Business
Compton reports year-end 2009 results
Compton reports year-end 2009 results
About this update from Cullinan Metals Corp
[{"type":"text","content":"\n\n\n\nFeb. 26, 2010 (Canada NewsWire Group) -- CALGARY, Feb. 26 /CNW/ -- Compton Petroleum Corporation (TSX - CMT, NYSE - CMZ) reports its financial and operating results for the year ended December 31, 2009. The Corporation's 2009 reserves evaluation results are provided on a separate release, disseminated to the market today.The full text of Management's Discussion and Analysis (\"MD&A\") and the Corporation's audited consolidated financial statements can be found on the Corporation's website at www.comptonpetroleum.com and at www.sedar.com.2009 in ReviewSummary of Results:- Cash flow was $45.4 million or $0.29 per diluted share- Operating loss was $61.0 million, largely due to depletion anddepreciation- Average production was 20,922 boe/d- Capital expenditures were $68.3 million, before acquisitions anddivestituresAchievements:- Strengthened capital structure by reducing total bank debt and seniorterm notes by 31% to $568.9 million- Completed an equity offering for gross proceeds of $172.5 million- Sold a 3.75% overriding royalty for proceeds of $71.3 million;an additional 0.50% closed subsequent to year-end for additionalproceeds of $9.5 million- Sold non-core assets and interests in previously existingoverriding royalties for gross proceeds of $8.0 million and$7.0 million, respectively- Reduced internal cost structures:- Gross administrative expenses decreased by 13% or $5.6 million- Operating expenses decreased by 24% or $28.0 million- Successfully employed horizontal drilling and multi-stage fracturecompletions in the Niton area during the year with drilling costreductions of 15% to 20%- Achieved a 100% success rate on the 20 wells drilled or participatedin during the yearFinancial ReviewThree Months Ended Dec 31 Year Ended Dec 31-----------------------------------------------------------(000s, exceptper share % %amounts) 2009 2008 Change 2009 2008 Change-------------------------------------------------------------------------Totalrevenue(1) $ 57,595 $ 104,771 (45%) $ 227,876 $ 610,298 (63%)Cashflow(1)(2) $ 6,513 $ 29,595 (78%) $ 45,439 $ 255,881 (82%)Per share- basic(1)(2)$ 0.03 $ 0.23 (87%) $ 0.29 $ 1.98 (85%)- diluted(1)(2) $ 0.03 $ 0.23 (87%) $ 0.29 $ 1.94 (85%)Operatingearnings(loss)(1)(2) $ (23,425) $ (7,600)(208%) $ (61,038) $ 70,949 (186%)Net loss $ (23,800) $ (95,943) (75%) $ (8,330) $ (43,003) (81%)Per share- ...