what a buyAND NAT GAS @ such low prices too
and
Vero increases production by 79% and cash flow by 50% in the third quarter
Last Update: 11/1/2007 3:38:28 AM
CALGARY, Nov. 1, 2007 (Canada NewsWire via COMTEX) -- /NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES./
Vero Energy Inc. ("Vero" or the "Company") (TSX-VRO) today filed with Canadian securities authorities its Financial Statements and Management Discussion and Analysis in respect thereof for the three and nine month periods ended September 30, 2007 and 2006. Copies of the filed documents may be obtained by visiting Vero's website www.veroenergy.ca . or through www.sedar.com .
Vero is pleased to report on its third quarter 2007 results. Significant growth was realized in revenues, cash flow and production. Following are some of the key highlights from the third quarter.
Third Quarter 2007 Highlights
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Increased average daily production 79% to 4,865 boe/d (82% natural
gas) in the third quarter of 2007 from 2,713 boe/d in the third
quarter of 2006. For the year-to-date, there was a 109% increase in
daily volumes to 4,530 boe/d.
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Cash flow from operations increased 50% in the third quarter to
$9.4 million or $0.32 per share (diluted) compared to $6.3 million
($0.24 per share) in 2006.
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Production revenue increased to $19.7 million, compared to
$11.4 million in 2006 - an increase of 73%.
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Increased production in the Corbett area to become the company's
second largest producing core area at over 700 boe/d in September as
a result of successful third quarter drilling.
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Drilled 10 (6.6 net) wells in the quarter with a 98% success rate. 10
(6.4 net) wells are currently in various stages of completion and/or
tie-in.
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Received "holding" approval from the EUB for 19 sections of land in
Edson. These lands now have the capability of two wells per section
enabling the company to start the second phase of development where
up to 50% of the current 60 plus well inventory could be horizontal
wells.
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Added approximately 6,000 net acres of Crown lands mainly in Edson
and earned over 7,800 gross acres of land pursuant to farm-ins.
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Started construction of a 100% owned and operated 20 mmcfd expandable
gas processing facility in Edson to be operational by the end of
November.
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Current production is 5,300 boe/d based on field estimates. The
company fully expects to meet or exceed the high end of the recently
raised year end exit guidance of 5,400-5,600 boe/d.
Tha TA is greatlooking
$5.45 for the perfect double bottom
watch the buyers come into this one even more
Event Date Classic Pattern Close at Event Target Price Range
Dec 05, 2007 Bottom Triangle $5.75 $6.55 - $6.70
Dec 05, 2007 Symmetrical Continuation Triangle (Bullish) $5.75 $6.45 - $6.60
Nov 20, 2007 Continuation Diamond (Bearish) $5.62 $4.20 - $4.50
Oct 24, 2007 Continuation Wedge (Bullish) $6.02 $8.30 - $8.90
Oct 24, 2007 Diamond Bottom $6.02 $7.10 - $7.40
Dec 05, 2007 Price Crosses Moving Average (50-day) $5.75 Intermediate-Term Bullish
Dec 05, 2007 Price Crosses Moving Average (21-day) $5.75 Short-Term Bullish
Nov 30, 2007 Double Moving Average Crossover (21-day 50-day) $5.56 Short-Term Bearish
Nov 28, 2007 Double Moving Average Crossover (21-day 50-day) $5.60 Short-Term Bullish
Nov 16, 2007 Triple Moving Average Crossover (4-day 9-day 18-day) $5.68 Short-Term Bearish
Dec 05, 2007 Momentum $5.75 Short-Term Bullish
Dec 04, 2007 Momentum $5.61 Short-Term Bearish
Dec 03, 2007 MACD $5.70 Short-Term Bullish
Dec 03, 2007 Momentum $5.70 Short-Term Bullish
Nov 26, 2007 Fast Stochastic $5.70 Short-Term Bullish