TSX-MET
SIMCOE, ON,
Nov. 10
/CNW/ - Metalore Resources Limited ("Company") is pleased to report that the Company earned a net profit of 4 cents per share for the first six months ended
September 30, 2009
compared to 5 cents for the corresponding period last year.
The Company received above
$5
per Mmbtu for its gas production from its 2009 "summer strip" contracts (April through October) and purposely curtailed one-half of its production rather than receive spot prices in the
$3
range. George Chilian, CEO of the Company explained, "We felt it was just plain Good Business to shut in some of our wells for a few months and obtain double the price in the fall. Full production has now been resumed above
$6
on our winter strips (November through April) and we have negotiated one forward contract for next summer, also above
$6
."
Complete financial statements and MD&A for the period may be viewed on SEDAR.
The Company's third new gas well was completed in October, on a three well development program that was commenced last year and some three miles of pipeline has been contracted to tie-in these wells by
December 1, 2009
.
The Company will be paying its tenth consecutive annual dividend on
December 19, 2009
to all Shareholders of Record on
November 27th
. This dividend of 6 cents per share is being slightly reduced in light of present economic considerations.
For further information: George Chilian, President, (519) 428-2464; John Ryan, CFO & Director, (519) 428-5327
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