Business
BNK Petroleum Inc. Announces 2nd Quarter 2011 Results
CAMARILLO, CA, Aug. 10, 2011 /CNW/ - All amounts are in U.S. Dollars unless otherwise ind...
About this update from Kolibri Global Energy Inc
[{"type":"text","content":"\n\n\n\n\n\nCAMARILLO, CA, Aug. 10, 2011 /CNW/ -\n\n\nAll amounts are in U.S. Dollars unless otherwise indicated:\n\n\n         \n\n\n \n\n\nSecond Quarter\n\n\nFirst Half\n\n\n   \n\n\n2011\n\n\n2010\n\n\n%\n\n\n2011\n\n\n2010\n\n\n%\n\n\n   \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\nEarnings (Loss):\n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n$ Thousands\n\n\n$407\n\n\n($2,720)\n\n\nP\n\n\n$292\n\n\n($2,431)\n\n\nP\n\n\n$ per common share assuming dilution\n\n\n-\n\n\n($0.03)\n\n\nP\n\n\n$0.00\n\n\n($0.02)\n\n\nP\n\n\n   \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\nCapital Expenditures\n\n\n$7,434\n\n\n$14,594\n\n\n(49)%\n\n\n$11,744\n\n\n$15,917\n\n\n(26)%\n\n\n   \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\nAverage Production (Boepd)\n\n\n1,308\n\n\n1,162\n\n\n13%\n\n\n1,318\n\n\n1,124\n\n\n17%\n\n\nAverage Product Price per Barrel\n\n\n$47.92\n\n\n$36.46\n\n\n31%\n\n\n$46.76\n\n\n$41.74\n\n\n12%\n\n\nAverage Netback per Barrel\n\n\n$27.92\n\n\n$18.40\n\n\n52%\n\n\n$27.04\n\n\n$21.68\n\n\n25%\n\n\n   \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n   \n\n\n6/30/2011\n\n\n \n\n\n12/31/2010\n\n\n \n\n\n6/30/2010\n\n\n \n\n\n   \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\nCash and Cash Equivalents\n\n\n$56,353\n\n\n \n\n\n$62,062\n\n\n \n\n\n$20,102\n\n\n \n\n\nWorking Capital\n\n\n$56,419\n\n\n \n\n\n$63,503\n\n\n \n\n\n($8,706)\n\n\n \n\n\nBNK's President and Chief Executive Officer, Wolf Regener commented:\n\n\n\"BNK earned a net profit of $407,000 in the second quarter of 2011 on a\n 53% increase in oil and gas revenues net of royalties.  Other income in\n the quarter was $2.2 million versus $.4 million in the second quarter\n of 2010 which resulted from the sale of seismic data in Oklahoma for\n $1.2 million, $.6 million in estimated management fee income and $.4\n million in gathering revenue.\n\n\nThe increase in oil and gas revenues resulted from the combination of a\n 31% increase in average product prices in the quarter coupled with a\n 13% increase in avera...