Business
Ripper Oil and Gas Inc. releases first quarter results
TSX VENTURE STOCK SYMBOL: RIP CALGARY, Aug. 26 /CNW/ - RIPPER OIL AND GAS INC. ("RIP") reports it...
About this update from Nevada King Gold Corp
[{"type":"text","content":"\n\n\n\nTSX VENTURE STOCK SYMBOL: RIP\n\n\nCALGARY, Aug. 26 /CNW/ - RIPPER OIL AND GAS INC. ("RIP") reports its\nfirst quarter oil and gas revenue net of royalties was $932,485 as compared to\n$1,147,097 in the fourth quarter ending March 31, 2009. Cash flow from\noperations for the first quarter was $273,771 ($0.01 per share), as compared\nto $445,846 ($0.02 per share) for the fourth quarter of the previous year. Net\nloss for the three months ended June 30, 2009 was $294,019 ($0.01 per share)\nas compared to $341,675 ($0.02 per share) in the three months ended March\n31,2009. The average sales price for natural gas decreased to $3.57/mcf for\nthe first quarter as compared to $5.18/mcf in the previous quarter.\n\n\nProduction for the three months averaged 385 barrels of oil equivalent\nper day (boepd) (6mcf(equal sign)1 barrel of oil) comprised of average daily production\nof 72 barrels of oil and natural gas liquids and 1,877 mcf per day of gas.\nProduction was down due to natural declines offsetting new production from\ndrilling and gas wells being shut in because of low net backs. Three 50%\nworking interest gas wells drilled last year are forecasted to be on\nproduction in the second quarter.\n\n\nFor the three month period ended June 30, 2009, oil and natural gas\nrevenue net of royalties was $932,485 compared to $2,555,524 for the three\nmonths ending June 30, 2008, which represents a 64% decrease due to depressed\nnatural gas prices and lower production volumes. Cash flow from operations for\nthe first quarter was $273,771 ($0.01 per share) compared to $1,172,415 ($0.06\nper share) in the previous year's first quarter. Net loss for the three months\nto June 30 in 2009 was $294,019 ($0.01 per share) compared to net income of\n$606,468 ($0.03.per share) for the same period last year. The average sales\nprice for natural gas decreased 66% to $3.57/mcf in the three month period,\ncompared to $10.40/mcf for the same period last year. The sales price for oil\nand natural gas liquids averaged $55.81/barrel in the three month period, a\ndecrease of 51% compared to $114.41/barrel for the same period in 2008.\n\n\nProduction was 385 barrels of oil equivalent per day (boepd) (6 mcf (equal sign) 1\nbarrel of oil) for the three months ending June 30, 2009 as compared to 446\nboepd for the three months ending June 30 ,2008.\...