This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.Here is a sample of this item:Advantage Oil & Gas loses $53.29-million in Q3 2009-11-13 10:16 ET - News Release An anonymous director reports ADVANTAGE ANNOUNCES THIRD QUARTER 2009 RESULTS, CONTINUED SUCCESS AT GLACIER AND A 44% REDUCTION IN DEBT OBLIGATIONS
Advantage Oil & Gas Ltd. has released its operating and financial results for the third quarter ended Sept. 30, 2009.
Advantage reduced its debt obligations by 44 per cent and strengthened its balance sheet through the completion of an equity financing and the closing of two asset dispositions. Success continued at the company's Montney natural gas resource play at Glacier, Alta., with strong well results, capital cost reductions and approval of a new 50-million-cubic-foot-per-day gas plant that is now under construction.
Financial
Funds from operations strengthened through hedging gains, lower royalty
rates and continued reductions in operating costs
Funds from operations of $42.1-million for the third quarter of 2009
were supported by strong hedging gains, lower royalty rates and lower
operating costs. Funds from operations decreased 55 per cent from the same
period in 2008 due to the sale of approximately 8,100 barrels of oil equivalent per day during
the third quarter and significantly lower commodity prices compared with the high oil and natural gas prices realized during the third
quarter of 2008.
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