CALGARY, ALBERTA–(Marketwired – July 28, 2014) – Contact Exploration Inc. (“Contact” or the “Company“) (TSX VENTURE:CEX) is pleased to announce that it has today filed its audited consolidated condensed financial statements for the year ended March 31, 2014 and the related management’s discussion and analysis (“MD&A“) on the Company’s profile on the System for Electronic Document Analysis and Retrieval (“SEDAR“) website at www.sedar.com.
Year End Summary
|Petroleum and natural gas revenues||9,078,669||4,137,099||3,637,857|
|Net income (loss)||2,802,733||2,091,473||(4,013,722||)|
|Income (loss) per diluted share||0.012||0.010||(0.027||)|
Contact experienced significant growth during the 2014 fiscal year, with petroleum and natural gas revenues more than doubling and total assets increasing by more than 50% when compared to the 2013 year end.
Fourth quarter Highlights
- Contact completed and commissioned its compression and condensate stabilization facility located at 16-7-63-5W6. The facility has since demonstrated the ability to receive up to 14 mmcf/d of natural gas production and associated condensate production which can be expanded as required.
- Contact drilled its first well in the Upper Montney D4 interval located at 02/14-30-63-5W6 (the “02/14-30 Well”). Subsequent to year end, the well was completed and tied in to existing infrastructure.
- Contact began drilling the first well on its three-well pad site with drilling continuing through year end. All three wells have been successfully drilled and completion operations are currently underway.
- Contact’s credit facilities were increased in the quarter to $7.7 million including a $4.5 million operating facility and a non-revolving acquisition and development demand loan of $3.2 million, and again subsequent to year end to an aggregate of 9.7 million.
- Contact was included in the 2014 TSX Venture 50® as one of the top 10 performing companies in the oil and gas sector
About Contact Exploration Inc.
Contact Exploration Inc. is a public oil and gas company which has a long-term history of operating in Atlantic Canada and has recently demonstrated success in Alberta’s liquids-rich Montney Formation tight gas play. For more information, please see the Company’s website: www.contactexp.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
President and CEO
(403) 695-3915 (FAX)