Business
Upper Lake Oil and Gas Ltd. earns $429,000 in Q2 2008
/NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STAT...
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\nDISSEMINATION IN THE UNITED STATES/\n\n\nCALGARY, Aug. 14 /CNW/ - Upper Lake Oil and Gas Ltd. ("Upper Lake" or the\n"Company") (TSX-UP) today announced its financial and operating results for\nthe second quarter and first half of 2008. The Company's financial statements\nand management's discussion and analysis for the three and six months ended\nJune 30, 2008 will be available on SEDAR at www.sedar.com and on Upper Lake's\nwebsite at www.upperlake.ca.\n\n\nFinancial and operating highlights for 2008 do not include comparisons to\n2007 because Upper Lake did not commence business until October 12, 2007.\n\n\nSelected financial and operating information\n\nProduction Three months ended Six months ended\n June 30, 2008 June 30, 2008\n-------------------------------------------------------------------------\nNatural gas 3,455 mcf/day 3,624 mcf/day\nOil and natural gas liquids 309 bbls/day 325 bbls/day\n-------------------------------------------------------------------------\nTotal 885 boe/day 929 boe/day\n\n\nFinancial Three months ended Six months ended\n June 30, 2008 June 30, 2008\n ($000s) $/unit ($000s) $/unit\n-------------------------------------------------------------------------\nRevenue: oil and NGLs 2,744 97.46/bbl 5,095 86.04/bbl\nRevenue: natural gas 3,382 10.76/mcf 6,233 9.45/mcf\nRoyalties: oil and liquids (700) 24.86/bbl (1,290) 21.78/bbl\nRoyalties: natural gas (845) 2.69/mcf (1,509) 2.29/mcf\nOperating expenses (793) 9.85/boe (1,613) 9.54/boe\n-------------------------------------------------------------------------\nField netback(1) 3,788 47.01/boe 6,916 40.88/boe\n\nGeneral and administrative expenses (492) 6.11/boe (1,016) 6.00/boe\nInterest expense (61) 0.76/boe (92) 0.54/boe\n-------------------------------------------------------------------------\nFunds flow from operations(1) 3,235 39.61/boe 5,808 34.08/boe\nFunds flow per diluted share(1) 0.12/share 0.22/share\nCash flow from operating activities 3,407 42.29/boe 6,378 37.71/boe\n\nNet earnings 429 5.32/boe 241 1.43/boe\n\n1. "Field netback" and "funds flow from operations" are non-GAAP\n financial measures. Further information is provided below under the\n heading "Non-GAAP Financial Measures."\n\n\nProposed Business Combination\n\...