Stream Oil & Gas has provided the following update and summary of financial and operational results for the year ended November 30, 2009.
Average daily gross crude oil production increased to 793 bopd in the first quarter of 2010, up from 458 bopd in 2009. Net production to the Company increased to 420 bopd, up from 228 bopd last year, representing an 85% increase. These figures do not include the Company's typical gas production of 690 MCFD and 47 bbl/MMCF NGLs.
The Plan of Development for the Delvina Gas field was approved by the Advisory Board of Albpetrol and Stream and was submitted to the Albanian government authorities for final approval.
Following the success of the first mid-depth recompletion work the Company will continue its Development plan to steadily increase production from all fields.
2009 Overall Performance
Stream's total revenue was $2.21 million for the twelve months ended November 30, 2009 compared to $2.83 million for the thirteen months ended November 30, 2008. Despite higher production and oil sales during the year ended November 30, 2009, revenues decreased compared to 2008 because of a fourth quarter adjustment to reflect a receivables settlement with Albpetrol.
The Company produced 173,130 boe in 2009 (134,933 boe in 2008) of which Steam's net share was 83,310 boe (52,101 boe in 2008). Average daily production, net to Stream increased from an average of 155 boed in 2008 to 228 boed in 2009. Stream's average price per barrel of oil was $38.69 in 2009 compared to $38.38 in 2008.
The Company's net gas production in 2009 was about 46 mmcf (36 mmcf in 2008), condensate production was around 2,415 bbls in 2009 compared to 1,736 in 2008.
Cash flow and Working Capital
The Company maintained adequate cash flow from operations in 2009 and was able to continue operations in line with its Plan of Development. Stream closed a $3.5 million private placement on January 4, 2010. Funds from this financing were used to implement the Stream's Cakran-Mollaj development plans and for working capital. The Company's working capital is currently $1.4 million, including cash balances of $1.0 million.
The Company spent about $1.41 million on property development and equipment acquisition in 2009, compared to $4.35 million in 2008. Capital expenditures in 2009 were significantly lower than in 2008 because the Company had met its capital expenditure obligations.
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