Business
Compton announces 2005 year end results
Compton announces 2005 year end results.
About this update from Cullinan Metals Corp
[{"type":"text","content":"\n\n\n\n\nCALGARY, March 20 /CNW/ - Compton Petroleum Corporation (TSX - CMT, NYSE -\nCMZ) is pleased to announce its financial and operating results for the year\nand quarter ended December 31, 2005. 2005 was a very successful year for\nCompton, the Company completed its planned 390 well drilling program with\nexcellent results.\n\n2005 HIGHLIGHTS\n\n- Reserve additions 62 million boe, 43% increase\n- Reserve value $2.8 billion, 8% DCF\n- FD&A costs, $/boe\n Excluding future capital $7.05 proved plus probable\n $12.84 proved\n Including future capital $13.02 proved plus probable\n $15.42 proved\n- Production replacement 360%\n- Record cash flow $278 million, $2.11/share F.D.\n\n\nStrong Reserve Growth\n\nTotal proved plus probable reserves rose 43% from the prior year to 207\nmillion boe and were valued at $2.8 billion, 8% DCF. Total proved reserves at\nyear end were 126 million boe, an increase of 30% from 2004. Proved producing\nreserves comprise 74% of total proved reserves. Total proved reserves account\nfor 61% of the proved plus probable reserves. On a proved basis, the Company\nreplaced 360% of its 2005 production and extended its reserve life index from\n9 to 12 years.\n\nRecord Revenue and Cash Flow\n\nRevenue in 2005 reached record levels of $558 million, up 42% from 2004,\ndue to a combination of increased production volumes and higher realized\nprices. Cash flow increased 57% to $278 million, also benefiting from\nincreased production and prices. Production for the year averaged 29,424\nboe/d, a 9.5% increase from the prior year.\nOperating earnings, excluding non-operational amounts, was $94 million\nfor the year, up 100% over 2004 operating earnings of $47 million. Net\nearnings in 2005 increased $18 million, or 28%, from 2004 and were reduced by\nnon-recurring after tax costs of $14.4 million relating to the repurchase of\nU.S.$158.25 million of the Company's 9.90% Senior Notes.\n\nDrilling Results\n\nCompton drilled 392 gross (334 net) wells in 2005 with a 96% success\nrate, compared with 186 gross (146 net) wells drilled in 2004. Of the 392\nwells drilled in 2005, 80% were classified as development wells and 20% were\nclassified as exploratory wells, compared to 77% and 23% respectively in 2004.\nThe higher percentage of development wells in the current year reflects the\nincreasing maturity of the Company'...