QUARTERLY ACTIVITY REPORT
FOR THE QUARTER ENDED 30 SEPTEMBER 2008
Highlights:
1. Cash receipts from revenue increased by 206% on the previous quarter to $3.1
million.
2. The Company achieved a positive net operating cash flow of $1.2 million through
increased receipts from revenue and cost reductions.
3. Net oil production up 74% and net gas production up 18% for the quarter.
4. Harrison-2 production averaged 253 Bbls/d and 818 Mcf/d for the quarter.
5. Outlar-1 production averaged 145 Bbls/d and 2,277 Mcf/d for the quarter.
6. Oil and gas prices short term peak – Antares received up to $133.96/Bbl for oil
and $13.54/Mcf for gas during the quarter.
7. Significant increases in proven oil and gas reserves
- Proven Oil Reserves have increased by over 85%
- Proven Gas Reserves have increased by over 225%
8. Placement to a Strategic US Oil and Gas Investor raising $2.4 million at a 43%
premium.
9. Cost reductions take effect with administration costs falling by 52% from $620,000
in the previous quarter to $297,000 for the current quarter.
10. Debt reduction of $409,608 achieved through the buy back and cancellation of
204,804 $2.00 convertible notes at an average price of $0.715.
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