Yangarra Resources Ltd. Announces Earnings and Production Results for the Second Quarter and Six Months Ended June 30, 2012; Revised Cash Flow and Production Guidance of 2012; Provides Production Guidance for the Third Quarter of 2012; Appoints W.W. Charlton to its Board of Directors
For the six months, net income before tax was $5,468,589 against $2,590,971 for the same period a year ago. Net income was $1,514,839 or $0.01 per basic and diluted share against net loss of $564,810 or $0.01 per basic and diluted share for the same period a year ago. Funds flow from operating activities were $8,639,557 or $0.07 per diluted share against $5,686,916 or $0.05 per diluted share for the same period a year ago.
The company announced production results for the second quarter and six months ended June 30, 2012. For the quarter, total production was 2,022 boe/d against 975 boe/d for the same period a year ago.
For the six months, total production was 2,080 boe/d against 919 boe/d for the same period a year ago.
The company reduced the previous cash flow guidance for 2012 from $25 - $30 million to $20 - $25 million and is reducing the expected exit production rate to 2,500 boe/d. The average production guidance remains at 2,000 - 2,500 boe/d.
The company provided production guidance for the third quarter of 2012. For the period, the company expects production to be 1,700 - 2,000 boe/d.
The company announced the appointment of W.W. (Chuck) Charlton to its Board of Directors. Charlton currently is the President of Charlton Capital. Charlton has extensive experience in mergers and acquisitions, financing of junior oil and gas companies, company valuations and commodity pricing studies.