Business
Orca Exploration announces its result for the quarter ended 31 March 2011
May 30, 2011 (Canada NewsWire Group) -- TSX-V: ORC.A, ORC.B TORTOLA, British Virgin Isl...
About this update from Orca Energy Group Inc. Class B
[{"type":"text","content":"\n\n\n May 30, 2011 (Canada NewsWire Group) -- \n\n#ReleaseContent TABLE\n{\n BORDER-COLLAPSE: collapse\n}\nTR.cnwUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px solid\n}\n#ReleaseContent TABLE.cnwBorderedTable TD\n{\n BORDER-RIGHT: black 1px solid;\n PADDING-RIGHT: 2px;\n BORDER-TOP: black 1px solid;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n BORDER-LEFT: black 1px solid;\n PADDING-TOP: 2px;\n BORDER-BOTTOM: black 1px solid;\n BORDER-COLLAPSE: collapse\n}\n#ReleaseContent TABLE TD\n{\n PADDING-RIGHT: 2px;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n PADDING-TOP: 2px\n}\n\n\nTSX-V: ORC.A, ORC.B\n\n\nTORTOLA, British Virgin Islands, May 30, 2011 /CNW/ - Orca Exploration\n Group Inc ("Orca Exploration" or the "Company") announces its results\n for the quarter ended 31 March 2011.\n\n\nHighlights \n\n\n\nIncreased funds flow from operating activities by 9% to US$4.9 million\n (Q1 2010: US$4.5 million).\n\n\nIncreased sales of Additional Gas by 6% to 3,344 MMcf or 37.1 MMcfd (Q1\n 2010: 3,141 MMcf or 34.9 MMcfd).\n\n\nIncreased working capital by 6% during the quarter to US$55.8 million\n (US$52.4 million at 31 December 2010).\n\n\nContinued to strengthen Orca's management team by recruiting a new chief\n operating officer.\n\n\nNegotiated a Re-rating Agreement with Songas Limited to increase the\n Songo Songo gas processing infrastructure capacity from 90 MMcfd to 110\n MMcfd.\n\n\nConnected the SS-10 well to the gas processing plant adding 41 MMcfd of\n deliverability.\n\n\n\nFinancial and Operating Highlights\n\n\n\n\n \n\n\n \n\n\n \n\n\n \n\n\n\n\n \n\n\n31-Mar\n\n\n31-Mar\n\n\n \n\n\n\n\nTHREE MONTHS ENDED OR AS AT\n\n\n2011\n\n\n2010\n\n\nChange\n\n\n\n\nFinancial (US$ except where otherwise stated)\n\n\n \n\n\n \n\n\n \n\n\n\n\nRevenue\n\n\n9,640\n\n\n8,259\n\n\n17%\n\n\n\n\nProfit before taxation\n\n\n4,030\n\n\n3,273\n\n\n23%\n\n\n\n\nOperating netback (US$/mcf)\n\n\n2.16\n\n\n2.19\n\n\n(1%)\n\n\n\n\nCash and cash eq...