Highlights - Production increased 20% to 340 boed (80% oil) for the six months ended September 30, 2009 compared with 283 boed for the six months ended September 30, 2008. - Completed the majority of the Bonnie Glen pipeline project to tie-in the two wells drilled during the previous quarter. Preparing to drill the third well in the third quarter of Fiscal 2010. - Increased undeveloped leasehold 14% to 22,765 net acres acquiring land on two new prospects. - Total Company production at November 27, 2009 is 408 boed.
The following table provides a summary of Spitfire's results for the three-month period ending
------------------------------------------------------------------------- 3 Months Ended Six Months Ended September 30 September 30 2009 2008 2009 2008 ------------------------------------------------------------------------- Financial Petroleum and natural gas sales Crude oil and NGLs $1,244,777 $2,116,890 $2,523,030 $3,916,276 Natural gas $139,207 $378,964 $413,110 $653,994 Net revenue $1,383,984 $2,495,854 $2,936,140 $4,570,270 Cash flow from operations $267,937 $1,281,823 $665,130 $2,211,281 Per share basic and diluted $0.01 $0.03 $0.02 $0.05 Net earnings (loss) ($225,062) $488,839 ($450,583) $853,897 Per share basic and diluted ($0.01) $0.01 ($0.01) $0.02 Capital expenditures $534,760 $4,153,429 $1,035,234 $5,163,948 Working capital (deficit) ($6,478,860) ($4,737,519) ($6,478,860) ($4,737,519) Total assets $24,194,513 $24,338,246 $24,194,513 $24,338,246 Common shares outstanding 38,895,453 40,772,582 38,895,453 40,772,582 ------------------------------------------------------------------------- Operating Realized prices Crude oil and NGLs ($/bbl) $62.23 $103.18 $61.28 $101.91 Natural gas ($/mcf) $2.93 $7.30 $3.26 $8.20 Total ($/boe) $50.12 $85.58 $47.19 $88.25 Operating Netbacks ($/boe) $19.81 $52.21 $20.43 $52.71 Average production Crude oil and NGLs (bbl/d) 214 223 225 210 Natural gas (mcfd) 517 564 692 436 ------------------------------------------------------------------------- Total (boed) 300 317 340 283 -------------------------------------------------------------------------
Spitfire Energy Ltd. is a junior oil and gas company engaged in the exploration, development and production of natural gas and crude oil reserves. Spitfire's common shares trade on the TSX Venture Exchange under the symbol "SEL".
This press release contains forward-looking statements that are based on current expectations. There are a number of risks and uncertainties associated with the oil and gas industry that could cause actual results to differ materially from those anticipated.
A barrel of oil equivalent, derived by converting gas to oil using a ratio of six thousand cubic feet of gas to one barrel of oil, may be misleading, particularly if used in isolation. A boe conversion is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of the contents of this press release.
%SEDAR: 00016881E
For further information: Keith N. Chase, President and Chief Executive Officer, (403) 205-3400 x224; Danny Zivkusic, Chief Financial Officer, (403) 205-3400 x228
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