To me they don't look that bad, but obviously the market does not share my sentiments as it is down over 6%. One theory I read on another board is their Cardium lands are in either the gassy area or the lower productivity area such as BXE encountered in 2 out of 3 of their wells, where initial rates were only 100bbl/d (still good by Alberta standards but not the sweet numbers elsewhare)
CALGARY, ALBERTA--(Marketwire - March 22, 2010) - Angle Energy Inc. ("Angle" or the "Company") (TSX:NGL) is pleased to announce its financial and operating results for the three months and year ended December 31, 2009.
HIGHLIGHTS----------------------------------------------------------------------------Years Ended December 31, 2009 2008 Change----------------------------------------------------------------------------(000s, except per share data) ($) ($) (%)FinancialCommodity revenues 79,998 127,885 (37)Funds from operations (1) 40,154 69,801 (42) Per share - basic 0.92 1.91 (52) Per share - diluted 0.90 1.86 (52)Cash flow from operating activities 27,843 73,317 (62)Net income (loss) (3,032) 26,372 (111) Per share - basic (0.07) 0.72 (110) Per share - diluted (0.07) 0.70 (110)Capital expenditures 64,575 79,866 (19)Total assets 246,465 186,985 (32)Net debt (working capital) (2) (38,255) 8,960 (527)Shareholders' equity 212,201 143,057 48----------------------------------------------------------------------------(000s) (#) (#) (%)Common Share DataShares outstanding At end of year 54,481 39,297 39 Weighted average - basic 43,748 36,576 20 Weighted average - diluted 44,533 37,580 19---------------------------------------------------------------------------- (%)OperatingSales Natural gas (mcf/d) 26,334 23,336 13 NGLs (bbls/d) 2,995 2,650 13 Light crude oil (bbls/d) 144 46 213 Total oil equivalent (boe/d) 7,528 6,586 14Average wellhead prices (3) Natural gas ($/mcf) 4.06 8.20 (50) NGLs ($/bbl) 34.46 58.15 (41) Light crude oil ($/bbl) 61.74 86.40 (29) Total oil equivalent ($/boe) 29.11 53.06 (45)Reserves Proved (mboe) 12,309 11,462 7 Proved plus probable (mboe) 20,033 15,935 26 Total net present value - proved plus probable (10% discount) (
00s) 276,847 272,614 2Gross (net) wells drilled Gas (#) 9 (7.9) 14 (12.0) (36) (34) Oil (#) -- (--) 4 (3.5) (100)(100) Dry and abandoned (#) 4 (4.0) 6 (5.4) (33) (26)---------------------------------------------------------------------------- Total (#) 13 (11.9) 24 (20.9) (46) (43)Average working interest (%) 92 87 5--------------------------------------------------------------------------------------------------------------------------------------------------------(1) Funds from operations and funds from operations per share are not recognized measures under Canadian generally accepted accounting principles. Refer to the Management's Discussion and Analysis for further discussion.(2) Current assets less current liabilities and bank debt, excluding derivative instrument and related tax effect.(3) Product prices include realized gains or losses from derivative instruments.(4) For a description of the boe conversion ratio, refer to the commentary at the beginning of the Management's Discussion and Analysis.