Business
Tango reports second quarter 2008 financial and operating results
CALGARY, Aug. 28 /CNW/ - Tango Energy Inc. ("Tango": TSX Venture: TEI) is pleased to report on it...
About this update from Tamarack Valley Energy Ltd.
[{"type":"text","content":"\n\n\n\nCALGARY, Aug. 28 /CNW/ - Tango Energy Inc. ("Tango": TSX Venture: TEI) is\npleased to report on its unaudited financial and operating results for the six\nmonths ended June 30, 2008.\n\n\n-------------------------------------------------------------------------\n Three Months Ended Six Months Ended\n June 30, June 30,\n 2008 2007 2008 2007\n-------------------------------------------------------------------------\nFinancial Results\n($000s, except per share amounts)\n\nGross revenues 2,942 3,399 5,727 6,302\nIncome (loss) before taxes (162) (85) (644) (427)\nNet income (loss) (206) (144) (577) (360)\n Per share - basic 0.00 0.00 (0.01) (0.01)\n Per share - diluted 0.00 0.00 (0.01) (0.01)\nFunds flow from\n operations 1,295 2,303 2,477 3,657\n Per share - basic 0.02 0.05 0.04 0.07\n Per share - diluted 0.02 0.05 0.04 0.07\nAdditions to property and\n equipment, net of proceeds (8,987) 506 (8,797) 4,652\nTotal assets 38,759 40,709 38,759 40,709\nWorking capital (deficiency) 6,217 (6,599) 6,217 (6,599)\nAsset retirement obligation 504 663 504 663\nFlow-through share obligations 1,750 1,300 1,750 1,300\n-------------------------------------------------------------------------\nShare Data (000s)\nEquity outstanding\n Common shares 65,775 49,530 65,775 49,530\n Stock options and warrants 4,710 4,050 4,710 4,050\n-------------------------------------------------------------------------\n Fully diluted 70,485 53,580 70,485 53,580\n-------------------------------------------------------------------------\nSales Volumes (average)\nNatural gas (mcf/d) 2,751 4,810 3,042 4,310\nCrude oil, liquids\n and sulphur (bbls/d) 34 30 31 31\nAverage boe/d 493 831 538 749\n-------------------------------------------------------------------------\nProduct Prices (average)\nNatural gas ($/mcf) 10.24 7.34 9.24 7.59\nCrude oil and liquids ($/bbl) 149.11 62.19 124.40 60.43\n-------------------------------------------------------------------------\nNetback Analysis ($/boe)\nOil and gas revenue 64.84 44.68 57.96 46.16\nGathering income 0.27 0.19 0.31 0.26\nRoyalty expense (18.21) (1.63) (16.43) (7.09)\nOperating costs (10.05) (8.58) (8.61) (8.19)\n-------------------------------------------------------------------------\nNetback 36.85 34.66 33.23 31.14\n-------------------------------------------------------------------------\n--------------...