Business
Result Energy Inc. announces 2005 year end and Q4 highlights and 2006 activity update
Result Energy Inc. announces 2005 year end and Q4 highlights and 2006 activity update.
About this update from Route 109 Resources Inc.
[{"type":"text","content":"\n\n\n\n\nTSX Venture: RTE\n\nCALGARY, March 30 /CNW/ - Result Energy Inc. (\"Result\") is pleased to\nannounce record cash flow, production and reserve additions for the 2005\nfiscal year. Exploration and development activity was the focus of an\nextremely active year for Result, with all additions to reserves and\nproduction achieved through the drill-bit. Highlights for 2005 include:\n\n - 72% year-over-year growth in total NI 51-101 proven oil and natural\n gas reserves, and 67% growth in total proved plus probable (\"P + PA\")\n reserves. Factoring in 2005 production, the net increases were 101%\n for proven and 83% for P + PA reserves.\n\n- Drilling a total of 30 wells (14.9 net), achieving an overall 80%\n success rate, and resulting in 23 (11.2 net) natural gas and\n potential natural gas producing wells, 1 (0.6 net) producing oil\n well, 4 (2.1 net) cased wells, and 2 (1.0 net) wells which were\n abandoned in 2005.\n\n- A 72% increase in average daily production for the year to 431 boed\n compared to 250 boed for 2004.\n\n- For the Q4 period, revenues increased by 106% to $2,800,350 compared\n to $1,358,779 in the Q4-04 period, and cash flow from operations\n increased by 102% to $939,910 compared to $466,190 for Q4-04.\n\n>\n%SEDAR: 00012334E\n\n\n","length":7926,"tagName":"div"}]