Business
Orca Exploration announces its results for the year ended 31 December 2008
TORTOLA, British Virgin Islands, April 28 /CNW/ - Orca Exploration Group Inc ("Orca Exploration" ...
About this update from Orca Energy Group Inc. Class B
[{"type":"text","content":"\n\n\n\nTORTOLA, British Virgin Islands, April 28 /CNW/ - Orca Exploration Group\nInc ("Orca Exploration" or the "Company") announces its results for the year\nended 31 December 2008.\n\n\nFinancial and Operating Highlights\n\n-------------------------------------------------------------------------\nYEARS ENDED 31 DECEMBER 2008 2007 Change\n-------------------------------------------------------------------------\n\nFinancial (US$ except where otherwise\n stated)\n\nRevenue 23,782 18,777 27%\n(Loss)/profit before taxation (7,056) 3,775 n/m\nOperating netback (US$/mcf) 2.60 2.31 13%\nCash and cash equivalents 10,586 16,515 (36%)\nWorking capital 9,727 7,299 33%\nShareholders' equity 64,712 71,544 (10%)\nFunds from operations before working\n capital changes 9,751 8,696 12%\nFunds per share from operations before\n working capital changes - diluted (US$) 0.31 0.29 7%\n-------------------------------------------------------------------------\n\nOperating\nAdditional Gas sold (MMscf) - industrial 1,475 1,504 (2%)\nAdditional Gas sold (MMscf) - power 7,185 6,227 15%\nAverage price per mcf (US$) - industrial 11.98 9.31 29%\nAverage price per mcf (US$) - power 2.37 2.19 8%\n-------------------------------------------------------------------------\n\nGross Recoverable Reserves to end\n of licence (Bcf)\nProved 389 309 26%\nProbable 102 165 (38%)\nProved plus probable 491 474 4%\nPresent Value, discounted at 10%\n (US$ million)\nProved 258 183 41%\nProved plus probable 299 255 17%\n-------------------------------------------------------------------------\n\nPresident & CEO's Letter to Shareholders\n\nAs Orca Exploration enters 2009, it is in a strong position to weather the\nglobal deterioration in financial markets:\n\n- The Company had cash and cash equivalents of approximately US$10\n million as at 31 December 2008 and no outstanding long term\n indebtedness.\n\n- The Company increased funds from operations before working capital\n changes by 12% to US$9.7 million in 2008. This is expected to\n increase in 2009 as sales volumes increase and there is a reduction\n in general and administrative costs.\n\n- The terms of the Company's gas sales contracts partially insulate the\n business from the volatility in world oil prices. The prices are\n fixed in the case of sales to the power sector and there are pricing\n...