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Solana Resources Limited - Financial report for the nine month period ended September 30, 2008
CALGARY and LONDON, Nov. 13 /CNW/ - Solana Resources Limited (TSX-V:SOR; AIM:SORL), the Colombia ...
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[{"type":"text","content":"\n\n\n\nCALGARY and LONDON, Nov. 13 /CNW/ - Solana Resources Limited (TSX-V:SOR;\nAIM:SORL), the Colombia focused independent oil and gas exploration and\nproduction company, today announces its results for the nine month period\nended September 30, 2008. These results should be read in conjunction with the\nCompany's unaudited interim consolidated financial statements and related\nnotes for the period and the audited consolidated financial statements,\nrelated notes and MD&A for the years ended December 31, 2007 and 2006. All\nnumbers in this report are expressed in US dollars unless otherwise indicated.\n\n\nSolana (www.solanaresources.com) is an international resource company\nengaged in the acquisition, exploration, development and production of oil and\nnatural gas. The Company's properties are located in Colombia, South America\nand are held through its wholly owned subsidiary, Solana Petroleum Exploration\n(Colombia) Limited. The Company is headquartered in Calgary, Alberta, Canada.\n\n\nAdditional information (which does not form part of this announcement) is\navailable on the Company's website at www.solanaresources.com and the SEDAR\nwebsite at www.sedar.com.\n\n\nHIGHLIGHTS\n\n- Subsequent to Q3, the Joint Proxy Statement relating to the business\n combination of Gran Tierra Energy Inc. and Solana Resources Limited\n (announced on July 29, 2008) was filed via SEDAR on October 15, 2008,\n and was mailed to all shareholders on October 20, 2008. The special\n meeting of Solana securityholders to approve this business\n combination is being held on November 14, 2008.\n\n- Record quarterly cash flow from operating activities of $29.7 million\n ($0.23/share) and after tax net income of $23.8 million\n ($0.19/share).\n\n- First nine months and third quarter 2008 average net of royalty\n production of 3,163 boepd and 4,196 boepd respectively. Third quarter\n 2008 net of royalty exit rate of 5,471 boepd.\n\n- First nine months of 2008 cash flow from operating activities of\n $53.4 million ($0.42/share) and after tax net income of $51.1 million\n ($0.41/share).\n\n- No debt and a cash balance of $87.5 million as at September 30, 2008.\n\n- First nine months of 2008 capital expenditures of $43.4 million.\n\n- The Company drilled the Los Aceites-1discovery well in August 2008.\n Following excellent clean-up flow rates, a cont...