Post by
buylower on Dec 17, 2010 11:32pm
Todays Press Release
Angle Energy press release today:
- reached 2010 exit production target of 13,500 Boe/d
- Ferrier Cardium oil well tested over 1,200 boe/d
- Ferrrier compressor station commenced full operation today with 9 MMcf/d capacity, three additional wells to be placed on stream
- two Harmattan Viking oil wells successfully drilled - 200 and 400 boe/d and the netback is averaging $41 boe ,117% average increase from 3rd qtr
The above PR summary is very good news. I believe Angle held back additional details on their PR since the debenture issue is still open.
btw. The debenture is a great issue and a value for shareholders. The interest rate is favourable and the issue does not dilute shareholders in the short term. Most important, the money will be used to accelerate the light oil drilling at great net back returns. Since inception, Angle has always been conservative with forecasts and has exceeded predictions. If you want to see a growth company, here's a few numbers to look at:
Boes H/acres Total Assets Shareholder Equity
2005 35 31,000 $51 million $40 million
2006 3,500 34,000 $87 $65
2007 4,800 47,000 $186 $82
2008 7,500 68,000 $212 $143
2009 7,500 99,000 $246 $189
2010 13,500 180,000 $548 $318 * 3rd qtr