Kingsmen Resources Ltd. press release
King Energy Inc. Announces Second Quarter Results.
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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 ($0.01 per fully diluted share) for the six months ended September 30, 2004.
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FINANCE Three Months Ended Six Months Ended September 30 September 30 ($, all values) 2005 2004 2005 2004 Petroleum & Natural Gas Sales 990,914 624,980 1,749,993 987,319 Other Income 12,970 - 49,772 -
Total Revenue 1,003,884 624,980 1,799,765 987,319 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 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