Business
Berens Energy Ltd. releases financial results for the first quarter ended March 31, 2007
Berens Energy Ltd. releases financial results for the first quarter ended March 31, 2007.
About this update from Argenta Silver Corp
[{"type":"text","content":"\n\n\n\nSymbol: BEN - TSX\n\n\nCALGARY, May 11 /CNW/ -\n\n\nFINANCIAL AND OPERATING HIGHLIGHTS\n\n-------------------------------------------------------------------------\n($ Cdn thousands, Three months\nexcept as noted) ended March 31,\n-------------------------------------------------------------------------\n 2007 2006 % Change\n-------------------------------------------------------------------------\nSales volume\n Natural gas (mcf/day) 18,705 16,631 12%\n Oil and ngls (bbl/day) 499 420 19%\n boe/day (6 to 1) 3,617 3,192 13%\n-------------------------------------------------------------------------\nRevenue net of royalties 11,793 9,523 24%\nNet income (loss) (3,043) (2,121) (44%)\n Per share (basic and diluted) $(0.03) $(0.03) -\nFunds from operations(1) 6,973 5,893 18%\n Per share (basic and diluted)(1) $0.07 $0.07 -\n-------------------------------------------------------------------------\nCapital costs\n Exploration and development 17,078 15,588\n Land and seismic 1,071 3,058\n Other 180 588\n-------------------------------------------------------------------------\n Total 18,329 19,234 (2%)\n-------------------------------------------------------------------------\nNet wells completed (No.) 7 7\nNet working capital (deficit)\n - including bank debt (67,468) (45,907)\n-------------------------------------------------------------------------\nShares outstanding\n End of period (000's) 92,947 86,447 7%\n-------------------------------------------------------------------------\nNote:\n(1) Non-GAAP measure - represents cash flow from operating activities\n before non-cash working capital changes. Refer to Management's\n Discussion and Analysis for discussion of this measure.\n\n\n\nFirst Quarter 2007 Operating Highlights\n\n- Production - Q1 2007 production averaged 3,617 boe/d, up 13 percent\n over Q1 2006. Ongoing drilling in Pembina, final tie-ins of a\n November 2006 drilling program in Lanfine and a winter drilling\n program in Marten Hills delivered the first quarter volume growth.\n Significant drilling took place in the first quarter of 2007 with\n tie-in activity weighted toward the end of the quarter. Twenty-one\n (11.3 net) wells were tied in during the quarter with five wells\n awaiting completion or tie-in at the end of the quarter. March\n production averaged 3,744 boe/d as 12 wells came on production\n thro...