Mr. Peter Boswell reports
SAHARA ENERGY LTD. ANNOUNCES REFILING OF ITS JUNE 30, 2010 MANAGEMENT'S
DISCUSSION AND ANALYSIS
Sahara Energy Ltd. has amended and restated its management's discussion and analysis for the period ending June 30, 2010. The material amendments to the management's discussion and analysis resulted in the following changes:
- The indebtedness referred to in the last sentence in the second paragraph under corporation overview and principal business risks was changed from $1,822,848 to $1,828,848.
- The table under royalties was changed as shown in an attached table here.
AS PREVIOUSLY REPORTED
Three months ended Six months ended
June 30, June 30,
2010 2009 2010 2009
Royalties $ 6,385 $ 34,679 $ 33,195 $ 43,447
As a percentage of oil
and natural gas revenue 9.95 14.48 11.59 9.84
Per boe* (6-to-1) ($) 5.32 5.95 6.55 4.37
*barrel of oil equivalent
RESTATED
Three months ended Six months ended
June 30, June 30,
2010 2009 2010 2009
Royalties $ 3,749 $ 34,679 $ 30,559 $ 43,447
As a percentage of oil
and natural gas revenue 5.84 11.70 10.67 9.84
Per boe* (6-to-1) ($) 3.12 5.96 6.03 4.37
*barrel of oil equivalent
3. The following was added as the second-last sentence under production expenses: "Excluding the credit of approximately $60,000, Sahara's
operating costs for the second quarter would have been $30,926 or $25.75
per boe." The table under operating netback was changed as shown in an attached table here.
AS PREVIOUSLY REPORTED
Three months ended Six months ended
June 30, June 30,
($ per boe) 2010 2009 2010 2009
Revenue $ 53.40 $ 50.79 $ 56.49 $ 44.40
Royalties 5.32 5.94 6.55 4.37
Production expenses (24.26) 30.37 26.52 30.60
Field netback 72.34 14.48 23.42 9.43
RESTATED
Three months ended Six months ended
June 30, June 30,
($ per boe) 2010 2009 2010 2009
Revenue $ 53.40 $ 50.87 $ 56.49 $ 44.44
Royalties 3.12 5.96 6.03 4.37
Production expenses (24.26) 30.42 26.52 30.63
Field netback 74.54 14.49 23.94 9.44
4. The table under depletion depreciation and accretion (DD&A) was changed
as shown in an attached table here.
AS PREVIOUSLY REPORTED
Three months ended Six months ended
June 30, June 30,
2010 2009 2010 2009
Depletion and depreciation $ 26,840 $ (90,640)$ 100,724 $ 1,064,357
Per boe (6-to-1) 22.34 (20.43) 19.87 48.82
Accretion ($) 8,647 2,149 17,294 16,589
Per boe (6-to-1) 7.20 0.48 3.41 0.76
RESTATED
Three months ended Six months ended
June 30, June 30,
2010 2009 2010 2009
Depletion and depreciation $ 26,840 $ 574,702 $ 100,724 $ 760,100
Per boe (6-to-1) 22.34 98.69 19.87 76.51
Accretion ($) 8,647 (6,547) 17,294 23,456
Per boe (6-to-1) 7.20 (1.12) 3.41 2.36
5. Certain figures in the last table under quarterly summary were changed
as shown in an attached table here.
As previously
reported Restated
2010 Q2
Operating
Royalties $ 6,385 $ 3,749
Revenues, net of royalties 57,755 60,391
Operating income ($) 86,900 89,536
G&A*/other expenses ($) 122,834 150,692
$ per boe
Royalties 5.32 3.12
Netback 72.34 74.54
*general and administrative
© 2026 Canjex Publishing Ltd. All rights reserved.