Business
Compton Petroleum announces first quarter results and company strategic direction
Compton Petroleum announces first quarter results and company strategic direction.
About this update from Cullinan Metals Corp
[{"type":"text","content":"\n\n\n\nCALGARY, May 9 /CNW/ - Compton Petroleum Corporation ("Compton" or the\n"Company") is pleased to announce its financial and operating results for the\nquarter ended March 31, 2007 and the Company's strategic direction for the\nremainder of 2007 and 2008.\n\n\nHIGHLIGHTS -- FIRST QUARTER 2007\n\n- Drilled 71 wells with a 93% success rate.\n- Natural gas production of 148 mmcf/d, up 4% from first quarter 2006.\n- Total first quarter 2007 production averaged 33,316 boe/d, down 2%\n from first quarter 2006.\n- Revenue of $141 million, down 5% from first quarter 2006.\n- Cash flow of $69 million, down 8% from a year ago.\n- Capital expenditures of $106 million or $61 million net after\n $45.9 million in minor non-core property divestitures.\n\nHIGHLIGHTS -- STRATEGIC DIRECTION\n\n- Expanded 2007 drilling program by up to 100 wells.\n- Divestiture of oil properties in the Peace River Arch.\n- Focus on core business of natural gas resource plays concentrated in\n two core areas.\n\nFinancial Summary\n\n-------------------------------------------------------------------------\nThree Months Ended March 31\n ($000s, except per share amounts) 2007 2006 Change\n-------------------------------------------------------------------------\nGross revenue $140,877 $148,779 -5%\nCash flow from operations(1) $ 68,783 $ 74,596 -8%\nPer share - basic(1) $ 0.53 $ 0.58 -10%\n - diluted(1) $ 0.52 $ 0.55 -5%\nOperating earnings(1) $ 17,933 $ 22,403 -20%\nNet earnings $ 13,719 $ 38,002 -64%\nPer share - basic $ 0.11 $ 0.30 -63%\n - diluted $ 0.10 $ 0.28 -64%\nCapital expenditures (before divestitures) $106,059 $166,351 -36%\n-------------------------------------------------------------------------\n\n(1) See cautionary statements following Management's Discussion and\n Analysis.\n\n\n\nOPERATING SUMMARY\n\n-------------------------------------------------------------------------\nThree Months Ended March 31 2007 2006 Change\n-------------------------------------------------------------------------\nAverage production\n Natural gas (mmcf/d) 148 142 4%\n Liquids (bbls/d) 8,729 10,418 -16%\n-------------------------------------------------------------------------\n Total (boe/d) 33,316 34,029 -2%\nRealized prices\n Natural gas ($/mcf) $ 7.24 $ 7.58 -4%\n Liquids ($/bbl) 54.20 48.70 11%\n---------------------------------------------...