CALGARY, Feb. 28 /CNW/ - King Energy Inc. ("King) (TSXV:KNG) is pleased
to present its financial results for the three and nine month periods ended
December 31, 2005.
Highlights:
- Production during the nine months ended December 31, 2005 averaged
215 boe/d. This is an increase of 51% over the nine month period ended
December 31, 2004.
- Production for the quarter ended December 31, 2005 averaged 285 boe/d.
This is an increase of 51% over the same quarter in the prior year, and
a 46% increase over the previous quarter ended September 30, 2005.
- Revenue for the nine months ended December 31, 2005 was $3,299,195.
This is an increase of 83% over the $1,806,360 for the nine months
ended December 31, 2004.
- Revenue for the three months ended December 31, 2005 was $1,499,430
compared to $819,041 for the same three months of the prior year.
- Cash flow from operations for the nine months ended December 31, 2005
increased to $1,248,377 from $686,422 for the nine months ended
December 31, 2004.
- Net income for the nine months ended December 31, 2005 was $502,372
compared to $218,957 for the nine months ended December 31, 2004.
<<
Three Months Ended Nine Months Ended
FINANCE December 31 December 31
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($, all values) 2005 2004 2005 2004
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Petroleum &
Natural Gas Sales 1,499,430 819,041 3,249,423 1,806,360
Other Income - - 49,772 -
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Total Revenue 1,499,430 819,041 3,299,195 1,806,360
Cash flow from operations 456,253 355,035 1,248,377 686,422
Net Income 41,216 162,320 502,372 218,957
Three Months Ended
OPERATIONS December 31
-------------------
2005 2004
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Daily production - boe 285 189
Average price - $/boe 57.27 44.15
Operating expense - $/boe 20.22 9.38
Operating netback - $/boe
(before G&A, interest and DD&A) 29.16 28.98
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 December 31, 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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