Business
Tango reports 2006 financial and operating results
Tango reports 2006 financial and operating results.
About this update from Tamarack Valley Energy Ltd.
[{"type":"text","content":"\n\n\n\nCALGARY, April 2 /CNW/ - Tango Energy Inc. ("Tango": TSX Venture: TEI) is\npleased to report on its audited financial and operating results for the year\nended December 31, 2006. Tango is also pleased to announce that current\nproduction levels are in excess of 800 boepd as a result of recent production\nadditions at Hanlan and Ricinus which have been tied in and placed on\nproduction during the first quarter of 2007.\n\n\n-------------------------------------------------------------------------\n Three Months Ended Years Ended\n December 31, December 31,\n 2006 2005 2006 2005 2004\n-------------------------------------------------------------------------\nFinancial Results ($000s, except per share amounts)\nGross revenues 1,549 1,317 5,478 4,027 1,258\nIncome (loss) before taxes (124) 514 (442) 582 (197)\nNet income (loss) (438) 361 97 366 (9)\n Per share - basic (.01) .01 .00 .01 .00\n Per share - diluted (.01) .01 .00 .01 .00\nFunds flow from\n operations 608 1,062 2,934 2,555 335\n Per share - basic .01 .03 .07 .08 .02\n Per share - diluted .01 .03 .07 .08 .02\nAdditions to property and\n equipment, net of proceeds 6,854 5,556 19,402 11,487 8,555\nTotal assets 44,231 37,495 44,231 37,495 15,544\nWorking capital (5,669) 7,234 (5,669) 7,234 (36)\nAsset retirement obligation 596 486 596 486 211\nFlow-through share\n obligations 3,000 6,800 3,000 6,800 -\n-------------------------------------------------------------------------\nShare Data (000s)\nEquity outstanding\n Common shares 49,430 42,157 49,430 42,157 23,896\n Stock options and warrants 4,150 2,485 4,150 2,485 1,905\n-------------------------------------------------------------------------\n Fully diluted 53,580 44,642 53,580 44,642 25,801\n-------------------------------------------------------------------------\nSales Volumes (average)\nNatural gas (mcf/d) 2,004 999 1,820 1,020 524\nCrude oil and liquids (bbls/d) 35 26 29 19 8\nAverage boe/d 369 192 332 189 96\n-------------------------------------------------------------------------\nProduct Prices (average)\nNatural gas ($/mcf) 7.37 11.67 6.99 9.10 7.11\nCrude oil and liquids ($/bbl) 52.68 66.43 64.66 68.75 47.21\n-------------------------------------------------------------------------\nNetback Analysis ($/boe)\nOil and gas revenue 45.40 69.54 43.89 56.03 42.93\nRoyalty expense 6.62 0.06 5.52 6.95 ...