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Upper Lake Oil and Gas Ltd. announces financial, reserves and operating results for 2007
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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, March 28 /CNW/ - Upper Lake Oil and Gas Ltd. (TSX:UP) ("Upper\nLake") is pleased to announce its financial, reserves and operating results\nfor the year ended December 31, 2007.\n\n\nUpper Lake also announces today that it has filed on SEDAR its Annual\nInformation Form for the period ended December 31, 2007, which includes Form\n51-101F1: Statement of Reserves Data and Other Oil and Gas Information, Form\n51-101F2: Report of Independent Qualified Reserves Evaluator and Form\n51-101F3: Report of Management and Directors under National Instrument 51-101\nStandards of Disclosure for Oil and Gas Activities. Copies of the filings can\nbe obtained electronically through SEDAR at www.sedar.com.\n\n\nYear-End Financial and Operating Results\n\n\nThe following table provides a summary of Upper Lake's financial and\noperating results for the period from October 12, 2007 to December 31, 2007.\nUpper Lake's financial statements and management's discussion and analysis for\nthe period ended December 31, 2007 have been filed on SEDAR.\n\n\nSelected Period Information\n\nPeriod ended December 31, 2007\n(000's except per share amounts and production)\n\nProduction - barrels of oil equivalent per day (boe/d) .......... 731\n\nRevenue ......................................................... $2,811\nRevenue ($/boe) ................................................. 48.10\n\nFunds flow from operations(1) ................................... 924\n $ per share - basic and diluted ............................... 0.04\nNet (loss) ...................................................... (905)\n $ per share - basic and diluted ............................... (0.04)\n\nCapital expenditures ............................................ 2,431\n\nBank debt and working capital deficiency ........................ 1,728\n\n(1) Funds flow from operations is a "Non-GAAP" measure. See "Non GAAP\n Financial Measures".\n\n\nHighlights\n\n- Achieved average daily production of 731 boe/d for the period\n October 12 to December 31, 2007\n- Realized funds flow from operations of $924 thousand ($0.04 per\n share)\n- Limited net debt to $1.7 million at December 31, 2007\n- Achieved a net asset value before tax of $1.19 ...