Business
Bonterra Oil & Gas Ltd. Announces Third Quarter 2009 Results
Bonterra Oil & Gas Ltd. Announces Third Quarter 2009 Results
About this update from Bonterra Energy Corp.
[{"type":"text","content":"\n\n\n\nNov. 12, 2009 (Canada NewsWire Group) -- CALGARY, Nov. 12 /CNW/ -- Bonterra Oil & Gas Ltd. (\"Bonterra\" or the \"Company\") (www.bonterraenergy.com) (TSX: BNE) is pleased to announce its financial and operational results for the three months and nine months ended September 30, 2009.HighlightsThree months ended Nine Months Ended-------------------------------------------------------------------------($ 000 except $ per Sept. 30, Sept. 30, Sept. 30, Sept. 30,share/unit) 2009 2008 2009 2008-------------------------------------------------------------------------FINANCIALRevenue - realized oiland gas sales 20,965 34,226 60,766 99,117Funds flow(1) 10,753 21,158 28,909 60,568Per share/unit - basic 0.58 1.24 1.62 3.56Per share/unit - diluted 0.57 1.22 1.62 3.53Payout ratio(2) 76% 77% 75% 70%Cash flow from operations 9,350 22,492 25,225 59,234Per share/unit - basic 0.50 1.31 1.42 3.48Per share/unit - diluted 0.50 1.30 1.42 3.45Payout ratio(2) 87% 73% 85% 72%Cash dividends pershare/unit(2) 0.44 0.96 1.20 2.50Net earnings 5,790 21,125 16,427 44,841Per share/unit - basic 0.31 1.23 0.92 2.63Per share/unit - diluted 0.31 1.22 0.92 2.61Capital expenditures andacquisitions 17,660 6,038 22,616 15,002Total assets 273,543 150,120Working capital deficiency 14,455 47,499Long-term bank debt 81,386 -Shareholders'/Unitholders'equity 74,025 57,623-------------------------------------------------------------------------OPERATIONS(3)Oil and NGLs- barrels per day 3,084 2,998 3,126 3,053- average price($ per barrel) 65.38 103.36 56.90 97.29Natural gas - MCF per day 10,881 7,233 11,433 7,215- average price($ per MCF) 3.13 8.20 3.97 8.71Total barrels of oilequivalent per day (BOE)(4) 4,898 4,204 5,032 4,256-------------------------------------------------------------------------(1) Funds flow is not a recognized measure under GAAP. For thesepurposes, the Company defines funds flow as funds provided byoperations before changes in non-cash operating working capital itemsexcluding gain on sale of property, restricted cash and assetretirement expenditures.(2) Cash payments per share/unit are based on payments made in respect ofproduction months within the quarter.(3) Prior period volumes have been adjusted for prior period adjustmentsrelated to various 13th month reviews and joint venture auditscompleted during the third quarter. Total 2008 volume adjus...