Second Quarter 2008 Results for Western Canada Energy Ltd.
Calgary, Alberta CANADA, September 03, 2008 /FSC/ - Western Canada Energy Inc. (WCE - TSX Venture), announces its financial results for the three and six months ended June 30, 2008. The Corporation has filed its unaudited financial statements and related management's discussion and analysis ("MD&A") for the three and six months ended June 30, 2008 with Canadian securities regulatory authorities on the System for Electronic Document Analysis and Retrieval ("SEDAR"). Copies of these documents may be accessed electronically on SEDAR at www.sedar.com.
SECOND QUARTER 2008 HIGHLIGHTS.
Certain selected financial and operational information for the quarters ended June 30, 2008 and 2007 comparatives are set out below and should be read in conjunction with Western Canada Energy Ltd.'s financial statements and MD&A.
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Three Months Ended Six Months Ended
June 30 June 30
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2008 2007 2008 2007
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Petroleum and Natural Gas Sales ($) 2,093,743 599,405 3,022,978 1,272,010
Net Loss Per Share ($) (0.01) (0.01) (0.02) (0.03)
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Production
Oil and NGL (Bbls per day) 116 60 98 65
Natural gas (Mcf per day) 969 364 762 397
Barrels of oil equivalent per day 277 121 225 131
Average price
Oil and NGL ($ per Bbl) 109.06 63.77 93.70 61.98
Natural gas ($ per Mcf) 10.72 7.53 9.70 7.63
Barrels of oil equivalent ($ per Boe) 83.01 54.47 73.72 53.78
Netback per Boe ($)
Petroleum and natural gas sales 83.01 54.47 73.72 53.78
Royalties 12.68 8.03 11.37 7.02
Operating expenses 16.03 17.79 14.47 14.11
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Operating Netback 54.30 28.65 47.87 32.66
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Shares outstanding,end of period 27,968,476 34,512,476 27,968,476 34,512,476
Class A shares
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OUTLOOK
Western Canada Energy Ltd. is currently producing in excess of 275 Boe/d, comprised of approximately 42% oil and natural gas liquids and 58% natural gas. In the second half of 2008, the Corporation plans on drilling or recompleting 8 wells (3.5 net), which it will fund from projected cash flow. The Corporation's year-end production target is 525 boepd.
For further information please contact: Daniel P. O'Neill, Chief Executive Officer, or R. W. Shepherd, President, Chief Financial Officer and Corporate Secretary, Western Canada Energy Ltd. , Telephone (403) 266-0955, email: info@wcenergy.ca
NOTE: BOE'S 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.
Certain statements contained herein constitute forward-looking statements. The use of any of the words "anticipate", "continue", "estimate", "expect", "may", "will", "project", "should", "believe", and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. The Corporation believes the expectations reflected in those forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this report should not be unduly relied upon. These statements speak only as of the date of this presentation. The Corporation does not undertake any obligation to publicly update or revise any forward-looking statements.
THE TSX VENTURE EXCHANGE HAS NEITHER APPROVED NOR DISAPPROVED THE INFORMATION CONTAINED HEREIN AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Source: Western Canada Energy Ltd. (WCE - TSX-V) http://www.wcenergy.ca
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