Business
Sprott Resource Corp. Announces 2011 Annual Results
TORONTO, March 29, 2012 /CNW/ - (TSX: SCP) Sprott Resource Corp. ("SRC" or the "Company")...
About this update from Winchester Equity Corporation
[{"type":"text","content":"\n\n\n\n\n\nTORONTO, March 29, 2012 /CNW/ - (TSX: SCP) Sprott Resource Corp. (\"SRC\" or the \"Company\") today announced that it\n has filed its annual audited financial statements for the twelve months\n ended December 31, 2011 and the related management discussion and\n analysis, as well as its Annual Information Form, which includes its\n Statement of Reserves Data and Other Oil and Gas Information. All\n filings can be found on SEDAR.\n\n\n\"In 2011, despite the volatility in the financial markets, we\n successfully executed on our strategy to create value for our\n shareholders through the continued growth of our subsidiaries and\n minority investments,\" said Kevin Bambrough, President and CEO of\n Sprott Resource Corp. \"For the twelve-months ended December 31, 2011,\n we reported net income of $98.7 million ($0.90 per basic and diluted\n share) and increased net asset value (defined as total assets less\n liabilities and non-controlling interest) to $511.5 million from $433.2\n million a year earlier. We continue to believe that our shares are\n trading well below their fair value and, as a result, we have been\n regularly buying back stock through our normal course issuer bid,\"\n continued Mr. Bambrough.\n\n\n\"Waseca Energy Inc. (\"Waseca\") reported tremendous production, reserves\n and net asset value growth last year,\" said Paul Dimitriadis, SRC's\n Chief Operating Officer and Director of Waseca. \"Exit rate of\n production increased from 1,046 barrels of oil per day (\"bbl/d\") as at\n December 31, 2010 to 3,746 bbl/d as at December 31, 2011. Waseca's\n proved and probable reserves increased from 4.7 million barrels of oil\n equivalent (\"boe\") (95% heavy oil) as at December 31, 2010 to 24.5\n million boe (99% heavy oil) as at December 31, 2011 and their net\n present value (10% discount rate and after income tax) increased from\n $84.4 million as at December 31, 2010 to $262.7 million as at December\n 31, 2011. As at December 31, 2011, the carrying value of our 81% stake\n in Waseca was approximately $42 million, which does not reflect the\n significant growth in Waseca's net present value during the year. We\n look forward to further growth from Waseca this year, with production\n targeted to exit 2012 at between 4,600 bbl/d and 5,000 bbl/d (all heavy\n oil).\"\n\n\n\"In the agriculture segment, the...