Business
Tango reports first quarter 2008 financial and operating results
/THIS NEWS RELEASE IS NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH UNITED STATES NEWSWIR...
About this update from Tamarack Valley Energy Ltd.
[{"type":"text","content":"\n\n\n\n/THIS NEWS RELEASE IS NOT FOR DISSEMINATION IN THE UNITED STATES\n\n\nOR THROUGH UNITED STATES NEWSWIRE SERVICES/\n\n\nCALGARY, May 26 /CNW/ - Tango Energy Inc. ("Tango": TSX Venture: TEI) is\npleased to report on its audited financial and operating results for the year\nended March 31, 2008.\n\n\n-------------------------------------------------------------------------\n Three Months Ended\n March 31,\n 2008 2007\n-------------------------------------------------------------------------\nFinancial Results ($000s, except per share amounts)\nGross revenues 2,786 2,904\nIncome (loss) before taxes (482) (342)\nNet income (loss) (371) (216)\n Per share - basic $ (0.01) $ 0.00\n Per share - diluted $ (0.01) $ 0.00\nFunds flow from operations 1,182 1,354\n Per share - basic $ 0.02 $ 0.03\n Per share - diluted $ 0.02 $ 0.03\nAdditions to property and equipment,\n net of proceeds 190 4,146\nTotal assets 42,579 43,397\nWorking capital (deficiency) (4,014) (8,463)\nAsset retirement obligation 537 603\nFlow-through share obligations 2,000 1,300\n-------------------------------------------------------------------------\nShare Data (000s)\nEquity outstanding\n Common shares 65,725 49,505\n Stock options and warrants 5,160 4,075\n-------------------------------------------------------------------------\n Fully diluted 70,885 53,580\n-------------------------------------------------------------------------\nSales Volumes (average)\nNatural gas (mcf/d) 3,333 3,805\nCrude oil and liquids (bbls/d) 24 32\nAverage boe/d 583 666\n-------------------------------------------------------------------------\nProduct Prices (average)\nNatural gas ($/mcf) 8.41 7.92\nCrude oil and liquids ($/bbl) 98.44 58.80\n-------------------------------------------------------------------------\nNetback Analysis ($/boe)\nOil and gas revenue 52.16 48.04\nGathering income 0.32 0.34\nRoyalty expense 14.93 13.97\nOperating costs 7.39 7.69\n-------------------------------------------------------------------------\nNetback 30.16 26.72\n-------------------------------------------------------------------------\n-------------------------------------------------------------------------\n\n\nProduction averaged 583 barrels of oil equivalent per day ("boepd")\nduring the three months ended March 31, 2008, an 8.6% decrease over the\n638 boepd over the thr...