Regal announces filing of 2008 financial and operating results



    
    /NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE
    U.S./

    TRADING SYMBOL - REG
    

    CALGARY, Jan. 28 /CNW/ - Regal Energy Ltd. (the "Company") announces that
it has filed its audited consolidated financial statements as at September 30,
2008, and management's discussion and analysis for the year ended September
30, 2008.

    
                               Three months ended                 Year ended
    Corporate Highlights             September 30               September 30
                           ----------------------   -------------------------
                                2008         2007          2008         2007
                           ----------------------   -------------------------

    Average production(1)(2)
      Total (boe/d)              365          154           242          137
    Average price
      Equivalent ($/boe)       59.53        37.69         55.64        40.31

    Financial
      Petroleum and
       natural
       gas sales ($)       2,001,143      532,854     4,924,134    2,009,692
      Cash flow
       from (used in)
       operations ($)        372,175     (170,619)      713,515     (331,207)
      Net loss ($)        (2,080,194)  (3,743,930)   (3,085,655)  (5,004,495)
      Shares outstanding                            150,050,209   48,137,590

    Proved plus probable
     reserves

      Total gross
       barrels of oil
       equivalent (Mboe)                                  1,801          782
      NPV of future net
       revenue before
       tax - 10% ($000)                                  24,069        6,165
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    (1) The three months ended September 30, 2008 includes the results of
        operations from the Company's wholly-owned subsidiary, G2
        Resources Inc
    (2) The year ended September 30, 2008 includes the results of operations
        from the Company's wholly-owned subsidiary, G2 Resources Inc.
        from July 10, 2008, the date of acquisition.
    

    The Company's oil, natural gas liquids and natural gas production
averaged 242 boe per day for the year ended September 30, 2008. The Company
realized cash from operations for the year of $713,515; but incurred a loss of
$3,085,655. The Company's total proved and probable reserves increased by 290%
to 1.8 million barrels of oil equivalent.
    A copy of the audited consolidated financial statements and management's
discussion and analysis can be viewed on the Company's page at www.sedar.com.

    The term barrels of oil equivalent (boe) may be misleading, particularly
if used in isolation. A boe conversion ratio of 6 mcf : 1 bbl is based on an
energy equivalency conversion method primarily applicable at the burner tip
and does not represent a value equivalency at the wellhead. All boe
conversions in this report are derived by converting gas to oil at the ratio
of six thousand cubic feet of gas to one barrel of oil. Total boe is
calculated by multiplying the daily production by the number of days in the
period.

    
    THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE
    ADEQUACY OR ACCURACY OF THIS RELEASE.
    





For further information:

For further information: Regal Energy Ltd., Curtis A. Hartzler,
President and Chief Executive Officer, or Derek Batorowski, Chief Financial
Officer,  Telephone: (403) 263-4310, Fax: (403) 263-4368

Organization Profile

Novus Energy Inc.

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890