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Berens Energy Ltd. Releases June 30, 2006 Quarterly Financial Results
Berens Energy Ltd. Releases June 30, 2006 Quarterly Financial Results.
About this update from Argenta Silver Corp
[{"type":"text","content":"\n\n\n\n\nSymbol: BEN - TSX\n\nCALGARY, Aug. 14 /CNW/ -\n\n\n>\n\nReport from Management\nDrilling results in the second quarter of 2006 have shown us the\npotential that existed with the Berland acquisition, combined with our already\nextensive land position, could deliver solid long term results. We had\n100 percent success on seven locations in Lanfine and 65 percent success on\nnine (4 net) locations in Pembina and the Deep Basin. Production additions\nfrom this successful drilling look strong for the second half of the year.\nIn the second quarter of 2006 the high demand our industry is placing on\noil and gas service companies seems to have eased somewhat and services are\nmore readily available. However, we have not yet seen the reduced activity\ntranslate in to lower costs and we remain ever vigilant in containing cost\npressures on drilling and operations.\n\nOutlook\nWith more than 158,000 net undeveloped acres of land concentrated in four\noperating areas, we continue to be opportunity rich. Our existing land base\nwill provide ample drilling locations to pursue for the balance of 2006 and\nthroughout 2007.\nBerens is on track to complete our capital budget of $51 million. With\nrecently stronger natural gas prices we are comfortable that our balance sheet\nwill support our programmed activity levels and provide continued momentum for\nthe company.\n\nSincerely,\n\n\n\"signed\"\nRobert D. Steele\nChief Executive Officer\n\n\n\nBerens Energy Ltd.\nManagement's Discussion and Analysis (\"MD&A\")\nAugust 11, 2006\n\nOVERVIEW\nBerens Energy Ltd. (\"Berens\" or the \"Company\") is a full cycle oil and\nnatural gas exploration and production company with a concentrated production\nand land base in Eastern Alberta, Pembina and Deep Basin regions of west\ncentral Alberta.\nAll calculations converting natural gas to crude oil equivalent have been\nmade using a ratio of six thousand cubic feet (\"mcf\") of natural gas to one\nbarrel of crude equivalent. Barrels of oil equivalent (\"boe\") may be\nmisleading, particularly if used in isolation. A boe conversion ratio of six\nmcf of natural gas to one barrel of crude oil equivalent is based on an energy\nequivalency conversion method primarily applicable at the burner tip and does\nnot represent a value equivalency at the wellhead.\nThe following discussion of financial positi...