Business
Tango reports first quarter 2007 financial and operating results
Tango reports first quarter 2007 financial and operating results.
About this update from Tamarack Valley Energy Ltd.
[{"type":"text","content":"\n\n\n\nCALGARY, May 25 /CNW/ - Tango Energy Inc. ("Tango": TSX Venture: TEI) is\npleased to report on its unaudited interim financial and operating results for\nthe three months ended March 31, 2007.\n\n\n-------------------------------------------------------------------------\n Three Months Ended\n March 31,\n 2007 2006\n-------------------------------------------------------------------------\nFinancial Results ($000s, except per share amounts)\n\nGross revenues 2,904 1,260\nIncome (loss) before taxes (342) 28\nNet income (loss) (216) 7\n Per share - basic $0.00 $0.00\n Per share - diluted $0.00 $0.00\nFunds flow from operations 1,354 703\n Per share - basic $0.03 $0.02\n Per share - diluted $0.03 $0.02\nAdditions to property and\nequipment, net of proceeds 4,146 4,668\nTotal assets 43,397 33,838\nWorking capital (deficiency) (8,463) 3,269\nAsset retirement obligation 603 517\nFlow-through share obligations 1,300 3,300\n-------------------------------------------------------------------------\nShare Data (000s)\n\nEquity outstanding\n Common shares 49,505 42,157\n Stock options and warrants 4,075 2,410\n-------------------------------------------------------------------------\n Fully diluted 53,580 44,567\n-------------------------------------------------------------------------\nSales Volumes (average)\n\nNatural gas (mcf/d) 3,805 1,404\nCrude oil and liquids (bbls/d) 32 21\nAverage boe/d 666 255\n-------------------------------------------------------------------------\nProduct Prices (average)\n\nNatural gas ($/mcf) 7.92 8.42\nCrude oil and liquids ($/bbl) 58.80 63.17\n-------------------------------------------------------------------------\nNetback Analysis ($/boe)\n\nOil and gas revenue 48.04 51.53\nRoyalty expense 13.97 10.85\nOperating costs 7.69 7.11\n-------------------------------------------------------------------------\nNetback 26.38 33.57\n-------------------------------------------------------------------------\n-------------------------------------------------------------------------\n\n\nProduction averaged 666 barrels of oil equivalent per day ("boepd")\nduring the three months ended March 31, 2007, a 161% increase over the\n255 boepd over the three months ended March 31, 2006. Production for the three\nmonths ended December 31, 2006 was 369 boepd. Volumes for the month of March\n2007 a...