Kingsmen Resources Ltd. press release
King Energy Inc. Announces Third Quarter Results.
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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 $218,957 for the nine months ended December 31, 2004.
<< Three Months Ended Nine Months Ended FINANCE December 31 December 31 ($, all values) 2005 2004 2005 2004
Petroleum & Natural Gas Sales 1,499,430 819,041 3,249,423 1,806,360 Other Income - - 49,772 -
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
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. >>