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Solana Resources Limited ("Solana" or the "Company") - Financial report for the six month period ended June 30, 2008
CALGARY and LONDON, Aug. 18 /CNW/ - Solana Resources Limited (TSX-V:SOR; AIM:SORL), the Colombia ...
About this update from Kutcho Copper Corp
[{"type":"text","content":"\n\n\n\nCALGARY and LONDON, Aug. 18 /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 six month period ended\nJune 30, 2008. These results should be read in conjunction with the Company's\naudited consolidated financial statements for the years ended December 31,\n2007 and 2006. All numbers in this report are expressed in US dollars unless\notherwise 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- On July 29, 2008, Solana announced that it had entered into a\n definitive agreement providing for the business combination of Gran\n Tierra Energy Inc. and Solana Resources Limited. It is expected that\n the combination of the two companies will not only consolidate 100% of\n the working interest in Costayaco, a premium light oil asset in\n Colombia, but will also launch a substantive, well financed, South\n American focused entity with an outstanding land position and a\n portfolio of opportunities across the risk spectrum.\n\n- Record quarterly cash flow from operating activities of $20.5 million\n ($0.16/share) and after tax net income of $19.5 million ($0.16/share)\n\n- First half and second quarter 2008 average net of royalty production\n of 2,642 boepd and 3,029 boepd respectively. Second quarter 2008 net\n of royalty exit rate of 3,952 boepd.\n\n- First half 2008 cash flow from operating activities of $33.2 million\n ($0.26/share) and after tax net income of $27.2 million ($0.22/share).\n\n- No debt and a cash balance of $73.4 million as at June 30, 2008.\n\n- First half 2008 capital expenditures of $27.5 million.\n\n- The Company drilled the Primavera-1 well during February, 2008. In\n May, this well was successfully tested at a pump constrained 24 hour\n ...