Press release from Marketwire
Blackdog Resources Ltd. Announces Year Over Year Q2 Revenue Increase of 161%
Thursday, September 01, 2011
Blackdog Resources Ltd. Announces Year Over Year Q2 Revenue Increase of 161%08:00 EDT Thursday, September 01, 2011CALGARY, ALBERTA--(Marketwire - Sept. 1, 2011) - Blackdog Resources Ltd. ("Blackdog" or the "Company") (TSX VENTURE:DOG) is pleased to provide an update on its Q2, 2011 for the period ending June 30, 2011. Selected highlights of the Company's results are as follows:Revenue increased to $1,062,906 (2010 - $406,848). This represented a year over year Q2 increase of 161%.Barrels of oil ("bbls") per day increased to 115 bbls (2010 - 63). This represented a year over year Q2 increase of 155%.Operating netbacks increased to $346,833 (2010 - $182,073). This represented a year over year Q2 increase of 90%.Funds flow from operations increased to $189,066 (2010 - $3,462). This represented a year over year Q2 increase of 5,361%.The Company recorded a quarterly profit of $22,069 which reversed a loss of ($118,695) during Q2, 2010.General and administrative costs decreased to $141,028 (2010 - $170,082). This represented a year over year Q2 decrease of 17%.Applied for drilling royalty credits rebates from the Ministry of Energy in Alberta net to the Company of approximately $265,000. These credits are not reflected in the Q2 financial statements. Subsequent to the end of the second quarter, the Company received its first payment in the amount of $79,500 from the Ministry of Energy.David A. Corcoran, President of Blackdog commented, "The second quarter of 2011 was a quarter full of ups and downs for both the Company and the oil patch generally in the Western Canadian Sedimentary Basin ("WCSB"). The month of April was Blackdog's strongest month in its history for revenue and cash flow, however starting in the middle of May a series of incidents impacted our production for the rest of the quarter. This included but was not limited to the large scale forest fire in the Slave Lake area of Alberta which shut in our Evi Slave Point property for 5 weeks, torrential rains in both South East Saskatchewan and North West Alberta which at one time or another shut in all our properties and made certain roads impassable which hampered the ability of the Company to deliver its production to market, plus third party pipeline spills and breaks which also limited the Company's ability to get produced product to market. Despite these setbacks, the Company once again delivered excellent results with its third consecutive quarter of over $1,000,000 in revenue and continued its strong growth in production, operating netbacks, revenue and funds flow from operations as compared to Q2, 2010. The Company continued to maintain its focus on costs, and during this period of 161% growth in revenue, decreased its general and administrative costs by 17%. The Company believes that without these extraordinary series of setbacks Company revenue, production and cash flow would have been much higher for the quarter. We invite our shareholders and other interested parties to read a comprehensive breakdown of our Q2 operations in our Financial Statements and Management Discussion and Analysis which are posted on www.sedar.com. Blackdog is planning an active fall and winter drilling season and we expect to announce more news to this effect in a timely manner." Blackdog Resources Ltd. is a junior oil and gas Company focused on the development of light and medium oil with producing assets in South East Saskatchewan and Alberta. The Company has 24,574,318 common shares outstanding. Certain information regarding Blackdog in this news release, including management's assessment of future plans and operations, may constitute forward looking statements under applicable securities laws and necessarily involve risks including, without limitation, risks associated with oil and gas exploration, development, production, marketing and transportation, loss of markets, volatility of commodity prices, imprecision of reserve estimates, environmental risks, competition from other producers, unexpected decline rates in wells, wells not performing as expected, delays resulting from or inability to obtain required regulatory approvals and ability to access sufficient capital from internal and external sources. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements. Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on these and other factors that could affect Blackdog's operations and financial results are included in reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com). The forward-looking statements or information contained in this news release are made as of the date hereof and Blackdog does not undertake any obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws. FOR FURTHER INFORMATION PLEASE CONTACT: David A. CorcoranBlackdog Resources Ltd.President(403) email@example.comNeither the 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 the accuracy of this release.