TATHACUS RESOURCES LTD - News
TATHACUS RESOURCES LTD ("TTC-V;THCUF-0") - Management Discussion For The Three Months Ended June 30, 2001 MANAGEMENT DISCUSSION AND ANALYSIS The following is a discussion of Tathacus' operating results for the twelve months ended March 31, 2001 as compared to the year ended March 31, 2000. Gas Sales Tathacus recorded gas sales revenues of $1,044,860 million for the twelve months ended March 31, 2001 as compared to gas sales revenues of $420,969 for the year ended March 31, 2000. Gas production for the period ended March 31, 2001 averaged 487 mcf/day as compared to 469 mcf/day in the period ended March 31, 2000. The average price received per mcf for the year ended March 31, 2001 was $6.31, as compared to $2.65 per mcf in the prior year.
Other Revenue
Other revenue for the year ended March 31, 2001 totaled $7,571 as compared to $9,908 for the previous year.
Operating Expenses
Operating expenses for the year ended March 31, 2001 were $504,210 or $2.83 per mcf as compared to $1.99 per mcf in the prior year. Operating expenses increased as a result of the addition of five new wells in the Atlee region, remediation and optimization work on the existing Atlee wells which resulted in increased production.
General and Administration
General and administration expenses totaled $639,642 for the year compared with $289,489 in the period ended March 31, 2000. These expenses increased as staff salaries were increased to bring them into line with industry standards and due to the addition of new staff to meet the company's growth needs.
Depletion, Depreciation and Amortization
Depletion, depreciation and amortization expenses of $102, 983 were recorded for the year compared to $70,711 for the year ended March 1, 2000.
Interest
Interest on short-term loans totaled $8,785 in the period ended March 31, 2001 as compared to $2,112 in the previous period.
Liquidity and Capital Resources
Tathacus' capital expenditures for the period ended March 31, 2001 were $667,309 as compared to $307,855 in the period ended March 31, 2000. During the period ended March 31, 2001 Tathacus spent $656,754 to maintain and increase gas production volumes. Tel: (403) 251-9233 Tathacus Resources Ltd. Fax: (403) 251-9244 Email: tathacus@telusplanet.net Website: www.tathacus.ca