Leed Applauds 68% Revenue Increase in 2008
Leed Petroleum has announced its audited results for the 12 months to March 31, 2008 and for the 3 months to June 30, 2008.
This statement covers the 15 month period from April 1, 2007 to June 30, 2008 following the change of year end from March 31 to June 30.
- 43.1% increase in 1P reserves to 8.7 MMBOE from admission to AIM to April 1, 2008.
- 30.3% increase in 2P reserves to 20.6 MMBOE from admission to AIM to April 1, 2008.
- 202% increase in average net daily production to 1,606 BOEPD for the three months ended June 30, 2008 as compared to the year ended March 31, 2008.
- Successful drilling campaign on Eugene Island.
- Drilled, completed and commenced production from the Eugene Island A-6 well.
- Drilled the A-7 well encountering 181 feet of net pay in six sands.
- Significant increase in operating revenue:
- 68% increase to US $12.8 million for the year ended March 31, 2008 as compared to the year ended March 31, 2007.
- US $15.2 million for the three months ended June 30, 2008.
- Company moved into profit in the three month period ended June 30, 2008:
- Operating loss of $14.1 million for the year ended March 31, 2008.
- Operating income of $8.0 million for the three months ended June 30, 2008.
- Loss attributable to shareholders of $14.7 million for the year ended March 31, 2008.
- Income attributable to shareholders of $2.0 million for the three months ended June 30, 2008.
- Successfully raised US $96.9 million and admitted to trading on AIM.
- Eight acquisitions substantially increasing asset portfolio.
- Post balance sheet events.
- Completed drilling of the Eugene Island A-7 well.
- Sale by Leed of 25% of its interest in Eugene Island assets pursuant to an option exercise yielded US $16.3 million.
- Secondary fundraising in August 2008 raised US$29.1 million in gross proceeds.
Howard Wilson, Chief Executive of Leed Petroleum, said, "The Company has accomplished its objectives of reaching financial stability, building a substantial inventory of high quality drilling projects, implementing strategic acquisitions of producing assets containing high quality development and exploratory opportunities, and achieved significant increases in reserves, production rates and revenue. We are now poised to move ahead and expand our development and exploration programs to other areas of our inventory. The stage is set for 2009 to be a tremendous year for Leed."