CALGARY, Nov. 21 /CNW/ - King Energy Inc. ("King") (TSXV:KNG) is pleased
to present its financial results for the three month period ended
September 30, 2005.
Highlights:
- Production during the six months ended September 30, 2005 averaged
180 boe/d. This is an increase of 51% over the six month period
ended September 30, 2004.
- Production for the quarter ended September 30, 2005 averaged
195 boe/d. This is an increase of 18% over the previous quarter.
- Production increased to an average of 290 boe/d in the month of
October 2005.
- Revenue for the six months ended September 30, 2005 was $990,914.
This is an increase of 60% over the same period ended the previous
fiscal year.
- Cash flow from operations for the six months ended September 30,
2005 increased to $792,107 ($0.10 per fully diluted share). In
comparison, for the six months ended September 30, 2004 cash flow
was $331,387 ($0.06 per fully diluted share).
- Net income for the six months ended September 30, 2005 was $326,556
($0.04 per share fully diluted). This compares to $55,461 ($0.01 per
fully diluted share) for the six months ended September 30, 2004.
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FINANCE Three Months Ended Six Months Ended
September 30 September 30
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($, all values) 2005 2004 2005 2004
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Petroleum & Natural Gas Sales 990,914 624,980 1,749,993 987,319
Other Income 12,970 - 49,772 -
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Total Revenue 1,003,884 624,980 1,799,765 987,319
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Cash flow from operations
per share - basic 0.07 0.05 0.12 0.06
per share - diluted 0.06 0.05 0.10 0.06
Net Income
per share - basic 0.02 0.03 0.05 0.01
per share - diluted 0.02 0.03 0.04 0.01
OPERATIONS Three Months Ended
September 30
---------------------
2005 2004
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Daily production - boe 195 152
Average price - $/boe 55.14 41.12
Operating expense - $/boe 13.53 8.43
Operating netback - $/boe
(before G&A, interest and DD&A) 34.30 27.08
Notes:
Cash flow is used before changes in non-cash expenses to analyze
operating performance. Cash flow does not have a standardized measure
prescribed by Canadian Generally Accepted Accounting Principles and,
therefore, may not be comparable with the calculations of similar
measures for other companies.
"Boe" may be misleading, particularly if used in isolation. A boe
conversion ratio of 6 mcf:1 bbl is based on an energy equivalency
conversion method primarily applicable at the burner tip and does not
represent a value equivalency at the wellhead.
Copies of King's financial statements and accompanying notes for the
quarter ended September 30, 2005 and related Management Discussion and
Analysis may be obtained at www.sedar.com or by contacting the Company.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
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%SEDAR: 00014713E
