Business
Compton reports first quarter 2009 results
CALGARY, May 11 /CNW/ - Compton Petroleum Corporation (TSX - CMT, NYSE - CMZ) reports its financi...
About this update from Cullinan Metals Corp
[{"type":"text","content":"\n\n\n\nCALGARY, May 11 /CNW/ - Compton Petroleum Corporation (TSX - CMT, NYSE -\nCMZ) reports its financial and operating results for the three months ended\nMarch 31, 2009.\n\n\nThe full text of Management's Discussion and Analysis ("MD&A") and the\nCompany's audited consolidated financial statements can be found on the\nCompany's website at www.comptonpetroleum.com and at www.sedar.com\n\n\nThe current economic environment, market uncertainties, reduced commodity\ndemand and prices have had a negative impact on our 2009 first quarter\noperating results. In response to these circumstances, we have adopted a more\ndefensive, measured and flexible investment approach - one that is reflected\nin our first quarter activities and our plans for the remainder of 2009. Our\noverall strategy during this period of uncertainty is that of positioning the\nCompany such that, once the economic recovery occurs, we will have the ability\nto develop and realize on the opportunities inherent in our asset base.\n\n\nDuring 2009, we will focus on addressing our capital structure and those\nareas within our control. We have initiated a corporate restructuring process\nwith an emphasis on improving our capital efficiencies and reducing our\ninternal cost structures, which is starting to be realized.\n\n\nQ1 2009 Summary of Results\n\n\n- Generated funds flow from operations of $22.0 million, or $0.18 per\n diluted share\n- Adjusted operational earnings for the quarter were a loss of\n $2.2 million\n- Achieved first quarter 2009 average production of 23,194 boe/d, a\n decrease of 30% due to property dispositions and natural declines\n- Realized a net loss of $17.4 million, due to lower commodity prices,\n production and an unrealized $16.0 million foreign exchange loss\n- Drilled nine wells with a 100% success rate on total capital\n expenditures of $16.6 million, before acquisitions and divestures\n\n\nFinancial Review\n\n-------------------------------------------------------------------------\n Three Months Ended Mar. 31\n\n(000s, except per share amounts) 2009 2008 % Change\n-------------------------------------------------------------------------\n\nTotal revenue(1) $ 68,899 $ 160,699 (57%)\nFunds flow from operations(2) $ 22,041 $ 67,589 (67%)\nPer share - basic(2) $ 0.18 $ 0.52 (65%)\n - diluted(2) $ 0.18 $ 0.51 (65%)\nAdjusted ...