Business
Avery Resources Announces Third-Quarter 2007 Financial and Operating Results
CALGARY, Feb. 11 /CNW/ - Avery Resources Inc. (TSX: ARY) ("Avery" or "the Company") today announc...
About this update from Bengal Energy Ltd.
[{"type":"text","content":"\n\n\n\nCALGARY, Feb. 11 /CNW/ - Avery Resources Inc. (TSX: ARY) ("Avery" or "the\nCompany") today announced its financial and operating results for the fiscal\nthird quarter ended December 31, 2007.\n\n\nHIGHLIGHTS\n\n- Revenue in the quarter amounted to $956,000, a 30 percent increase\n over the prior quarter;\n- Funds flow from operations increased in the third quarter 2007 to\n $165,000 over the second quarter 2007 when it was $79,000;\n- Production decreased slightly overall mainly due to an adjustment at\n our Kaybob property; however, the Toparoa well in Australia saw a 36%\n jump in production during the quarter from approximately 58 bbl/d to\n 79 bbl/d;\n- A ceiling test calculation performed at December 31, 2007 resulted in\n an impairment loss of $600,000 on Avery's Australian cost centre.\n\n\n-------------------------------------------------------------------------\n$000's except\n per share,\n volumes and Three Months Ended Nine Months Ended\n netback ----------------------------------------------------------\n amounts 12/31/07 12/31/06 9/30/07 12/31/07 12/31/06\n-------------------------------------------------------------------------\nRevenue\n-------------------------------------------------------------------------\n Natural gas $ 144 $ 164 $ 190 $ 585 $ 549\n-------------------------------------------------------------------------\n Natural gas\n liquids 104 39 95 283 156\n-------------------------------------------------------------------------\n Oil 708 1,618 447 1,447 1,618\n-------------------------------------------------------------------------\n Total 956 1,821 732 2,315 2,323\n-------------------------------------------------------------------------\nRoyalties 111 107 105 299 248\n-------------------------------------------------------------------------\n % of revenue 11.6 5.9 14.3 12.9 10.7\n-------------------------------------------------------------------------\nOperating &\n transportation 142 394 147 393 510\n-------------------------------------------------------------------------\nNetback 703 1,319 480 1,623 1,580\n-------------------------------------------------------------------------\n-------------------------------------------------------------------------\nFunds flow from\n operations: 165 (xx) 1,314 79 33 (xx) 2,014\n------------------------------------------------...