TSX Venture: "DAL"
EDMONTON, Feb. 9, 2012 /CNW/ - John Babic, President and CEO of Dalmac Energy Inc. ("Dalmac") (TSXV: DAL) is pleased to provide a corporate update to
shareholders. The Company had a very successful third quarter as a
result of its proactive corporate strategy, increased activity levels
in the industry, and improved charge out rates. Management is very
pleased to report that Dalmac is well on-track to significantly exceed
its revenue forecast of $30 million for the fiscal 2012 year ending
April 30, 2012. The Company is confident that current positive
industry indicators will continue to translate into higher revenues and
earnings for Dalmac throughout the remainder of fiscal 2012 and well
into fiscal 2013. The Company intends to report its third quarter
financial results in mid to early March 2012.
Dalmac further reports that the majority of its previously issued
warrants were exercised at the end of January 2012 raising additional
gross proceeds of $744,822. About 65% of the subscribers for these
warrants were insiders. The proceeds were used to reduce existing debt
and to improve the balance sheet. The Company's debt obligations have
consequently been decreased by $649,584.
Utilization rates in the industry are continuing at record levels and
the forecast for the upcoming year is expected to continue on an
equally strong footing. The metrics driving the current activity stem
mainly from strong oil prices. The current weakness in natural gas
prices has been offset by the producers making a shift from natural gas
to liquids and crude oil. Concurrent with this development is the
resulting trend towards more complex well completions which are deeper
and take longer to drill. Over the past decade, vertical wells would
yield about 500 meters of exposure to a formation whereas the new
horizontal wells are yielding 2,000 to 4000 directional meters in
optimal positions within the formations. This trend is serving to
provide an increased revenue stream for Dalmac's servicing of the
drilling and production sectors.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release. We seek Safe Harbor.
SOURCE Dalmac Energy Inc.
For further information:
Doren Quinton, President
QIS Capital Corp.
Ph: (250) 377-1182