Western Canada Energy Ltd. Reports on Comparative Results
Calgary, Alberta CANADA, September 09, 2008 /FSC/ - Western Canada Energy Inc. (WCE - TSX Venture), has compiled the following table which summaries certain performance parameters during specified reporting periods from 2005 - 2008. A shaded background denotes a parameter with favourable change relative to the preceding reporting period as displayed on the table.
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1st Quarter 4th Quarter 4th Quarter 2nd Quarter
2005 2006 2007 2008
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Daily Production (boe) 65 136 161 250+
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Oil Price per bbl $56.62 $55.85 $82.43 $109.06
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Gas Price per mcf $6.82 $6.98 $6.65 $10.72
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Shares Outstanding 8,656,943 34,512,476 34,512,476 27,968,476
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Oil Reserves (bbls) 213,000 330,500 314,100 465,300
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Gas Reserves (mcf) 686,000 1,748,000 1,614,000 2,586,000
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NAV @ 10% $3,378,000 $10,000,880 $12,785,000 $30,215,800
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NAV @ 10% per share $0.39 $0.29 $0.37 $0.82
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Debt $802,968 $3,150,413 $4,017,449 $6,750,418
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Debt per boepd $12,353 $23,165 $24,953 $24,370
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G&A per boe $9.85 $18.93 $18.67 $11.28
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Operating Cost per boe $18.40 $16.37 $13.39 $16.03
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Cash Flow per boe $11.65 $(7.91) $11.59 $32.54
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Annualized Cash Flow
per share $0.04 Nil Nil $0.12
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Acreage 4,955 25,652 23,465 26,677
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Western Canada Energy Ltd. was formed by the amalgamation of Blackpool Exploration Ltd. and Westbow Energy Inc. at March 31, 2008. Details of the amalgamation can be viewed electronically on SEDAR at www.sedar.com. The table above was compiled with Blackpool as the acquiring party.
Western Canada Energy Ltd. explores for oil and natural gas within the province of Alberta. Current production is more than 250 barrels of oil equivalent per day*. The Corporation's land inventory of more than 20,000 net acres, primarily in the Peace River Arch area of northwestern Alberta, is supported by extensive inventory of seismic data. The Corporation also has an inventory of more than 10 prospects on this land base which will be pursued over the balance of 2008 and into early 2009.
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
*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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