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Kroes Energy announces third quarter results; Oil portfolio to expand into Western Canada
Kroes Energy announces third quarter results; Oil portfolio to expand into Western Canada.
About this update from Verisante Technology, Inc.
[{"type":"text","content":"\n\n\n\n\nCALGARY, Nov. 29 /CNW/ - Kroes Energy Inc. (TSX Venture: KRS) today\nannounced its financial and operating results for the nine months ended\nSeptember 30, 2005. Net earnings amounted to $799,571 ($.025 per share)\ncompared to $761,477 ($.025 per share) for the same period in 2004. Cash flow\nfrom operations increased by 21% to $1,135,576 ($.035 per share) compared to\n$939,116 ($.030 per share) in the previous year. Higher crude oil prices\nduring the nine month period were partially offset by new production taxes\nimposed in 2005.\nCrude oil production from Ukraine averaged 236 barrels per day (bpd) in\nthe first nine months of 2005 compared with 235 bpd the same period the prior\nyear. Kroes' share of production has risen steadily in 2005 and for the third\nquarter averaged 263 bpd. Average crude oil prices in Ukraine during 2005 were\n$50.56 per barrel compared to $34.58 per barrel in the same period last year.\nDuring the third quarter, development well No. 301 was completed and is\nexpected to make a significant contribution to Kroes' increasing production,\ninitially from the K1 formation. Late in October 2005, development well No.\n303, the fourth development well in this year's program, commenced drilling.\nThis new well will be drilled through the P1-P2 zone into the lower K1 sands\nand will be deviated at 75 degrees from vertical through the producing\nhorizons which should significantly extend the producing interval.\nThe Company also announced that it intends to expand its oil and gas\nactivities into new areas, initially focusing on Western Canada. Fred\nCallaway, President of Kroes, stated: \"Ukraine continues to represent\nexcellent long term potential for the Company, but delays in achieving our\ngoals there have convinced the Board of Directors that Kroes needs a balance\nof long and short term opportunities.\" The Company is actively engaged in its\nnew diversification strategy and hopes to be in a position to participate in\nWestern Canadian projects early in 2006.\nKroes Energy Inc.'s third quarter report as of September 30, 2005 has\nbeen filed on SEDAR (www.sedar.com).\n\nKroes Energy is a junior oil and gas producer and explorer participating\nin the Lelyaki Oilfield redevelopment project in Ukraine, one of Eastern\nEurope's fastest growing economies. Kroes has a strong management team, with\nex...