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Continental Energy's 2006-07 Bengara-II Drilling Program Fully Funded
PrimeZone "PrimeZone "
DALLAS, Oct. 11, 2006 (PRIMEZONE) -- Continental Energy Corporation (OTCBB:CPPXF) today announced that CNPCHK (Indonesia) Limited, ("CNPC") has funded CNPC's earning obligation in accordance with provisions of the recent sale of interest by the Company in its Continental-GeoPetro (Bengara-II) Ltd. ("CGB2") subsidiary to CNPC as per the Company's October 2, 2006 press release.
CNPC has placed the entire US$18,700,000 earning obligation into a CGB2 account jointly controlled by CNPC and Continental. The funds are to be used exclusively to pay for 2006 and 2007 exploration drilling in the 3,649 square kilometer Bengara-II Production Sharing Contract ("PSC") area in East Kalimantan, Indonesia.
CGB2 has four exploration wells planned, permitted and approved by Indonesian oil and gas regulatory authorities for drilling in 2006 and 2007. The company is now finalizing plans for conducting the drilling program and preparations are being made to import a drilling rig from China to conduct the drilling.
About Continental Energy Corporation:
Continental Energy Corporation is an independent oil and gas exploration company focused entirely on making a major oil or gas discovery in Indonesia. For further information, please visit our web site at www.continentalenergy.com.
No securities regulatory authority has either approved or disapproved the contents of this news release. Certain matters discussed within this press release may be forward-looking statements within the meaning of the "Safe Harbor" provisions of the Private Securities Litigation Reform Act of 1995. Although Continental believes the expectations reflected in such forward-looking statements including reserves estimates, production forecasts, feasibility reports and economic evaluations are based on reasonable expectations and assumptions, it can give no assurance that its expectations will be attained. Factors that could cause actual results to differ materially from expectations include financial performance, oil and gas prices, drilling program results, regulatory changes, political risk, terrorism, changes in local or national economic conditions and other risks detailed from time to time in Continental's periodic filings with the U.S. Securities Exchange Commission.
CONTACT: Continental Energy Corporation Jim Eger (877) 762-2366 info*continentalenergy.com www.continentalenergy.com Suite 1200, 14001 Dallas Parkway Dallas, Texas, 75240
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This is one of the company's PR couple months ago... this company has great potential IMO. Pay attention to it.
Continental Energy Quarterly Results Wednesday July 5, 6:37 pm ET
DALLAS, July 5, 2006 (PRIMEZONE) -- Continental Energy Corporation (OTC BB:CPPXF.OB - News) announced today that it has released its interim quarterly report for the third quarter ended April 30, 2006 of its 2006 fiscal year ending June 30, 2006 and filed the report with securities regulators on SEDAR. The report is also contained within a 6-K filing with the SEC on EDGAR dated July 3, 2006. ADVERTISEMENT
The date of the report is as of June 29, 2006 and a summary of management's discussion and analysis contained therein follows.
As at April 30, 2006, the Company's interim consolidated financial statements reflect a working capital position of $2,514,833. This represents an increase in the working capital of approximately $2,554,000 compared to the July 31, 2005 working capital deficit of $39,066. The increase was mainly due to the Company selling its Yapen subsidiary and receiving cash proceeds of $3,600,000. The increase was offset by general and administrative requirements during the period. The cash balance at April 30, 2006 was $2,648,141 compared to $98,898 as at July 31, 2005, an increase of $2,549,243. During the current quarter, the Company's cash balance decreased by $666,388.
The Company used $822,711 for operating activities during the nine months ended April 30, 2006 compared with $600,876 in the nine months ended April 30, 2005. The current level of spending is 37% higher than the prior year spending for operations. During the current quarter, the Company used $622,995 as compared with $433,127 in the same fiscal quarter in the prior year.
The cash resources provided by investing activities during the nine months ended April 30, 2006 was $3,324,347 compared with using $5,802 in the nine months ended April 30, 2005. The Company's property expenditures were reduced to a maintenance level until management decides to commence further exploration and development of its Indonesian properties. The current year amount includes the proceeds from the Yapen sale, net of closing costs in the amount of $3,506,834 as well as equipment purchases of $98,643. During the current quarter, the Company used $43,393 as compared with an inflow of $33,681 in the same fiscal quarter in the prior year.
The cash resources provided by financing activities during the nine months ended April 30, 2006 was $47,613 compared with $840,253 in the nine months ended April 30, 2005. During the current period the company received proceeds of $60,000 for share issuances compared with $847,735 in the prior period. During the current quarter, cash resources provided by financing activities were $0 as compared with $767,614 in the same fiscal quarter in the prior year.
Overall, the Company had income from operations during the nine months ended April 30, 2006 of $2,463,634 compared to a loss of $1,313,673 in the nine months ended April 30, 2005. The largest difference was the fact that the Company sold its Yapen subsidiary for cash proceeds of $3,600,000 and recorded a gain of $3,506,833 on disposition. There were no disposals in the nine months ended April 30, 2005.
About Continental Energy Corporation: Continental Energy Corporation is a small oil and gas exploration company, focused entirely on making a major oil or gas discovery in Indonesia. For further information, please visit our web site at http://www.continentalenergy.com or contact Jim Eger at 877-762-2366, Suite 1200, 14001 Dallas Parkway, Dallas, Texas 75240.
No securities regulatory authority has either approved or disapproved the contents of this news release.
Certain matters discussed within this press release may be forward-looking statements within the meaning of the ``Safe Harbor'' provisions of the Private Securities Litigation Reform Act of 1995. Although Continental believes the expectations reflected in such forward-looking statements including reserves estimates, production forecasts, feasibility reports and economic evaluations are based on reasonable expectations and assumptions, it can give no assurance that its expectations will be attained. Factors that could cause actual results to differ materially from expectations include financial performance, oil and gas prices, drilling program results, regulatory changes, political risk, terrorism, changes in local or national economic conditions and other risks detailed from time to time in Continental's periodic filings with the U.S. Securities Exchange Commission.
Contact: Continental Energy Corporation Jim Eger (877) 762-2366 info*continentalenergy.com www.continentalenergy.com
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