Nordic Oil and Gas announces 2007 second quarter and first half results
WINNIPEG Nordic Oil and Gas Limited announced today August 30, 2007 in Winnipeg, Canada that the Company's financial results from operations for its second quarter and six months ended June 30, 2007. Reporting all financial amounts referenced in their statements are amounts referenced herein are in Canadian dollars.
WINNIPEG Nordic Oil and Gas Limited announced today August 30, 2007 in Winnipeg, Canada that revenue from natural gas and Coal Bed Methane sales for the six-month period (including liquids and transport revenue and interest revenue) totaled $364,568, down slightly from the $387,217 reported for same period in 2006. WINNIPEG Nordic Oil and Gas Limited Revenue for the three-month period ended June 30, 2007 totaled $175,429 down approximately $14,000 over the Q1 2007 total, but an increase of about $15,000 over the 2006 Q2 total. WINNIPEG Nordic Oil and Gas Limited The marginal decline in quarter over quarter revenue totals was due to a 5% drop in natural gas prices during the period under review, coupled with the fact that the Company's 15-12 well, which is awaiting a fluid lift system, recorded very little production.
WINNIPEG Nordic Oil and Gas Limited reported that their Cash, including term deposits and accounts receivable for the first six months of the year totaled $9,876 compared to $377,669 for the same period in 2006. In addition, net cash flow from operating activities (cash received from operators minus cash paid to suppliers and for royalties) was down for the first half of 2007 to $182,877 as compared to $204,269, and was down for the quarter ended June 30, 2007, to $66,578.
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