Unbridled Energy Increases Revenues 1,500% Year-Over-Year
Unbridled Energy has reported the financial results for operations for the year ended December 31, 2008. In addition, the Company has filed its 2008 year-end reserves information in accordance with Canadian National Instrument 51-101. Estimates of reserves and projections of production were based on an independent reserves evaluation prepared for the Company by Schlumberger Data & Consulting Services using data to December 31, 2008.
Effective December 31, 2007, the Company changed its fiscal year from April 30 to December 31. As a result, the information reported for the year ended December 31, 2008 is compared to the eight month period ended December 31, 2007 and the year ended April 30, 2007. All figures are reported in Canadian dollars.
Highlights of the year include:
- A 1,500% gain in total revenue for the year ended December 31, 2008 to $793,555 when compared to the eight month period ending December 31, 2007.
- A similar gain in revenue from oil and gas production to $720,638 for the period ending December 31, 2008 when compared to the eight month period ending December 31, 2007.
- Total expenses for the year ending December 31, 2008 were $4,819,597; a decrease of approximately 10% when compared to the eight month period ending December 31, 2007.
- The Company drilled and completed 6 successful new wells on its Chautauqua Lake acreage in western New York. These wells are primarily responsible for the significant increase in revenues from oil and gas sales realized by the Company.
- The Company completed the sale to Canadian Phoenix Resources of its 50% interest in a joint venture relating to petroleum and natural gas rights on the Tsuu T'ina First Nation Reserve, located SW of Calgary, Alberta.
- The Company has spudded a deep stratigraphic test well on its Chautauqua Lake property. This well is being drilled to the basement (7,700') in conjunction with the New York State Energy Research and Development Authority's (NYSERDA).
- The Company successfully conducted a large acid stimulation in the Elkton formation in its previously drilled 16-21 well in the Chambers play, northwest of Calgary, Alberta. The well tested a peak production rate of 4.8 MMcf/d (million cubic feet per day) and a final flow rate of 2.3 MMcf/d. The well is currently shut-in for a mandatory pressure buildup test. The Elkton formation is believed to exist over a large portion of the Company's acreage and, based on continued success, could give rise to over 30 new drilling locations. A pipeline must be run from the well to the Conoco Phillips sales line before gas sales can begin.
Joseph Frantz Jr., President and CEO of Unbridled Energy said, "The Company made significant progress in 2008 and the first few months of 2009. Despite tumultuous times, we have remained focused on our business and growth strategy. The new wells on our Chautauqua Lake acreage have significantly increased our revenue stream and allowed us to pursue several projects that are important to Unbridled Energy."
Mr. Frantz continued, "We previously announced four projects that Unbridled intends to complete in the first half of 2009; one of which was to conduct the acid stimulation in the Elkton formation on the 16-21 well in Canada, the results of which certainly met our expectations. Another project is the basement test on Chautauqua Lake acreage. This well is currently being drilled and we anticipate results within the next couple of weeks. Additionally, we intend to test two shale formations; the 2nd White Specs in Alberta and the Rhinestreet in New York. We expect to commence operations on have these projects sometime during the third quarter. These shale plays have the potential to add significant new reserves to the Company."