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Zodiac Exploration Announces Release of Nine Month Audited Financial Results
Zodiac Exploration Announces Release of Nine Month Audited Financial Results
About this update from Sintana Energy Inc.
[{"type":"text","content":"\nZodiac Exploration Announces Release of Nine Month Audited Financial Results\n\n\n Nov. 24, 2010 (Filing Services Canada) -- Zodiac Exploration Inc. (ZEX - TSX Venture), announces that it has filed its audited financial statements for the nine month period ended September 30, 2010 and management's discussion and analysis with 2009 year-end comparative statements on SEDAR at www.sedar.com.   Significant items for the nine month period ending September 30, 2010 include the following:During the period, Zodiac incurred a net loss of $2.6 million and spent $5.3 million on capital expenditures.  Capital expenditures were principally associated with preparation for drilling its initial evaluation well in the San Joaquin Bain in California, land acquisitions and rentals and interpretation of its 3D seismic shoot conducted in the fall of 2009.During the period Zodiac raised $66.4 million through three separate private placements including a $50 million subscription receipt financing which closed in September 2010.On September 28, 2010 the reverse take-over of Peninsula Resources Limited (\"Peninsula\") was successfully completed, Peninsula was renamed Zodiac Exploration Inc. and on October 6, 2010 the shares of Zodiac Exploration Inc. began trading under ticker \"ZEX\".  As at September 30, 2010, Zodiac had $56.9 million in working capital.Update on Initial WellZodiac is planning to spud its initial evaluation well of the Jaguar prospect in mid December.  The Company is in receipt of all required permits, the drilling rig is contracted and the drilling location is currently being built.  The well is designed to mitigate all known risks, obtain important geological and engineering data in order to improve our knowledge of the play and to be potentially sidetracked in the future.  Zodiac's current plan is to extract approximately 300 feet of core, obtain a full suite of modern logs and conduct up to four individual completions to production test the well.  The number of tests and the zones tested will be dependent on the data gathered while drilling the well.  The Company will be paying for 100% of the drilling and completion costs of this well which will satisfy the Company's earning obligations with respect to the Jaguar prospect.  Additional well...