Chart usGOLD   Chart usSILVER  
 
Food for thought
A priori theory trumps and corrects experience
Hans Hermann Hoppe  
Search for :
LATEST NEWS  :
MINING STOCKS  :
Subscribe
Write Us
Add to Google
Search on Ebay :
PRECIOUS METALS (US $)
Gold 1359.60-27.44
Silver 22.25-0.41
Platinum 1451.52-31.48
Palladium 735.25-1.25
WORLD MARKETS
DOWJONES 15354120
NASDAQ 349934
NIKKEI 15138101
ASX 516016
CAC 40 400122
DAX 839828
HUI 246-10
XAU 97-3
CURRENCIES (€)
AUS $ 1.3162
CAN $ 1.3193
US $ 1.2825
GBP (£) 0.8461
Sw Fr 1.2477
YEN 132.4600
CURRENCIES ($)
AUS $ 1.0268
CAN $ 1.0279
Euro 0.7797
GBP (£) 0.6593
Sw Fr 0.9725
YEN 103.1300
RATIOS & INDEXES
Gold / Silver61.11
Gold / Oil14.16
Dowjones / Gold11.29
COMMODITIES
Copper 3.300.01
WTI Oil 96.020.86
Nat. Gas 4.060.13
Market Indices
Metal Prices
RSS
Precious Metals
Graph Generator
Statistics by Country
Statistics by Metals
Advertise on 24hGold
Projects on Google Earth
In the same category 
( 0 vote, 0/5 ) Print article
     
Tweet
Keywords :   Risk Management |

Delphi Energy Corp.

TSX: DEE

May 6, 2009

 

Delphi Energy Continues Drilling Success at Hythe

 

CALGARY, ALBERTA �� Delphi Energy Corp. (“Delphi� or “the Company�) is pleased to announce its financial and operational results for the quarter ended March 31, 2009.

 

First Quarter 2009 Highlights

 

  • Achieved record production of 6,762 barrels of oil equivalent per day (boe/d) in the first quarter of 2009, marking the eighth consecutive quarter of production growth.
  • Generated funds from operations of $10.0 million ($0.13 per basic share).
  • Production volumes at Hythe, Alberta have grown over 400 percent to approximately 2,100 boe/d since acquiring the property in September 2007.
  • Drilled 5 (3.8 net) wells with an overall success rate of 100 percent.
  • Increased the Company’s natural gas hedge position to 52 percent of current production at an average floor price of $7.35 per mcf for the remainder of 2009.
 
Financial Highlights ($ thousands except per unit amounts)
����������������������������������������������� Three Months Ended March 31
�������������������������������������������������� 2009��� ��2008% Change
----------------------------------------------------------------------------
Petroleum and natural gas sales����������������� 24,205��� 32,212������ (25)
 Per boe����������������������������������������� 39.77���� 58.45������ (32)
Funds from operations��������������������������� 10,017��� 17,059������ (41)
 Per boe����������������������������������������� 16.47���� 30.95������ (47)
 Per share - Basic�������������������������������� 0.13����� 0.25������ (48)
 Per share - Diluted������������ ������������������0.13����� 0.25������ (48)
Net earnings (loss)����������������������������� (3,320)���� (739)����� 349
 Per boe����������������������������������������� (5.45)��� (1.34)����� 307
 Per share - Basic������������������������������� (0.04)��� (0.01)����� 300
 Per share - Diluted����������������������������� (0.04)��� (0.01)����� 300
Capital invested�������������������������������� 14,092��� 26,498������ (47)
Disposition of properties������������������������� (151)������� -������ 100
----------------------------------------------------------------------------
Net capital invested���������������������������� 13,941��� 26,498������ (47)
Acquisition of properties���������������������������� -�������� -�������� -
----------------------------------------------------------------------------
Total capital����������������������������������� 13,941��� 26,498������ (47)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
 
����������������������������������������������� Mar. 31�� Dec. 31
�������������������������������������������������� 2009����� 2008% Change
----------------------------------------------------------------------------
Debt plus working capital deficiency (1)������� 113,162�� 109,237�������� 4
Total assets����������������������������������� 363,069�� 364,538�������� -
Shares outstanding (000's)
 Basic������������������������������������������ 79,067��� 79,067�������� -
 Diluted�� ��������������������������������������85,875��� 83,798�������� -
----------------------------------------------------------------------------
----------------------------------------------------------------------------
 
(1) excludes risk management asset and the related current future income tax
��� liability.
 
 
Operational Highlights
 
����������������������������������������������� Three Months Ended March 31
Production���������������������������������������� 2009����� 2008% Change
----------------------------------------------------------------------------
Natural gas (mcf/d)����������������������������� 34,813��� 31,777������� 10
Crude oil (bbl/d)���������������������������������� 475������ 387������� 23
Natural gas liquids (bbl/d)������������������������ 485������ 372������� 30
----------------------------------------------------------------------------
Total (boe/d)������������������������������������ 6,762���� 6,056������� 12
----------------------------------------------------------------------------
----------------------------------------------------------------------------

 

MESSAGE TO SHAREHOLDERS

 

Delphi enjoyed a successful first quarter to start 2009, accomplishing operational growth, strong capital efficiencies and continued financial flexibility to ensure the Company remains well positioned for sustainable long-term, organic growth in any business environment.The global recession continues with commodity prices remaining under pressure, however, Delphi believes it can operate effectively in these challenging times and is in a position of relative strength to many of its peer group.Over the past eight quarters, Delphi has delivered 56 percent growth in production, with 75 percent of this growth coming from the drill bit, funded internally through cash flow.The remaining 25 percent of production growth has been derived from strategic acquisitions.In addition, net debt has been reduced by $5.0 million over this time period.

During the first quarter, the Company drilled five gross (3.8 net) gas wells with a drilling success rate of 100 percent. Four of the five wells drilled in the first quarter and one well (0.5 net), which was drilled during the fourth quarter of 2008, were completed and commenced sales prior to the end of the first quarter.The remaining well (0.05 net) drilled in the first quarter will be completed and tied in to sales during the second half of 2009.In total, 14 separate intervals were completed during the first quarter for an average completion rate of 2.8 zones per well resulting in an average first month production rate per well of approximately 325 boe/d net to Delphi.The focus of the first quarter program was directed towards the Hythe and Bigstone properties to take advantage of the multi-zone nature of these assets, low operating costs and quick on-stream capability associated with owned gathering and processing infrastructure.Total net capital associated with the program for the first quarter was $14.0 million.

 

For the full release, please visit www.delphienergy.ca.

 

CONFERENCE CALL

A conference call is scheduled for 9:00 a.m. Mountain Time (11:00 a.m. Eastern Time) on Thursday, May 7, 2009.The conference call number is 1-866-300-4047 or 416-641-6137. A brief presentation by David Reid, President and CEO and Brian Kohlhammer, VP Finance & CFO will be followed by a question and answer period.

 

If you are unable to participate in the conference call, a taped broadcast will be available until May 14, 2009.  To access the replay, dial 1-800-408-3053 or 416-695-5800.  The passcode is 5524855.Delphi's first quarter 2009 financial statements and management’s discussion and analysis are available on Delphi’s website at www.delphienergy.ca and will be available on SEDAR at www.sedar.com within 24 hours.

 

Delphi Energy is a Calgary-based company that explores, develops and produces oil and natural gas in Western Canada. The Company is managed by a proven technical team. Delphi trades on the Toronto Stock Exchange under the symbol DEE.

 

FOR FURTHER INFORMATION PLEASE CONTACT:

 

DELPHI ENERGY CORP.

300, 500 – 4 Avenue S.W.

Calgary, Alberta

T2P 2V6

Telephone: (403) 265-6171�������� Facsimile: (403) 265-6207

Email: info@delphienergy.ca����� Website: www.delphienergy.ca

 

DAVID J. REID������������ BRIAN P. KOHLHAMMER

President & CEO��������� V.P. Finance & CFO

 

 

Tweet

Delphi Energy Corp.

CODE : DEE.TO
Follow and Invest
Add to watch list Add to your portfolio Add or edit a note
Email Alert Add to Watchlist Add to Portfolio Add Note
ProfileMarket
Indicators
VALUE :
Projects & res.
Press
releases
Annual
report
RISK :
Asset profile
Contact Cpy
Your feedback is appreciated, please leave a comment or rate this article.
Rate : Average note :0 (0 vote) View Top rated
 
In the News and Medias of Delphi Energy Corp.
6/12/2009Court Orders Against Gifting Delphi to Platinum
6/5/2009Taxpayers to Finance Platinum Equity's Purchase of Bankrupt ...
Financings of Delphi Energy Corp.
10/18/2012Announces Equity Financing
12/2/2011Announces Equity Financing
3/28/2011Closes Flow-Through Financing
6/3/2010Announces Closing of $30.25 Million Equity Offering
5/27/2010Announces Increased Credit Facility
Nominations of Delphi Energy Corp.
3/16/2010Announces Appointment of Directors
Financials of Delphi Energy Corp.
5/16/2013Reports Financial and Operational Results for First Quarter ...
8/9/2012Reports Financial and Operational Results for Second Quarter...
5/9/2012Reports Financial and Operational Results for First Quarter ...
3/15/2012Reports Fourth Quarter and Year End Results
5/26/2011Reports Financial and Operational Results for First Quarter ...
3/17/2011Reports Fourth Quarter and Year End Results
5/6/2010Reports Strong Financial and Operational Results for First Q...
3/18/2010Reports fourth quarter and year end results
Project news of Delphi Energy Corp.
3/1/2013Releases Year End 2012 Reserves and Provides Bigstone Montne...
Corporate news of Delphi Energy Corp.
3/26/2013Acquires Additional Montney Assets in Bigstone
12/12/2012Increases Bigstone Montney Exposure by 60 Percent With Recen...
11/13/2012Announces Closing of $33 Million Public Offering
9/10/2012- Peters & Co. Limited 2012 Energy Conference Webcast - ...
7/28/2011Reports Record Production of 8,906 BOE/D For Second Quarter ...
11/9/2010Reports Record Production and 100 Percent Success on an Acti...
5/13/2010Announces Equity Financing
4/21/2010Reports on Successful Winter Program and Updates 2010 Produc...
4/1/2010Files 2009 Annual Information Form - AGM Scheduled May 20, 2...
3/11/2010Updates Bigstone Drilling Program
1/13/2010Provides Operational Update
10/6/2009Announces Take-Up of Shares and Extension of Offer to Acquir...
9/10/2009Announces Financing
9/1/2009Announces Closing of Wapiti/Gold Creek Acquisition and Maili...
8/21/2009to Acquire Fairmount Energy
5/7/2009Continues Drilling Success at Hythe
5/7/2009Plans Adjournment of Annual and Special Meeting
11/6/2008Reports 44% Increase in Cash Flow on Record Production
9/25/2008Validates Hythe Growth Potential With Recent Drilling Succes...
8/1/2008Achieves Record Production, Strengthens Balance Sheet in Q2 ...
7/25/2008Closing of Peace River Arch Acquisition
6/27/2008Announces Peace River Arch Acquisition and Financing
Comment this article
You must be logged in to comment an article8000 characters max.
 
Sign in
User : Password : Login
Sign In Forgot password?
 
Latest comment posted for this article
Be the first to comment
Add your comment
TORONTO (DEE.TO)Other OTC (DPGYF.PK)
1.40+0.00%1.36+11.48%
TORONTO
CA$ 1.40
05/17 15:58 -
0%
Prev close Open
1.40 1.38
Low High
1.37 1.41
Year l/h YTD var.
0.990 -  1.40 20.69%
52 week l/h 52 week var.
0.990 -  1.54 12.90%
Volume 1 month var.
69,211 12.00%
24hGold TrendPower© : 24
Produces
Develops
Explores for
 
 
 
Analyse
Interactive chart Add to compare
Interactive
chart
Print Compare Export
You must be logged in to use the porfolio and watchlists (free)
TOP NEWSRELEASES
Annual variation
DateVariationHighLow
201311.11%
2012-42.47%2.251.12
20111.86%2.891.30
201022.86%3.211.67
200992.31%1.920.54
 
5 years chart
 
3 months chart
 
3 months volume chart
 
 
Get Investor Information
High Desert Gold
Select
& click