Business
Terra Energy announces results of third quarter 2008
TSX-V: TTR CALGARY, Nov. 19 /CNW/ Terra Energy Corp. ("Terra Energy" or the "Company") is pleased...
About this update from Total Metals Corp
[{"type":"text","content":"\n\n\n\nTSX-V: TTR\n\n\nCALGARY, Nov. 19 /CNW/ Terra Energy Corp. ("Terra Energy" or the\n"Company") is pleased to release its Financial Statements and related\nManagement's Discussion and Analysis for the three and nine month period ended\nSeptember 30, 2008. Copies of Terra Energy's third quarter 2008 results may be\nobtained at www.sedar.com or www.terraenergy.ca.\n\n\n"With the previously announced completion of the Sunrise and Eight Mile\npipelines and the expansion project at the Tower Compression and Dehydration\nFacility now in the commissioning phase, the Company is currently producing at\nrates at or above its targeted exit rate for 2008 of 5,700 BOED." stated Cas\nH. Morel, President and CEO of Terra Energy. "The Company is continuing with\nour Capital Expenditure Plan for the year and we are hopeful of achieving even\nhigher rates."\n\n\nHighlights for 2008 - Q3:\n-------------------------\n- Net income increased year over year from a loss of $2.7 million in\n the nine month period ended September 30, 2007, to net income of\n $18.5 million for the nine month period ended September 30, 2008.\n\n- Average production per day increased 17.9% to 4,370 BOED during the\n three month period ended September 30, 2008 compared to 3,706 BOED\n during the same period in 2007. The 4,370 BOED level was achieved\n despite continued operational difficulties with the third party\n operated West Doe plant.\n\n- Gross revenue increased 70.4% year over year from $12.4 million to\n $21.2 million during the three month periods ended September 30, 2007\n and 2008.\n\n- Cash flow from operations rose 139.5% year over year from\n $3.7 million to $12.5 million during the three month periods ended\n September 30, 2007 and 2008.\n\n- Operating expense per unit of production decreased 23.2% year over\n year from $13.05per boe to $10.02 per boe in the three month periods\n ended September 30, 2007 and 2008.\n\n- The balance sheet of the Company remains strong with net debt as at\n September 30, 2008 of $4.4 million, excluding provision for financial\n instrument liability as at September 30, 2008 which was reversed post\n period.\n\nGuidance for 2008 - Q4\n----------------------\n\n\nTerra Energy is currently producing at rates in excess of its 2008 target\nexit rate of 5,700 BOED. This is a result, in part,...