Exploitation Of Montney Boosts Celtic Production, Bluesky Potential Being Tested This Year

摘要

A 31% increase in production to 12,059 bbls of oil equivalent per day helped Celtic Exploration Ltd. achieve a 38% rise in cash flow for the three months ended Dec. 31, 2008, despite weakening commodity prices. Oil hedging also boosted the company's results.For all of 2008 Celtic booked record earnings of $44.2 million ($1.10 per share, diluted), record funds from operations of $131.4 million ($3.27 per share, diluted), record production of 11,071 BOE per day, record reserves of 53.2 million BOE and a prudent financial position with debt, net of working capital of $136.6 million or one times trailing funds from operations.