CALGARY, ALBERTA–(Marketwired – Aug. 28, 2014) – Contact Exploration Inc. (“Contact” or the “Company“) (TSX VENTURE:CEX) is pleased to announce that it has today filed its interim consolidated condensed financial statements for the quarter ended June 30, 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.
Quarterly Summary
| June 30, 2014 $ |
June 30, 2013 $ |
|
| Petroleum and natural gas revenues | 3,112,887 | 2,033,517 |
| Net income | 1,086,542 | 451,845 |
| Income (loss) per diluted share | 0.004 | 0.002 |
| Cash flow from operating activities | 3,061,271 | 1,775,328 |
| Total assets | 65,411,891 | 33,673,101 |
First Quarter Highlights
The well, located at 02/14-30-63-5W6 (the “02/14-30 Well“), was completed, equipped and tied in April 2014. Production has been restricted due to high liquid volumes, including both condensate and water, from this well and Contact continues to investigate artificial lift options to effectively produce the high volumes of liquids from the 02/14-30 Well.
Contact also finalized the drilling of the well located at 8-20-63-5W6 which began in March 2014, drilled 2-18-63-5W6 in the latter part of April 2014 and beginning of May 2014, and moved on to the 9-20-63-5W6 location, which well was spud in late May 2014 and continued drilling until quarter end.
In June 2014, the Company completed a non-brokered private placement consisting of 10,256,411 common shares at $0.39 per share and 13,700,000 common shares issued on a Canadian Development Expense flow through basis at $0.445 per share for aggregate gross proceeds of approximately $10.09 million.
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.
Steve Harding
President and CEO
Contact Exploration Inc.
(403) 771-1091
(403) 695-3915 (FAX)
sharding@contactexp.com
www.contactexp.com