/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE U.S./ TRADING SYMBOL - REG
CALGARY, Jan. 28 /CNW/ - Regal Energy Ltd. (the "Company") announces that it has filed its audited consolidated financial statements as at September 30, 2008, and management's discussion and analysis for the year ended September 30, 2008.
Three months ended Year ended
Corporate Highlights September 30 September 30
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2008 2007 2008 2007
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Average production(1)(2)
Total (boe/d) 365 154 242 137
Average price
Equivalent ($/boe) 59.53 37.69 55.64 40.31
Financial
Petroleum and
natural
gas sales ($) 2,001,143 532,854 4,924,134 2,009,692
Cash flow
from (used in)
operations ($) 372,175 (170,619) 713,515 (331,207)
Net loss ($) (2,080,194) (3,743,930) (3,085,655) (5,004,495)
Shares outstanding 150,050,209 48,137,590
Proved plus probable
reserves
Total gross
barrels of oil
equivalent (Mboe) 1,801 782
NPV of future net
revenue before
tax - 10% ($000) 24,069 6,165
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(1) The three months ended September 30, 2008 includes the results of
operations from the Company's wholly-owned subsidiary, G2
Resources Inc
(2) The year ended September 30, 2008 includes the results of operations
from the Company's wholly-owned subsidiary, G2 Resources Inc.
from July 10, 2008, the date of acquisition.
The Company's oil, natural gas liquids and natural gas production averaged 242 boe per day for the year ended September 30, 2008. The Company realized cash from operations for the year of $713,515; but incurred a loss of $3,085,655. The Company's total proved and probable reserves increased by 290% to 1.8 million barrels of oil equivalent.
A copy of the audited consolidated financial statements and management's discussion and analysis can be viewed on the Company's page at www.sedar.com.
The term barrels of oil equivalent (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. All boe conversions in this report are derived by converting gas to oil at the ratio of six thousand cubic feet of gas to one barrel of oil. Total boe is calculated by multiplying the daily production by the number of days in the period.
THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
