Business
Storm Cat Energy Corporation Announces First Quarter 2008 Financial and Operating Results
DENVER and CALGARY, Alberta, May 9 /CNW/ -- Storm Cat Energy Corporation (Amex: SCU) (TSX: SME) t...
About this update from Sama Resources Inc.
[{"type":"text","content":"\n\n\n\nDENVER and CALGARY, Alberta, May 9 /CNW/ -- Storm Cat Energy Corporation\n(Amex: SCU) (TSX: SME) today reported first quarter 2008 financial and\noperating results.\n\n\nDuring the first quarter of 2008 we made significant progress in our\ntransition towards profitability. Our revenue for the quarter was a record\n$6.0 million, a 53.8% increase from the first quarter of 2007. Operating Cash\nFlow(1) from our oil and gas activities increased 14.8% to $2.8 million.\nAdjusted EBITDA(2) was $1.4 million, an increase of 484.1% over the first\nquarter of 2007. Reconciliations of non-GAAP financial measures are provided\nin the financial schedules accompanying this press release. With improved\nnatural gas pricing and improving production, we are building a solid\nfoundation for future growth.\n\n\nWe are actively developing our assets to increase shareholder value. We\nare encouraged by the initial production from our first three operated wells\nin our Fayetteville Shale area. Additionally, we have significantly enhanced\nthe value of our Powder River Basin ("PRB") assets through our purchase of\n14,000 net undeveloped acres in our operating area. This acquisition provides\nus significant new drilling inventory and essentially doubles our reserve\npotential in the PRB. We continue to make progress in Elk Valley, an asset we\nbelieve will be important in the long term growth potential of the Company.\n\n\nFinancial Update (all figures in U.S. Dollars)\n\n\nNatural gas revenue for the quarter ended March 31, 2008 was $6.0\nmillion, representing a 53.8% increase over first quarter 2007. We\naccomplished this record revenue through pure organic growth.\n\n\nProduction sales volume for the first quarter of 2008 was a record 987.1\nMillion cubic feet (MMcf) an increase of 48.3% over first quarter 2007. We\nhave increased sales volumes organically the last five quarters.\n\n\nFor the quarter, we reported a net loss of $3.6 million, or $0.04 per\nshare, as compared to a net loss of $1.4 million, or $0.02 per share, for the\nfirst quarter of 2007.\n\n\nInclusive of hedging, the average realized gas price for the first\nquarter was $6.10 per thousand cubic feet (Mcf), 3.7% higher than the first\nquarter 2007 average price of $5.88 per thousand cubic feet (Mcf). Excluding\nhedging, the realized gas price for the first quarter o...