Business
Tango reports 2007 financial and operating results
CALGARY, April 15 /CNW/ - Tango Energy Inc. ("Tango": TSX Venture: TEI) is pleased to report on i...
About this update from Tamarack Valley Energy Ltd.
[{"type":"text","content":"\n\n\n\nCALGARY, April 15 /CNW/ - Tango Energy Inc. ("Tango": TSX Venture: TEI)\nis pleased to report on its audited financial and operating results for the\nyear ended December 31, 2007.\n\n\n-------------------------------------------------------------------------\n Three Months Ended Years Ended\n December 31, December 31,\n 2007 2006 2007 2006 2005\n-------------------------------------------------------------------------\nFinancial Results\n ($000s, except per\n share amounts)\nGross revenues 2,400 1,549 10,973 5,478 4,027\nIncome (loss) before taxes (931) (124) (2,928) (442) 582\nNet income (loss) 7 (438) (1,427) 97 366\n Per share - basic 0.00 (0.01) (0.03) 0.00 0.01\n Per share - diluted 0.00 (0.01) (0.03) 0.00 0.01\nFunds flow from operations 996 608 5,351 2,934 2,555\n Per share - basic 0.02 0.01 0.10 0.07 0.08\n Per share - diluted 0.02 0.01 0.10 0.07 0.08\nAdditions to property and\n equipment, net of proceeds 5,737 6,854 11,332 19,402 11,487\nTotal assets 43,854 44,231 43,854 44,231 37,495\nWorking capital (5,035) (5,669) (5,035) (5,669) 7,234\nAsset retirement obligations 656 596 656 596 486\nFuture income taxes 4,963 5,349 4,963 5,349 1,727\nFlow-through share\n obligations 2,000 3,000 2,000 3,000 6,800\n-------------------------------------------------------------------------\nShare Data (000s)\nEquity outstanding\n Common shares 65,725 49,430 65,725 49,430 42,157\n Stock options and warrants 3,405 4,150 3,405 4,150 2,485\n-------------------------------------------------------------------------\n Fully diluted 69,130 53,580 69,130 53,580 44,642\n-------------------------------------------------------------------------\nSales Volumes (average)\nNatural gas (mcf/d) 3,681 2,004 4,121 1,820 1,020\nCrude oil and liquids (bbls/d) 25 35 28 29 19\nAverage boe/d 638 369 716 332 189\n-------------------------------------------------------------------------\nProduct Prices (average)\nNatural gas ($/mcf) 6.41 7.37 6.75 6.99 9.10\nCrude oil and liquids ($/bbl) 81.73 52.68 69.09 64.66 68.75\n-------------------------------------------------------------------------\nNetback Analysis ($/boe)\nOil and gas revenue 40.14 45.02 41.56 43.89 56.03\nGathering income 0.56 0.38 0.36 0.11 -\nRoyalty expense 11.08 6.62 8.43 5.52 6.95\nOperating costs 9.38 7.03 8.54 6.93 7.12\n-----------------------------------------------------...