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NCEY .085 (New Century Energy) UNDERVALUED!
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[QUOTE]Originally posted by juice: [QB] 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! http://biz.yahoo.com/bw/080520/20080520006354.html?.v=1 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: [URL=http://www.newcenturyenergy.com]www.newcenturyenergy.com[/URL] 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 [/QB][/QUOTE]
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