posted
Came upon this and to me it looks like GOLD. Trading on the OTCBB, and Oil/Gas is charging north. Leads me to believe we will see even better revenues next qtr! Look at last p/r!
New Century Energy Announces Record Operational and Financial Results Tuesday May 20, 1:59 pm ET
HOUSTON--(BUSINESS WIRE)--New Century Energy Corp. (OTCBB:NCEY - News) announced record financial and operational results for the three months ending March 31, 2008. Edward DeStefano, the Company’s CEO, stated, “The strong first quarter results are a direct result of our continuing success in our drilling program in McMullen County, Texas. We are maintaining high production levels into the second quarter and during April we also completed a new oil well in Wharton County making 80 BOPD.” NCEY’s first-quarter revenue was $5.9 million for the three months ending March 31, 2008, a 100% increase from $3.0 million for the first three months of the prior year; Total net oil production for the three months ended March 31, 2008 was 50,387 barrels of oil on Company operated properties; which is up 48% from 34,032 barrels in the first-quarter 2007; Total net gas production for the three months ended March 31, 2008 was 144 MMCF of gas; Total proved reserves at year end 2007 equaled 2.1 million barrels of oil equivalent (BOE); Approximately 76% of New Century’s proved reserves are oil, with the remaining 24% natural gas; Gross acreage under lease as of March 31, 2008 equaled 20,726 gross acres, compared to 17,214 gross acres as of March 31, 2007; and Adjusted EBITDA for the first-quarter of 2008 was $3.8 million, compared to $1.7 million reported in the first-quarter of 2007. For additional information regarding EBITDA as a non-GAAP financial resource, please refer to the disclosures contained at the end of this release. DeStefano also stated, “The average price for oil in the first-quarter of 2008 increased 73% to $96.67 per barrel from $55.62 in the first-quarter of 2007, and we are benefiting directly from the increases in commodity prices.” “We are very pleased with our continued reserve growth and our plans to add to our reserves in 2008 as we continue our drilling program in McMullen County, Texas, with three new wells scheduled to be drilled by the end of June.”
About New Century Energy Corp.
New Century Energy Corp. is an independent energy company engaged in oil and gas exploration, development and production. New Century Energy Corp. currently owns oil and gas leases on over 20,000 gross acres throughout the State of Texas; including oil producing acreage in McMullen, Wharton, and Jim Hogg Counties, Texas. The Company also owns natural gas producing fields which include the operated South Sargent Field in Matagorda County, and non-operated interests in the Wishbone Field in McMullen County, Texas. New Century Energy Corp’s mission is to increase shareholder value by acquiring proven oil and gas reserves, profitable drilling and development on company owned acreage, and by participating in joint ventures that can expand its development program and prospect base. Additional information is available at: www.newcenturyenergy.com
We define EBITDA, as adjusted, as income before accounting changes, adjusted to exclude (1) interest and other financing costs, net of capitalized interest, (2) income taxes, (3) depreciation, depletion and amortization, and (4) changes in the fair value of derivative liabilities. The Company believes BITDA is a useful measure of evaluation of its financial performance. Because EBITDA is not a measure of financial performance calculated in accordance with GAAP, it should not be considered in isolation or as a substitute for operating income, net income or loss, cash flows provided by operating, investing and financing activities, or other income or cash flow statement data prepared in accordance with GAAP. However, EBITDA is a common alternative measure of operating performance used by investors, financial analysts and rating agencies. A reconciliation of EBTDA to net earnings is included below. EBITDA as presented may not be comparable to other similarly titled measures reported by other companies.
First Quarter First Quarter 2008 2007 Calculation of Adjusted EBITDA:
Net loss $ (562,701 ) $ (2,156,065 ) Interest expense 2,257,713 2,332,018 Income tax (benefit) expense --- --- Depreciation, depletion & amortization expense 1,950,417 2,114,423 Net Change in fair value of derivatives 110,556 (559,390 ) Adjusted EBITDA $ 3,755,985 $ 1,730,986
Posts: 2794 | From: nyc | Registered: Aug 2005
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posted
just realized this is under .11... ooopps hehe. if mods can move thread thats fine, but I think they'll just have to move it back here cause this will be over that in due time imo lol
Posts: 2794 | From: nyc | Registered: Aug 2005
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posted
that was quick! .11 is here wow volume coming in. chart has reset and supporting higher move! I think a MONSTER move coming!!
Posts: 2794 | From: nyc | Registered: Aug 2005
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posted
i missed the entry ont his one how high do you think it will go before the break looks like glcc has had it
Posts: 8 | From: uk | Registered: Jun 2008
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posted
it'll take little breaks all the way up... its a low float so it moves back and forth quick. ive hit .07's and .08's yesterday and today. I'm not sure where it will eventually stop we could be talking .90-1.00 imo.
Just check out AEZ and where that trades relative to its income stmnt... then see NCEYs income stmnt (which blows AEZ's away!)
Posts: 2794 | From: nyc | Registered: Aug 2005
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posted
exactly Truth... this one looks unreal as far as being undervalued. I couldn't believe the numbers I was looking at. I guess no one was has been really taking a hard look at it in a while. I've been watching it for about a week and nibbling at it. today is the first day its really got some nice action and moved. i think people are starting to notice so I tried to post it before all hell breaks loose lol!!
This really has no where to go but up if you ask me...
Posts: 2794 | From: nyc | Registered: Aug 2005
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best part is with oil flying i bet next qtr revs will be even better then NCEY has ever seen! good time to own it
Posts: 2794 | From: nyc | Registered: Aug 2005
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posted
Other oil companies with less than spectacular numbers are flying. I can't help but compare but when KYUS jumped, and today it looks like it is rebounding from the profit taking last week, it had 35 million shares, and a market cap of 90 million.
Right now NCEY is an infant in comparison, and the last quarter numbers were based on $95 barrel oil.
The line where they say, the increase in commodities is even making htings better, is key. Oil is higher now, and production hasn't slipped, but in fact grew, and they want to drill more?
Let's see if this gets more noticed.
Posts: 793 | Registered: Aug 2004
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Truth-i heard they just put a permit through on June 2nd. They are adding 3 additional sites by end of June according to p/r. No where to go but up!!
Posts: 2794 | From: nyc | Registered: Aug 2005
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wow im really impressed how fast this caught on. I think some big players got in on this after that p/r. haven't seen volume like this ever here. and the buying just continues with a little consolidation along the way.
.20 now
Posts: 2794 | From: nyc | Registered: Aug 2005
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I am sure in it. After you posted this yesterday, I went through the Q and started buying the ???? out of this. I sold three of my other holdings to accumulate a boat load of shares.
I wish Ameritrade would fix the streamer since it still shows 0.08 over 0.089 I have called them three times already.
Tex
-------------------- The Mad Texan Right now someone has an appointment with the world's worst doctor. Posts: 34 | From: Dallas, Texas | Registered: May 2007
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If it wern't for that streamer we would have already traded over 2MM. When I tried to buy earlier, it wouldn't let me because of the .08/.089 screw up. A-Trade is killing us.
No, you are not dreaming. This will be in dollars very soon and I will be doing the naked happy dance.
Tex
-------------------- The Mad Texan Right now someone has an appointment with the world's worst doctor. Posts: 34 | From: Dallas, Texas | Registered: May 2007
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posted
i know ameritrade has been screwing with me for days with this stock, saying my order is to far above asking price lol... we're gonna have to say something!!
Posts: 2794 | From: nyc | Registered: Aug 2005
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I already have and they told me that they were writing a ticket to fix it. In the mean time, I believe it is impacting the stock movement.
Can you believe that they are NOT DILUTING the stock to pay back the debt!! I love it. The CEO is going to be filthy rich!
Tex
-------------------- The Mad Texan Right now someone has an appointment with the world's worst doctor. Posts: 34 | From: Dallas, Texas | Registered: May 2007
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