Business
Ripper Oil and Gas Inc. releases third quarter results
Ripper Oil and Gas Inc. releases third quarter results
About this update from Nevada King Gold Corp
[{"type":"text","content":"\n\n\n\nFeb. 25, 2010 (Canada NewsWire Group) -- CALGARY, Feb. 25 /CNW/ -- Ripper Oil and Gas Inc. (TSX: RIP) (\"Ripper\" or the \"Corporation\") presents its third quarter 2009/2010 financial results for the nine months ended December 31, 2009, and operational activities to date. The Corporation has:- enjoyed third quarter operating netbacks of $18.23/boe on salesaveraging $34.63/boe- received natural gas prices averaging $4.36/mcf for the quarter, up39% over the second quarter price of $3.14/mcf, and 37% down from theprice of $6.87/mcf in the third quarter of last year.- more than doubled funds from operations to $391,238 for the thirdquarter, driven by higher natural gas prices in the third quarter ascompared to the first six months of the current fiscal year.- closed a sale for all of the Corporation's properties in Saskatchewanat a price equivalent to proved plus probable at net present value of10% as represented in GLJ's independent engineering evaluationeffective March 31, 2009. The transaction, representing theCorporation's highest operating cost properties, resulted in a$507,000 decrease in asset retirement obligation.- participated for a minor working interest in two gas wells at Elnora,Alberta. The wells came on stream subsequent to the third quarter.- granted a drilling option for $50,000 consideration to an activeCardium exploration company, with an election date of May 30, 2010 todrill a horizontal test well in Pembina. If the optionee elects todrill a well to earn 65% of the Corporation's 67.5% net workinginterest in the 640 gross acres of P&NG rights, the Corporation willbe carried in the first well for a 23.625% net working interest andwill have a right to participate, at its own cost, for a 23.625% networking interest in any additional wells on the section. TheCorporation has net working interests between 7 and 45% in 480 grossacres of additional Cardium rights at Pembina.- received independent operation notices in Mikwan to drill three 45.7%net working interest coal bed methane (CBM) wells. The Corporationhas elected to participate in the wells which are expected to bedrilled in the fourth quarter.OutlookNatural gas prices did recover slightly in the third quarter. This recovery subsequently extended into the fourth quarter; however by mid February, natural gas prices appear to be sliding. Natural gas storage ...