Contact Exploration earns $1.08-million in Q1 2015 Taken from stockwatch; its going to be another great day!
Contact Exploration earns $1.08-million in Q1 2015
2014-08-28 08:34 ET - News Release
Mr. Steve Harding reports
CONTACT ANNOUNCES QUARTERLY FILINGS
Contact Exploration Inc. has filed its interim consolidated condensed financial statements for the quarter ended June 30, 2014, and the related management's discussion and analysis on SEDAR.
QUARTERLY SUMMARY Quarter ended June 30, 2014 2013 Petroleum and natural gas revenues $ 3,112,887 $ 2,033,517 Net income 1,086,542 451,845 Income (loss) per diluted share 0.004 0.002 Cash flow from operating activities 3,061,271 1,775,328 Total assets 65,411,891 33,673,101
First quarter highlights
The well, located at 02/14-30-63-5W6, was completed, equipped and tied in April, 2014. Production has been restricted due to high liquid volumes, including both condensate and water, from this well, and Contact continues to investigate artificial lift options to effectively produce the high volumes of liquids from the 02/14-30 well.
Contact also finalized the drilling of the well located at 8-20-63-5W6, which began in March, 2014, drilled 2-18-63-5W6 in the latter part of April, 2014, and beginning of May, 2014, and moved on to the 9-20-63-5W6 location, which well was spudded in late May, 2014, and continued drilling until quarter-end.
In June, 2014, the company completed a non-brokered private placement consisting of 10,256,411 common shares at 39 cents per share and 13.7 million common shares issued on a Canadian development expense flow-through basis at 44.5 cents per share for aggregate gross proceeds of approximately $10.09-million.