COMPASS PETROLEUM LTD 
By
Compass Petroleum Ltd. ("Compass" or the "Company") announced
today that it has released its financial and operating
results for the three month period ended September 30,
2011.
The Company has filed its unaudited interim financial
statements for the quarter ended September 30, 2011 (the
"Financial Statements") and related Management's
Discussion and Analysis ("MD&A") with certain securities
regulatory authorities in Canada. Copies of the Financial
Statements and MD&A may be obtained through the SEDAR website
at www.sedar.com (under the Company's profile) and on
the Company's website at www.compasspetroleum.com.
These interim financial statements represent the first
financial statements of the Company prepared in accordance
with International Financial Reporting Standards ("IFRS").
Further information concerning the transition to IFRS is
provided in the Financial Statements and the MD&A.
Selected financial and operating information for the quarter
ended September 30, 2011 (and 2010 comparative information)
is set out below, which should be read in conjunction with
the Financial Statements and MD&A.
Fiscal 2012 Q1 Highlights
Highlights of the Company's activities in the first quarter
of fiscal 2012 were as follows:
• Drilled and cased fourteen (net 13.1) Viking horizontal
wells in the Dodsland area of west central
Saskatchewan and completed eleven (net 9.6) of those wells
using multistage fracturing technology.
• Increased average production to 1,087 barrels of oil
equivalent per day ("boe/d"), up 26% from Q1 of
fiscal 2011; oil weighting increased from 60% in the first
quarter of fiscal 2011 to 80% in the first quarter of fiscal
2012.
• Generated funds from operations of $2.971 million in the
quarter, up 151% from $1.184 million in the first quarter of
fiscal 2011.
• Closed the sale of the Alberta oil and natural gas assets
of Compass Petroleum Partnership for aggregate gross cash
consideration of $29.5 million and positioned the Company to
focus exclusively on the Viking light oil resource play in
west central Saskatchewan.
• Ended the quarter with no bank debt and positive adjusted
working capital of $13.581 million.
Summary of Operations
The following table sets out certain financial and operating information of the Company for the periods indicated.
(Unaudited)
(Thousands except per share amounts) Three Months Ended September 30
2011 2010 Financial
Petroleum and natural gas sales $ 6,636 $3,842
Cash provided by operating activities 3,523 1,611
Funds from operations¹ 2,971 1,184 per share, (basic and
diluted) 0.05 0.04
Profit (Loss) for the period | 4,960³ | (1,863) | |||||||||||||||||||||||||||||
per share, (basic and diluted) | 0.08 | (0.06) | |||||||||||||||||||||||||||||
Capital additions | 16,710 | 6,775 | |||||||||||||||||||||||||||||
Dispositions | 28,915 Share
© Publicnow - 2011
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