.1%)
Weighted average basic
shares outstanding
29,510,329
29,430,383
0.27%
29,530,597
29,342,529
0.64%
(1) Management uses funds from operations (before changes in non-cash working capital) to analyze operating performance and leverage. Funds from operations as presented does not have any standardized meaning prescribed by Canadian GAAP and, therefore, may not be comparable with the calculation of similar measures for other entities.
(2) Includes non-cash capital expenditures through leases.
(3) Net debt is total of bank loan, obligation under capital lease less working capital (excluding derivative contract).
Forward-Looking Statements
This news release contains statements about oil and gas production and operating activities that may constitute "forward-looking statements" or “forward-looking information” within the meaning of applicable securities legislation as they involve the implied assessment that the resources described can be profitably produced in the future, based on certain estimates and assumptions. More particularly, this press release contains statements concerning anticipated: (i) production weighting for 2009, (ii) capital expenditures for 2009 and (iii) exploration and development activities and results.
The forward-looking statements are based on certain key expectations and assumptions made by Petroflow, including expectations and assumptions concerning the performance of existing wells and success obtained in drilling new wells, anticipated expenses, cash flow and capital expenditures and the application of regulatory regimes.
Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve
inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, risks associated with the oil and gas industry in general (e.g., operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production, costs
and expenses, and health, safety and environmental risks), commodity price and exchange rate fluctuations and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures. Certain of these risks are set out in more detail in Petroflow’s Annual Information Form which has been filed on SEDAR and can be accessed at www.sedar.com.
The forward-looking statements contained in this press release are made as of the date hereof and Petroflow undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
Note: Boe means barrel of oil equivalent on the basis of 1 boe to 6,000 cubic feet of natural gas. Boe may be misleading, particularly if used in isolation. A boe conversion ratio of 1 boe for 6,000 cubic feet of natural gas is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Boe/d means barrel of oil equivalent per day.
In this press release: (i) mcf means thousand cubic feet; (ii) mcf/d means thousand cubic feet per day (iii) bbls means barrels (iv) bbls/d means barrels per day
For additional information, please contact the following:
Mr. Sanford Andrew, President & COO Mr. Duncan Moodie, CFO
Petroflow Energy Ltd. Petroflow Energy Ltd.
307.277.2145 403.539.4320
Hwww.petroflowenergy.comH
The TSX has not reviewed and does not accept responsibility
for the adequacy or accuracy of this news release.
Copyright 2008 - All Rights Reserved - Petroflow
Yahoo's 1-yr projection = $9.00
Now at 0.90 so they'll either do very well, or do a reverse split.
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Petroflow Energy Corporation is an independent exploration & production company listed on both the TSX (PEF) and the AMEX (PED). Petroflow predominately engages in unconventional drilling in the Hunton Resource Play in Oklahoma, as well as conventional activity in Texas and Alberta, ON. Petroflow's daily production in this Resource Play makes it the most active producer and the only publicly held company in this unique Play. The company has used a combination of focused and experienced leadership and unique Bubble Point Technology to achieve a near 100% success rate in their drilling activities.
Since entering the Farmout to develop this play in April of 2006, we have spud 70 total Hunton Resource Play producers; with 63 currently on production, 4 salt water disposal wells and 2 wells currently off production within the Area of Mutual Interest or AMI as well as 2 wells (one producer and one salt water disposal well) outside of the AMI.
Create tangible value for stakeholders through the responsible acquisition, development and enhancement of critical hydrocarbon resources in North America.
Natural gas and oil are hydrocarbons, organic compounds consisting in a majority of carbon and hydrogen atoms. When converted, they are the basis of products that we use in everyday life. The responsible development of these hydrocarbons is vital to our planet.
Build and retain a professional team with a common belief system and an effective skill set for creating value in the oil and gas business.
Provide an exceptional investment opportunity through solid and efficient use of capital and a financial structure that permits the flexibility to achieve maximum shareholder value.
Maintain a consistent growth strategy through accretive acquisitions and high rate of return development projects.
Advance our goals with integrity, with a keen focus on safety and environmental stewardship and with an emphasis on optimizing the recovery and value of the resources we harvest.
Create and maintain a working environment for the employees to promote creativity, optimism, productivity and personal growth.
Corporate Info Including Directors/Management | Operations Including Locations/Technology | |
http://www.petroflowenergy.com/company.aspx | http://www.petroflowenergy.com/operations.aspx |
Investors Info Including Filings/Financial Reports | News & Press Releases Including Presentations | |
http://www.petroflowenergy.com/investor.aspx | http://www.petroflowenergy.com/news.aspx |
Petroflow Energy Contacts | Email: info@petroflowenergy.com | |||||||
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Investor Relations | | |
In the U.S. Kevin Davis 1401 17th Street, Suite 310 Denver, Colorado 80202 USA Phone: (303) 296-7070 Fax: (303) 296-7073 | In Canada |
Common shares | ||||||||||||||||||||||||
Common shares outstanding,end of period | 29,549,894 | 29,567,394 | (0.1 | %) | 29,549,894 | 29,567,394 | (0.1 | %) | ||||||||||||||||
Weighted average basic shares outstanding | 29,510,329 | 29,430,383 | 0.27 | % | 29,530,597 | 29,342,529 | 0.64 | % |
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