Ceres Capital Corp. (the "Company" or "Ceres") (TSX VENTURE: SRS)
is pleased to report its operational and financial results for the
second quarter ended June 30, 2009.
The consolidated financial statements and management discussion
and analysis for the three and six months ended June 30, 2009 for
Ceres and its subsidiary Reliable Energy Ltd. ("Reliable") will be
available at www.sedar.com or at the Company's website
www.reliableenergy.ca.
HIGHLIGHTS AND ACCOMPLISHMENTS
The following represents some of the recent highlights and
accomplishments that are relevant to the Company:
- Increased production for the quarter to 7,779 boe up by 3,369
boe or 76% compared with last quarter. Average daily production for
the quarter was 85 boe/d compared with 49 boe/d in the first
quarter
- Operating netbacks improved to $37.12 per bbl compared with
$22.13 per bbl last quarter.
- Drilled four (3.95 net) wells targetting the Bakken and
Lodgepole formations on our Kirkella properties in southwest
Manitoba. Two wells were Bakken development wells offsetting our
discovery well and are currently undergoing completion
operations.
- The drilling of our first Lodgepole well has added an
additional play type to our drilling plans
- Growth in the landbase to a total of 68,636 net acres, with a
further 22,588 acres under option.
- Acquired a quarter section of land offsetting our discovery
well which immediately added reserves and four drilling locations
for the Company.
- Established a drilling inventory of 11 exploration prospects
and 15 development locations
- At the Company's Annual General Meeting, shareholders approved
a change of name from Ceres to Reliable Energy Ltd. The new trading
symbol will be REL and will take effect on August 31, 2009.
The second quarter was significant for the Company as we
commenced a four well drilling program in the Kirkella area of
Manitoba. The Company undertook the drilling of two exploration and
two development wells. The exploration wells resulted in one well
being put on production in July while one well was abandoned. The
two development wells were cased and are being completed in
August.
OUTLOOK
The Company is well positioned for significant growth following
the successful completion of its summer drilling program.
The focus for the balance of the year is to acquire sufficient
seismic data to delineate the existing discovery pool and provide
the necessary data to assist in directing the exploration program.
The Company has a nine well exploration program planned for the
balance of the year and hopes to prove the existence of additional
Bakken pools to complement its discovery pool.
The Company is encouraged by the additional opportunities that
exist in other geological formations in the area and plans on
targetting some of these opportunities in its exploration program.
With the majority of land now tied up on our discovery pool, the
Company will also drill a minimum of two more development wells
with additional wells planned subject to availability of capital.
This development program will provide additional cashflow and
proven reserves to the Company.
We remain committed to cost control in such areas as G&A and
drilling and completion activities and have recently initiated
steps to reduce costs in these areas. Our goal is to become a
significant low cost, high netback oil explorer and producer in our
focus area of Saskatchewan and Manitoba.
Ceres's remaining obligations from its 2008 flow-through share
financing at June 30, was approximately $6.3 million and the
Company has a solid plan in place that includes an exploratory
drilling program and a number of 2-D and 3-D seismic acquisition
programs to satisfy these requirements.
In the Trochu Basin in south central Alberta, the Company holds
18,720 acres (gross), 9,600 acres (net) of prospective lands on a
Nisku oil play. For the balance of 2009, the Company is not
planning any drilling activity on this play however this position
could change with sustained higher oil prices or substantial
revisions to the Alberta royalty regime.
At the Company's Annual General Meeting on June 23, 2009, the
Company received shareholder approval to change the name of Ceres
to that of Reliable Energy Ltd. This is planned to be changed on
August 31, 2009.
FINANCIAL AND OPERATING HIGHLIGHTS
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Three months ended
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June 30, Mar. 31, June 30,
2009 2009 2008
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Financial
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Gross Revenue $ 411,581 $ 201,562 $ 93,533
Net Income (Loss) (745,528) 2,071,903 (508,665)
Per share - basic (0.006) 0.016 (0.013)
Cash flow used in operations 626,856 402,559 380,572
Capital expenditures 3,245,674 2,566,914 159,374
Total assets 12,245,979 11,647,294 1,876,609
Weighted average shares - basic 126,855,872 126,855,872 38,019,756
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Operational
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Production (boe) 7,779 4,410 2,226
Lands
Undeveloped land (net acres) 68,636 42,858 13,322
Lands under option (net acres) 22,588 19,294 -
Wells drilled
Gross 4.0 1.0 -
Net 3.9 1.0 -
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SELECTED QUARTERLY INFORMATION
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3 months ended June 30 6 months ended June 30
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2009 2008 2009 2008
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Production
Natural gas - mcf 10,844 13,356 22,990 27,922
Crude oil - bbls 5,971 - 8,356 -
Total production - boe (6:1) 7,779 2,226 12,189 4,654
Gross sales revenue 411,581 $ 93,533 $ 613,143 $ 184,937
Royalties 53,189 23,070 85,539 41,246
Operating expenses 69,629 53,110 141,233 122,293
Net operating revenue 288,763 17,353 386,371 21,398
Average price - $/boe 52.91 42.02 50.30 39.74
Operating costs - $/boe 8.95 23.86 11.59 26.28
Netback - $/boe 37.12 7.80 31.70 4.60
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Note: A barrel of oil equivalent (boe), derived by converting
gas to oil in the 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.
About Ceres and Reliable
Ceres is an Alberta based public company listed on the TSX
Venture Exchange and conducts its operations through Reliable
Energy Ltd, a wholly owned subsidiary. The Company is currently
focused on two core areas in the Western Canadian Sedimentary
Basin. The first core area consists of an unconventional resource
play in the Bakken/Three Forks formation situated on the
Saskatchewan - Manitoba border. The second is a Devonian reef play
in central Alberta.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Ceres Capital Corp. John Newman VP Finance & CFO
403.231.4486 403.266.2645 (FAX) jnewman@reliableenergy.ca
www.reliableenergy.ca Ascenta Capital Partners Inc. Jim Glass
Investor Relations 604.684.4743 ext. 225 or 866.684.4209
jim@ascentacapital.com
Ceres Capital Corp Com Npv (TSXV:SRS)
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Ceres Capital Corp Com Npv (TSXV:SRS)
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