Business
Tango reports second quarter 2007 financial and operating results
Tango reports second quarter 2007 financial and operating results.
About this update from Tamarack Valley Energy Ltd.
[{"type":"text","content":"\n\n\n\nCALGARY, Aug. 17 /CNW/ - Tango Energy Inc. ("Tango": TSX Venture: TEI) is\npleased to report on its unaudited interim financial and operating results for\nthe three and six months ended June 30, 2007.\n\n\n-------------------------------------------------------------------------\n Three Months Ended Six Months Ended\n June 30, June 30,\n 2007 2006 2007 2006\n-------------------------------------------------------------------------\nFinancial Results\n ($000s, except per share amounts)\nGross revenues 3,399 1,457 6,302 2,716\nIncome (loss) before taxes (85) (322) (427) (295)\nNet income (loss) (144) 130 (360) 137\n Per share - basic 0.00 0.00 (0.01) 0.00\n Per share - diluted 0.00 0.00 (0.01) 0.00\nFunds flow from operations 2,303 660 3,657 1,363\n Per share - basic 0.05 0.02 0.07 0.03\n Per share - diluted 0.05 0.02 0.07 0.03\nAdditions to property and\n equipment, net of proceeds 506 1,893 4,652 6,561\nTotal assets 40,709 33,261 40,709 33,261\nWorking capital (deficiency) (6,599) 2,036 (6,599) 2,036\nAsset retirement obligation 663 572 663 572\nFlow-through share obligations 1,300 3,300 1,300 3,300\n-------------------------------------------------------------------------\nShare Data (000s)\nEquity outstanding\n Common shares 49,530 42,157 49,530 42,157\n Stock options and warrants 4,050 2,840 4,050 2,840\n-------------------------------------------------------------------------\n Fully diluted 53,580 44,997 53,580 44,997\n-------------------------------------------------------------------------\nSales Volumes (average)\nNatural gas (mcf/d) 4,810 2,063 4,310 1,735\nCrude oil and liquids (bbls/d) 30 30 31 25\nAverage boe/d 831 374 749 315\n-------------------------------------------------------------------------\nProduct Prices (average)\nNatural gas ($/mcf) 7.34 6.53 7.59 7.29\nCrude oil and liquids ($/bbl) 62.19 71.11 60.43 67.87\n-------------------------------------------------------------------------\nNetback Analysis ($/boe)\nOil and gas revenue 44.68 41.70 46.16 45.66\nGathering income 0.19 - 0.26 -\nRoyalty expense (1.63) (8.71) (7.09) (9.55)\nOperating costs (8.58) (8.68) (8.19) (8.04)\n-------------------------------------------------------------------------\nNetback 34.65 24.32 31.14 28.07\n-------------------------------------------------------------------------\n------------------------------------...