C1 Energy Ltd.
TSX : CTT

C1 Energy Ltd.

May 12, 2005 08:30 ET

C1 Energy Ltd. Announces First Quarter Results

CALGARY, ALBERTA--(CCNMatthews - May 12, 2005) - C1 Energy Ltd. (TSX:CTT) of Calgary, Alberta is pleased to report its operating and financial results for the three months ended March 31, 2005.

FIRST QUARTER HIGHLIGHTS

During the first quarter of 2005, C1 accomplished the following:

- Achieved 1,240 boe/d first quarter exit production, exceeding target of 1,200 boe/d

- Drilled 16 wells with an average 81% success rate

- Established low risk "behind pipe capacity" production additions for 2005 of 475 boe/d

- Increased exit 2005 production target from 1,600 boe/d to 1,900 boe/d, a 19% increase

- Maintained 2005 capital budget of $17.0 million



FINANCIAL AND OPERATING HIGHLIGHTS
For the Three Months Ended
March 31
(Unaudited) 2005 2004
------------------------------------------------------------------------
Financial ($000s, except share information)
Petroleum and natural gas sales 3,176 1,572
Cash flow from operations (1) 1,316 798
Per share basic and diluted $0.05 $0.04
Net income (loss) (88) 2,565
Per share basic and diluted $0.00 $0.14
Capital expenditures, net 11,812 8,828
Net debt 5,883 (995)
Total assets 54,600 31,538
Shareholders' equity 42,133 24,551
Common shares outstanding (000s) 27,612 17,755

------------------------------------------------------------------------
Operations
Crude oil and NGL's production
Barrels 35,266 25,596
Barrels per day 392 281
Average selling price ($/bbl) 61.01 44.51
WTI (US $/bbl) 50.70 34.97

Natural gas production
Thousand cubic feet 158,219 67,239
Thousand cubic feet per day 1,758 739
Average selling price ($/mcf) 6.47 6.28

Oil equivalent production
Barrels of oil equivalent 61,636 36,803
Barrels of oil equivalent per day (6:1) 685 404
Average selling price ($/boe) 51.52 42.71
Average operating netback ($/boe) 29.10 25.76

Wells drilled
Gross 16 5
Net 10.7 3.7

(1) The Company, in part, evaluates its performance based on cash flow
from operations. Cash flow from operations is a non-GAAP measure
that represents cash generated from operating activities before
changes in non-cash working capital items during the period. Cash
flow from operations may not be comparable to similar measures used
by other companies.


OPERATIONS REVIEW

Drilling Activity

Our first quarter 2005 program included the drilling of 16 (10.7 net) wells providing the following results:

- 12 gross (7.2 net) cased potential gas wells, of which one (1.0 net) gas well is on production, five (2.7 net) wells are to be completed and tested in the second and third quarters of 2005, six (3.5 net) wells have been initially tested and will be completed in the first quarter of 2006

- One (1.0 net) oil well which was producing at the end of the first quarter

- Exploration drilling accounted for 10 (7.2 net) wells at an 80% success rate

- Development drilling accounted for six (3.5 net) wells at an 83% success rate



Three Months Ended March 31, 2005
Exploration Development Total
------------------------------------------------------------------------
Gross Net Gross Net Gross Net
------------------------------------------------------------------------
Oil 1 1.0 - - 1 1.0
Gas 6 3.7 6 3.5 12 7.2
D&A 1 0.5 2 2.0 3 2.5
------------------------------------------------------------------------
Total 8 5.2 8 5.5 16 10.7
------------------------------------------------------------------------


Three Months Ended March 31, 2004
Exploration Development Total
------------------------------------------------------------------------
Gross Net Gross Net Gross Net
------------------------------------------------------------------------
Oil 2 1.2 - - 2 1.2
Gas 2 1.5 - - 2 1.5
D&A 1 1.0 - - 1 1.0
------------------------------------------------------------------------
Total 5 3.7 - - 5 3.7
------------------------------------------------------------------------


Production Summary

Our production for the first quarter of 2005 averaged 685 boe/d comprised of 392 bbls/d of light oil and 1,758 mcf/d of natural gas. This represents an increase of 70% compared to production of 404 boe/d during the first quarter last year and an increase of 33% from last quarter. The increased production is primarily related to the acquisition of Extreme Energy in December 15, 2004. Average production was less than our 2004 exit production of 750 boe/d primarily due to capacity constraints and shut-downs at third party pipelines and plant facilities during the period. In March, we implemented mechanical safeguards into the gathering system at Chipmunk to assure that C1's gas production would not impede the production of the pipeline operator's gas. C1's gas production had been restricted previously. As well, our oil production at Seal was reduced due to mechanical problems on several pumping oil wells combined with capacity limitations at our Seal battery. We have initiated a substantial battery modification to increase capacity and will embark on a thorough well-by-well optimization program this summer to ensure the reliability of the pumping equipment.

Our first quarter exit production rate increased to 1,240 boe/d, exceeding our previous production target of 1,200 boe/d. This is a 140% increase over average fourth quarter 2004 production and a 65% increase from our 2004 exit production rate. Our first quarter exit production additions are comprised of:

- Production additions related to two (2.0 net) wells drilled in the first quarter at Blueberry and Gift Lake were approximately 320 boe/d

- Production additions related to the tie-in of two (1.5 net) Chipmunk gas discoveries drilled in the first quarter of 2004 were approximately 170 boe/d

- Current production is 56% gas and 44% light oil.

C1 expects to realize the full production potential of our first quarter drilling program through the remainder of 2005 and early 2006 as we complete and evaluate the balance of 11 new wells. These yet-to-be completed wells are not included in our above "behind pipe capacity" estimates of an additional 475 boe/d.

Outlook

Our drilling operations will continue after spring breakup with a program of eight to 12 (6.0 to 8.0 net) new wells. This program will encompass light oil exploration and development drilling at Gift Lake, multi-zone exploration gas drilling at Blueberry as well as exploration and development drilling at Hobbema, Sarcee and Cache. Facility modification and optimization related to our "behind pipe capacity" will begin in the second quarter of 2005 at Gift, Chipmunk, Blueberry, Sarcee and Seal. A portion of this work will require temporary production interruptions during the second and third quarters.

C1's inventory of projects provides the Company and its shareholders with a strong multi-level potential for growth in the near and long term. For the remainder of 2005 and early 2006 C1's projects provide these opportunities for growth:

- Production and reserve additions from "behind pipe capacity"

- Production and reserve additions from cased but untested wells

- Production and reserve additions from eight to 12 (6.0 to 8.0 net) new wells remaining in the 2005 drilling program

- Production and reserve additions related to behind pipe additions in first quarter of 2006.

MANAGEMENT'S DISCUSSION AND ANALYSIS



Capital Expenditures
For the Three Months Ended March 31
($000s) 2005 2004
------------------------------------------------------------------------
Drilling and completions $ 8,596 $ 6,584
Land 417 161
Equipment and facilities 1,741 1,233
Geological & geophysical 884 313
Asset retirement obligations 115 46
Capitalized general and
administration expenses 48 50
Acquisitions - 440
Other 11 -
------------------------------------------------------------------------
Total capital expenditures 11,812 8,828
------------------------------------------------------------------------
------------------------------------------------------------------------


Capital expenditures were $11.8 million in the first quarter compared to $8.8 million over the same period a year ago. Capital expenditures mainly revolved around an active, 16 well winter drilling program primarily in the Gift Lake, Blueberry and Haro areas along with completion and tie-in activities in Chipmunk. C1 also completed a new 3D seismic program on the Utikoomak First Nation lands situated next to the Gift Lake Settlement that will potentially extend the Granite Wash sand fairways where the "G" Pool discovery was made.

The capital program for 2005 is currently budgeted for $17.0 million.

CAPABILITIES

Funding of Capital Program

Capital expenditures for the three months ended March 31, 2005 were $11.8 million. These expenditures were funded primarily by cash flow and available working capital.

Working Capital

C1 had a working capital deficiency of $5.9 million at March 31, 2005. This represents a decrease in working capital of $10.3 million from year-end and was a direct result of the large capital expenditure program C1 undertook in the first quarter.

Bank Facilities

C1 has $8.5 million of credit facilities available with a Canadian chartered bank. The facilities are composed of a $7.0 million revolving demand loan plus a $1.0 million non-revolving acquisition/development demand loan. The interest rate on outstanding debt is set at the bank's prime lending rate plus 0.5% and 1.0%, respectively. The facilities are secured by a floating charge over all of C1's assets. No amount was outstanding at March 31, 2005.

Share Capital

At March 31, 2005, C1 had 27,631,408 shares issued and outstanding an increase of 22,000 compared to year-end December 31, 2004 due to the exercise of stock options. The weighted average number of common shares outstanding for the period was 27,611,608.



SUMMARY OF OPERATIONS AND FINANCIAL HIGHLIGHTS

Three Months Ended March 31 2005 2004
------------------------------------------------------------------------
Operations
Natural gas (mcf/d) 1,758 739
Oil and NGL's (bbls/d) 392 281
Boe/d (6:1) 685 404
------------------------------------------------------------------------
Financial ($000s except per
unit amounts) $ $/boe $ $/boe
------------------------------------------------------------------------
Oil and gas production 3,176 51.52 1,572 42.71
Royalties (net of ARTC) (733) (11.89) (300) (8.16)
Operating (575) (9.32) (313) (8.51)
Transportation (75) (1.21) (11) (0.28)
------------------------------------------------------------------------
Operating netback 1,793 29.10 948 25.76
General and administrative (477) (7.74) (142) (3.83)
Current taxes - - (8) (0.22)
------------------------------------------------------------------------
Cash flow from operations 1,316 21.36 798 21.71
Depletion and depreciation (1,146) (18.59) (967) (26.28)
Stock-based compensation (149) (2.42) (152) (4.14)
Future tax expense (109) (1.77) 2,886 78.42
------------------------------------------------------------------------
Net income (loss) (88) (1.42) 2,565 69.71
------------------------------------------------------------------------
------------------------------------------------------------------------
Earnings (loss) per share 0.00 0.14
--------------------------------------------------------------
--------------------------------------------------------------

Working capital (5,883) 994
Total assets 54,600 31,538
--------------------------------------------------------------
--------------------------------------------------------------



RESULTS OF OPERATIONS

Oil and Gas Production
Three Months Ended March 31 2005 2004
($000's)
------------------------------------------------------------------------

Crude oil and NGL sales 2,152 1,139
Natural gas sales 1,024 422
------------------------------------------------------------------------
Total petroleum and natural gas sales 3,176 1,561
------------------------------------------------------------------------
------------------------------------------------------------------------

Average Selling Prices
Three Months Ended March 31 2005 2004
------------------------------------------------------------------------
Crude oil ($/bbl) 61.01 44.93
Natural gas ($/mcf) 6.47 6.28
Total average realized price ($/boe) 51.52 42.72
------------------------------------------------------------------------
------------------------------------------------------------------------


Crude Oil Pricing

C1 received $61.01/bbl for its crude oil and NGL's for the period compared to $44.93 last year. Crude prices were 8% higher than the fourth quarter 2004 price of $56.52. West Texas Intermediate prices have remained strong into the first quarter of 2005, averaging more than US $50.00/bbl and are generally forecast to remain strong for the balance of the year. The high crude oil prices continue to be bolstered by strength in world oil demand and low levels of spare production capacity worldwide.

Natural Gas Pricing

C1 received a price of $6.47/mcf for its natural gas production for the period compared to $6.28/mcf over the same period last year and $6.30/mcf for the last quarter. C1 markets its gas to a third party based on the daily index price at AECO.

Royalties

Royalties net of ARTC were $0.7 million for the quarter ($11.89/boe) compared to $0.3 million ($8.16/boe) for the first quarter last year. Royalties were also higher than last quarters' royalties of $0.5 million ($10.32/boe). Royalty burdens for C1 remain predominantly crown. For the period, crown royalties before ARTC averaged 20.0% and freehold and other royalties averaged 0.6% of total revenue.

Operating Expenses

Operating costs for the quarter were $0.6 million ($9.32/boe) compared to $0.3 million ($8.51/boe) last year and $0.5 million ($11.06/boe) for the last quarter. Operating costs per boe in the Gift Lake and Seal areas remained high due to a low production base in the first quarter. With increasing production from the waterflood in Gift Lake and battery modifications in Seal during the second quarter, costs per boe should begin to decline over the balance of the year. Operating costs were also high in certain properties obtained in the Extreme acquisition. The Company is considering the sale of certain non-core high operating cost production that should have a positive affect on overall operating costs.

Transportation

Transportation costs were $75,000 for the three month period ($1.21/boe) compared to $11,000 ($0.28/boe) over the same period a year ago and a small recovery last quarter.

General and Administrative Expenses

General and administrative expenses were $0.5 million for the quarter ($7.74/boe) compared to $0.2 million ($4.63/boe) for the same period last year and $0.2 million ($4.51/boe) last quarter. Costs were higher compared to last quarter as most of our staff additions last quarter did not occur until November and we hired an additional staff member in February, 2005. Costs were also higher in the first quarter primarily due to expenses associated with integrating the Extreme acquisition.

Stock-based Compensation

Stock-based compensation was $149,000 ($2.42/boe) for the quarter, similar to last years' charge of $152,000 ($4.14/boe) and $194,000 ($4.09/boe) last quarter. This represents a non-cash charge resulting from applying a Black-Scholes model to determine the fair value of the Performance Shares and options that were issued. The charge is amortized over the respective vesting periods.

Depletion, Depreciation and Accretion

Depletion, depreciation, and accretion amounted to $1.1 million ($18.59/boe) for the quarter compared to $1.0 million ($26.28/boe) last year and $0.7 million ($13.73/boe) last quarter. Depletion was higher this quarter primarily due to capital spending on wells that have not been completed and production tested and, therefore, do not have proved reserves assigned to them. Reserves associated with the first quarter drilling program will be recognized over the balance of 2005 and 2006.

Capital and Income Taxes

C1 has made no accrual for capital taxes this quarter due to a higher exemption limit compared to $8,000 last year.

Future tax expense was $109,000 for the quarter compared to $2.9 million of future tax benefits recorded during the same period last year. The effective tax rate is higher than the statutory rate of 38% as a result of non-deductible expenses such as stock-based compensation and crown royalties only partially offset by the resource allowance deduction. Last year's recovery resulted from recognizing future tax benefits due to the renunciation of $7.3 million of resource expenditures to flow through shareholders during the quarter. The future tax asset of $2.0 million at December 31, 2004 has been reversed to a liability position of $2.0 million at March 31, 2005 primarily due to the renunciation of $9.9 million of resource expenditures to flow-through shareholders during the first quarter.

Cash Flow from Operations and Net Loss

Cash flow from operations was $1.3 million for the quarter compared to $0.8 million last year. We had a net loss of $88,000 for the period, $0.00/share compared to net income for the same period last year of $2.6 million, or $0.14/share.

Additional information relating to the Company can be found on SEDAR at http://www.sedar.com.

Forward Looking Statements

This disclosure contains forward looking statements that involve substantial known and unknown risks and uncertainties, certain of which are beyond C1's control, including: the impact of general economic conditions in Canada and the United States, industry conditions, changes in laws and regulations including the adoption of new environmental laws and regulations and changes in how they are interpreted and enforced, increased competition, the lack of availability of qualified personnel or management, fluctuations in foreign exchange or interest rates, stock market volatility and market valuations of companies with respect to announced transactions and the final valuations thereof, and obtaining required approvals of regulatory authorities. C1's actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward looking statements will transpire or occur, or if any of them do so, what benefits, including the amount of proceeds, that C1 will derive therefrom.

Financial statements for the three months ended March 31, 2005 and 2004 are attached.



C1 ENERGY LTD.

Balance Sheet
As at March 31
(dollars in thousands) (Unaudited)
------------------------------------------------------------------------

March 31 December 31
2005 2004

-----------------------
ASSETS

Current assets
Cash and cash equivalents $ 878 $ 6,930
Accounts receivable 2,907 3,754
Prepaid expenses 202 80
-----------------------
3,987 10,764

Property and equipment (note 2) 44,833 34,158
Goodwill 5,780 5,780
Future income tax asset (note 6) - 1,983
-----------------------
$ 54,600 $ 52,685
-----------------------
-----------------------

LIABILITIES

Current liabilities
Accounts payable and accrued liabilities $ 9,869 $ 6,296


Asset retirement obligations 660 536

Future income tax liability (note 6) 1,937 -
-----------------------
12,467 6,832
-----------------------

SHAREHOLDERS' EQUITY

Share capital (note 4) 38,295 42,072
Warrants 91 91
Contributed surplus (note 4) 844 699
Retained earnings 2,903 2,991
-----------------------
42,133 45,853
-----------------------
$ 54,600 $ 52,685
-----------------------
-----------------------

See accompanying notes to the financial statements.


C1 ENERGY LTD.

Statement of Operations and Retained Earnings (Deficit)
For the three months ended March 31
(dollars in thousands except per share amounts) (Unaudited)
------------------------------------------------------------------------

March 31 March 31
2005 2004
-----------------------

Revenue
Petroleum and natural gas sales $ 3,176 $ 1,572
Royalties, net of Alberta Royalty Tax Credit (733) (300)
-----------------------
2,443 1,272
-----------------------


Expenses
Operating 575 313
Transportation 75 11
General and administrative 477 142
Stock-based compensation (note 4) 149 152
Depletion, depreciation and accretion 1,146 967
-----------------------
2,422 1,585
-----------------------

Income (loss) before income taxes 21 (313)
-----------------------

Income taxes
Current - 8
Future (recovery) 109 (2,886)
-----------------------
109 (2,878)
-----------------------

Net income (loss) (88) 2,565

Retained earnings (deficit), beginning of period 2,991 (3,060)

-----------------------
Retained earnings (deficit), end of period $ 2,903 $ (495)
-----------------------
-----------------------

Earnings (loss) per common share
- Basic and diluted $ 0.00 $ 0.14
-----------------------
-----------------------

See accompanying notes to the financial statements.


C1 ENERGY LTD.

Statement of Cash Flows
For the three months ended March 31
(dollars in thousands) (Unaudited)
------------------------------------------------------------------------

March 31 March 31
2005 2004
-----------------------
Cash provided by (used in)


Operating activities
Net income (loss) $ (88) $ 2,565
Add:
Future income taxes (recovery) 109 (2,886)
Depletion, depreciation and accretion 1,146 967
Stock-based compensation 149 152
-----------------------
Cash flow from operations 1,316 798

Net change in non-cash working capital (note 7) (3,108) 3,293
-----------------------
(1,792) 4,091
-----------------------
Investing activities
Property and equipment expenditures (11,697) (8,782)
Net change in non-cash working capital (note 7) 7,406 704
-----------------------
(4,291) (8,078)
-----------------------
Financing activities
Issuance of common shares 55 -
Share issue costs (24) (2)
-----------------------
31 (2)
-----------------------

Net change in cash and cash equivalents (6,052) (3,989)

Cash and cash equivalents, beginning of period 6,930 9,960
-----------------------

Cash and cash equivalents, end of period $ 878 $ 5,971
-----------------------
-----------------------

See accompanying notes to the financial statements.

C1 ENERGY LTD.

Notes to the Financial Statements
For the three months ended March 31, 2005 and 2004
(tabular dollar amounts in thousands except per share amounts)


1. BASIS OF PRESENTATION

The interim financial statements have been prepared following the same accounting policies and methods of computation as the audited financial statements for the year ended December 31, 2004. The interim financial statements should be read in conjunction with the financial statements and the notes thereto in the Company's annual report for the year ended December 31, 2004.

2. PROPERTY AND EQUIPMENT



March 31, 2005
------------------------------------------------------------------------
Petroleum and natural gas properties and equipment $ 53,728
Accumulated depletion and depreciation (8,895)
------------------------------------------------------------------------
Net book value $ 44,833
------------------------------------------------------------------------
------------------------------------------------------------------------


At March 31, 2005, $17.9 million (March 31, 2004 - $11.2 million) of costs relating to unproved properties and seismic were excluded from costs subject to depletion.

During the three months ended March 31, 2005, $48,000 (March 31, 2004 - $49,900) of general and administrative expenses relating to exploration and development activities were capitalized.

3. BANK LOAN

On March 31, 2005, the Company had $8,500,000 of credit facilities available with a Canadian chartered bank. The facilities are composed of a $7,000,000 revolving demand loan facility plus a non-revolving acquisition/development demand loan. The interest rate on outstanding debt is set at the bank's prime lending rate plus 0.5% and 1.0% respectively. The facilities are secured by a floating charge over all of C1's assets. No amount was outstanding at March 31, 2005.

4. SHARE CAPITAL

a) Authorized

The Company is authorized to issue an unlimited number of common shares and 1,442,000 performance shares.

b) Issued and outstanding



Number of
Common shares shares Amount
------------------------------------------------------------------------

Balance, beginning of period 27,609,408 $42,059
Issued on exercise of stock options 22,000 55
Compensation expense related to options exercised - 4
Tax effect of renunciation of resource
expenditures on flow-through shares (i) - (3,823)
Share issue costs, net of income taxes - (13)
------------------------------------------------------------------------
Balance, March 31, 2005 27,631,408 $ 38,282
------------------------------------------------------------------------
------------------------------------------------------------------------

i) In accordance with the terms of the Company's various flow-through
share offerings, and pursuant to certain provisions of the Income Tax
Act (Canada), the Company renounced, for income tax purposes,
exploration expenditures related to the purchases of its flow-through
shares in the aggregate of $9,900,000.


Number of
Performance shares shares Amount
------------------------------------------------------------------------

Balance, beginning of period 1,344,000 $ 13
------------------------------------------------------------------------
Balance, March 31, 2005 1,344,000 $ 13
------------------------------------------------------------------------
------------------------------------------------------------------------


Contributed surplus Amount
------------------------------------------------------------------------
Balance, beginning of period $ 699
Stock-based compensation 149
Exercise of options (4)
------------------------------------------------------------------------
Balance, March 31, 2005 $ 844
------------------------------------------------------------------------
------------------------------------------------------------------------


c) Stock-based compensation

The Company issued 710,410 options to purchase C1 Common Shares to certain officers and employees during the period and an additional 22,000 options to a former employee of Extreme Energy Corporation, a company acquired by C1 in 2004. The options have a term of five years and vest over three years on the basis of one-third per year at exercise prices of $2.10 and $2.31 per share respectively. The options extended to the former employee of Extreme expire in March 2005 and were exercised during the period. The fair value of each option was determined at the stock option grant date using the Black-Scholes model. The fair value was estimated to be an average of $0.81 per share using a risk free interest rate of 4.0%, volatility of 50%, and an expected life of three years. This value is amortized over the vesting period of the options and is included in stock-based compensation expense.

Additional details on the Company's stock options outstanding at March 31, 2005 are as follows:



Exercise Price Number of Options Contractual Life Options Exercisable
($/share) (000's) (years) (000s)
------------------------------------------------------------------------
1.75 325,000 4.63 years -
1.91 175,000 4.22 years -
1.95 125,000 4.25 years -
2.10 75,000 4.86 years -
2.31 635,410 5.00 years -
------------------------------------------------------------------------
2.08 1,335,410 4.73 years -
------------------------------------------------------------------------
------------------------------------------------------------------------

The activity related to the stock option plan is as follows:


Number of Weighted
options Average Price
------------------------------------------------------------------------
Balance, beginning of period 625,000 1.83
Granted 732,410 2.29
Exercised (22,000) 2.50
------------------------------------------------------------------------
Balance, March 31, 2005 1,335,410 2.08
------------------------------------------------------------------------
------------------------------------------------------------------------


5. EARNINGS PER SHARE

C1 uses the treasury stock method to determine dilution resulting from the issuance of stock options, warrants and other dilutive instruments. The number of shares used to calculate the diluted net income per share for the three months ended March 31, 2005 included the weighted average number of shares outstanding of 27,611,608 plus 1,253,548 shares related to the dilutive effects of the exercise of stock options and the conversion of Performance Shares (March 31, 2004 - 17,754,416 plus 408,742 shares related to the dilutive effect of the conversion of Performance Shares).

6. INCOME TAXES

The components of the future income tax liability (asset) are as follows:



March 31, December 31,
2005 2004
------------------------------------------------------------------------
Future income tax liabilities (assets)
Property and equipment $ 2,581 $ (1,314)
Share issue costs (590) (620)
Resource allowance (54) (49)
------------------------------------------------------------------------
Net future income tax liability (asset) $ 1,937 $ (1,983)
------------------------------------------------------------------------
------------------------------------------------------------------------


7. SUPPLEMENTARY CASH FLOW INFORMATION

Changes in non-cash working capital items increased (decreased) cash and cash equivalents as follows:



Three months Three months
ended ended
March 31, 2005 March 31, 2004
------------------------------------------------------------------------

Accounts receivable $ 847 $ (1,385)
Prepaid expenses (122) 23
Accounts payable and accrued liabilities 3,573 5,359
------------------------------------------------------------------------
Change in non-cash working capital $ 4,298 $ 3,997
------------------------------------------------------------------------

Operating activities $(3,108) $ 3,293
Investing activities 7,406 704
------------------------------------------------------------------------
Change in non-cash working capital $ 4,298 $ 3,997
------------------------------------------------------------------------


There was $7,000 paid during the current period for interest expense (2004 - $nil) and there were no income and capital taxes paid during the same period this year or last.

Contact Information

  • C1 Energy Ltd.
    Hugh Pattillo
    President & CEO
    (403) 232-1115 ext 107
    or
    C1 Energy Ltd.
    Gary Lobb
    Vice-President, Finance & CFO
    (403) 232-1115 ext 106
    Website: http://www.c1energy.ca