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CANADIAN PHOENIX RELEASES SECOND QUARTER RESULTS AND ANNOUNCES TERMINATION OF SARS PLAN AND ISSUANCE OF OPTIONS
CANADIAN PHOENIX RELEASES SECOND QUARTER RESULTS AND ANNOUNCES TERMINATION OF SARS PLAN AND ISSUA...
About this update from Reklaim Ltd
[{"type":"text","content":"\n\n\n\n Aug. 27, 2010 (Canada NewsWire Group) -- \n\n \n \n \nTR.cnwUnderlinedCell TD {\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD {\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD {\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell {\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell {\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell {\n BORDER-BOTTOM: #000000 3px solid\n}\n\nSymbol: CXP-TSXV\n\nCALGARY, Aug. 27 /CNW/ - CANADIAN PHOENIX RESOURCES CORP. ("Canadian Phoenix") announces its consolidated results for the three and six months ended June 30, 2010:\n\nSUMMARY OF SECOND QUARTER AND YEAR-TO-DATE 2010 FINANCIAL RESULTS\n\n\n >\n\n\nDuring the second quarter of 2010, Canadian Phoenix made two significant divestments:\n\n\n >\n\n\nWith the closing of these transactions, the Corporation now has significant cash holdings (approximately $67 million) to go along with approximately $61 million of tax pools, and is positioned for a significant re-investment into the oil and gas sector. The Corporation's Special Committee is currently analyzing and evaluating opportunities in this regard.\n\n\n >\n\nNote - the results of Serrano are included to the disposition date of May 26, 2010, and the equity results of Marble Point are included to the disposition date of June 25, 2010.\n\nThe second quarter of 2010 saw oil prices remain at levels consistent with the past two quarters at around US$78/bbl (WTI), but poorer natural gas prices which averaged $3.86 (AECO spot) compared to $5.36 in the first quarter of 2010. While oil prices are expected to remain in the $75-$90 range for the remainder of the year, natural gas prices are likely to remain at the current low levels due primarily to excess supply in the North American market. With the disposal of the Corporation's investments in Serrano and Marble Point, movements in oil and natural gas prices are more relevant to the Corporation's re-investment strategies and opportunities than their impact on the Corporation's financial performance.\nFor the three and six months ended June 30, 2010 the Corporation recorded income after tax of $16.4 million and 12.9 million. Heavily impacting these results were the accounting gains recorded on the dispositions of Serrano ($13.2 million) and Marble Point (...