Business
Upper Lake Oil and Gas Ltd. achieves cash flow of $2.6 million in Q1 2008
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About this update from Mx Gold Corp.
[{"type":"text","content":"\n\n\n\n/NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR\n\n\nDISSEMINATION IN THE UNITED STATES/\n\n\nCALGARY, May 9 /CNW/ - Upper Lake Oil and Gas Ltd. ("Upper Lake" or the\n"Company") (TSX-UP) today announced its financial and operating results for\nthe first quarter of 2008. The financial statements and management's\ndiscussion and analysis for the quarter ended March 31, 2008 will be available\non SEDAR at www.sedar.com and by visiting Upper Lake's website at\nwww.upperlake.ca.\n\n\nFinancial and operating highlights for the first quarter of 2008 do not\ninclude comparisons because Upper Lake began business on October 12, 2007. The\nfirst quarter of 2008 was the Company's first full quarter of operations.\n\n\nSelected financial and operating information\n\nProduction: oil and natural gas liquids (barrels) 333 bbl/d\nProduction: natural gas (cubic feet) 3,801 Mcf/d\n-------------------------------------------------------------------------\nProduction: total (barrels of oil equivalent) 967 boe/d\n\n ($000s) $/unit of production\n ------- --------------------\n\nRevenue: oil and liquids 2,351 77.55/bbl\nRevenue: natural gas 2,851 8.24/Mcf\n\nRoyalties: oil and liquids (591) 19.49/bbl\nRoyalties: natural gas (664) 1.92/Mcf\n\nOperating expenses (820) 9.32/boe\n\nField netback 3,127 35.55/boe\n\nFunds flow from operations 2,571 29.23/boe\nFunds flow from operations 0.10/share diluted\n\nCapital expenditures 7,631\n\n\nOther Q1 2008 Highlights\n\n- Achieved average production of 967 boe/d for the period, an increase\n of 32 percent over the 80-day period ending December 31, 2007 of\n 731 boe/d.\n\n- Spent $7.6 million on its capital program, highlighted by the\n $3.4 million acquisition of five standing cased wells and 11,666 acres\n (3,867 net) of undeveloped land in the Greater Tupper area of NE\n British Columbia. Upper Lake's undeveloped land now totals 23,000\n acres.\n\n- Drilled one (1.0 net) well and completed or re-completed six wells,\n including two wells in the Tupper, British Columbia area.\n\n\nOperations\n\n\nIn the first quarter of 2008, Upper Lake participated in two operations\nin the Tupper area. A Halfway well was drilled and cased. Completion\noperations commenced just prior to spring break-up. During a short-term test\nthe well achieved an initial rate of approximately 1....