Niko Resources Ltd.
TSX : NKO

Niko Resources Ltd.

November 12, 2008 09:00 ET

Niko Resources Announces 2nd Quarter Financial Results

CALGARY, ALBERTA--(Marketwire - Nov. 12, 2008) - Niko Resources Ltd. (TSX:NKO) reports results for the three and six months ended September 30, 2008.

OPERATIONAL HIGHLIGHTS

Development

- D6 oil production commenced in September 2008 and is currently producing at a rate of 10,000 bbls/d (1,000 bbls/d working interest to the Company). The first cargo sale is expected later this month. Expected peak oil production is 40,000 bbls/d (4,000 bbls/d working interest to the Company).

- Facilities upgrades at Block 9 have resulted in current production of 67 MMcf/d (working interest to the Company), a 45 percent increase compared to the quarter ended September 30, 2008 and a 27 percent increase in Company-wide production. Production is expected to increase again to 80 MMcf/d (working interest to the Company) when an additional well is put on-stream.

- First production from the D6 gas development is targeted for late December. Volumes are expected to ramp-up to 2.8 Bcf/d (280 MMcf/d working interest to the Company).

Exploration

- Additional discovery in the L1 well in the D6 Block.

New Ventures

- In Madagascar, Niko has been confirmed as operator and will earn a 75 percent participating interest in a 16,845 square-kilometre-block.

- In October 2008 the Indonesian government provisionally awarded Niko interests in four offshore blocks covering almost 20,000 square kilometres.



Three months ended Six months ended
September 30, September 30,
Operations 2008 2007 2008 2007
----------------------------------------------------------------------------
Average daily sales volumes
Oil and condensate (bbls/d) 175 296 213 331
Natural gas (Mcf/d) 74,895 85,623 75,964 85,064
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Total combined (Mcfe/d) 75,947 87,400 77,245 87,050

Revenues, royalties and operating
costs ($/Mcfe)
Oil and natural gas revenue 3.59 3.58 3.51 3.56
Pipeline revenue 0.01 0.03 0.01 0.02
Royalties (0.17) (0.17) (0.17) (0.18)
Profit petroleum (0.80) (0.72) (0.77) (0.95)
Operating costs (0.31) (0.34) (0.33) (0.38)
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Operating netback ($/Mcfe) 2.32 2.38 2.25 2.07

Drilling activity
Gross wells 1 8 4 12
Net wells 0.1 2.1 0.4 3.3
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Three months ended Six months ended
September 30, September 30,
Financial Highlights 2008 2007 2008 2007
----------------------------------------------------------------------------
(thousands of dollars)
Petroleum and natural gas sales 25,053 28,763 49,681 56,715
Funds from operations 15,032 26,034 31,259 39,378
Net income (loss) (24,011) (19,387) (17,804) (25,555)
Capital expenditures 104,770 74,146 215,899 136,944
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The selected financial information is prepared in accordance with Canadian generally accepted accounting principles (GAAP), except for "funds from operations" and "operating netback", which are used by the Company to analyze the results of operations. By examining funds from operations, the Company is able to assess its past performance and to determine its ability to fund future capital projects and investments. Funds from operations is calculated as cash flows from operating activities prior to the change in operating non-cash working capital and the change in long-term accounts receivable. Funds from operations is a non-GAAP measure and does not have any standardized meaning prescribed by GAAP and is therefore unlikely to be comparable to similar measures presented by other companies. Operating netback is calculated as the average sales price per thousand cubic feet equivalent (Mcfe), plus pipeline revenue, less royalties, profit petroleum, operating and pipeline expenses per Mcfe, and represents the before-tax cash margin for every Mcfe sold.

The reporting currency of the Company is the Canadian dollar. Amounts presented are in Canadian dollars unless otherwise indicated.

OPERATIONS REVIEW

OPERATIONS UPDATE

India

D6 Block:

Exploration: Drilling of the L1 well, located just outside the Dhirubhai 1 and 3 development area, concluded during the quarter and was the first discovery in the Pleistocene submarine channel complex play. This complex extends over a significant portion of the block. The MK-1 Cretaceous exploration well, located 11 kilometres from the MA oil development, did not encounter commercial hydrocarbons.

Oil Development: Production from the MA discovery commenced in September 2008 and the well is currently producing at a rate of 10,000 bbls/d (1,000 bbls/d working interest to the Company). There were no sales during the quarter as volumes were inventoried. The field is expected to reach its peak estimated oil production rate of 40,000 bbls/d (4,000 bbls/d working interest to the Company) in the second calendar quarter of 2009.

The initial field development costs, excluding the capital cost of the floating, production, storage and off-loading vessel (FPSO) as it is currently being leased, are budgeted at US$1.5 billion (US$150 million net to the Company) and of this amount the Company had spent US$95 million to September 30, 2008. The remainder of the budgeted costs will be spent to drill and tie in four additional wells and, after a period of oil production, to convert some of the oil wells to gas producers.

Gas Development: The Dhirubhai 1 and 3 discoveries are targeted to start producing in late December.

The development plan for the Dhirubhai 1 and 3 gas fields provides for natural gas production at a rate of 2.8 Bcf/d (280 MMcf/d working interest to the Company) envisaged within the first year of production operations. The Phase I initial field development costs are budgeted at US$5.2 billion (US$520 million net to the Company). The Company had spent US$353 million of this amount to September 30, 2008. Twelve of the planned 18 Phase I wells will be tied in after start-up. The development provides flexibility in the critical components of the facilities to increase production to 4.2 Bcf/d (420 MMcf/d working interest to the Company).

The development plan for nine of the natural gas discoveries in the D6 Block has been submitted to the Government of India. The discoveries are adjacent to the Dhirubhai 1 and 3 gas fields that are currently under development. It is intended that these satellite discoveries be tied back to the Dhirubhai 1 and 3 facilities.

NEC-25 Block: The fifth exploration well, the B3 well, was drilled during the prior quarter and well results are under evaluation.
Development plans have been submitted for the six gas discoveries that have been declared commercial by the Indian regulatory authorities.

Cauvery: A total of 915 square kilometres of seismic data have been acquired on the Block. Site construction is underway to drill three locations in calendar 2009.

D4 Block: In the deepwater block, MN-DWN-2003/1 (D4), located in the Mahanadi Basin, analysis of the 2,365-kilometre 2D seismic acquisition program has been completed. Based on the analysis, a further 2,800 kilometre 2D seismic program and a 3,600-square-kilometre 3D seismic program have been undertaken. Once the new seismic data is processed and interpreted, initial drilling locations will be selected, possibly as early as mid-calendar 2009. Drilling is expected to follow shortly thereafter.

Hazira and Surat: The Hazira field is currently producing 47 MMcf/d (16 MMcf/d working interest to the Company). Workovers for onshore wells are ongoing. A new transition 3D seismic program is planned for later in calendar 2008 to explore for deeper oil and gas targets in the eastern half of the Hazira field. Current production from the Surat field is over 8 MMcf/d. This includes production from the three wells drilled in fiscal 2008.

Bangladesh

Block 9: Two wells in Block 9, Bangora-1 and Bangora-5, are currently producing at a combined rate of more than 100 MMcf/d (67 MMcf/d working interest to the Company). Facilities upgrades were completed and have increased capacity to in excess of 120 MMcf/d (80 MMcf/d working interest to the Company). Production is expected to increase to nearly 120 MMcf/d (80 MMcf/d working interest to the Company) when the Bangora-3 well is put on-stream. A condensate plant module is scheduled to be installed and operational by mid-calendar 2009, which will increase condensate yields. Further drilling prospects have been identified south of the producing Bangora structure on the 40-kilometre-long Bangora-Lalmai anticline. Drilling is planned to commence on these prospects when a drilling rig is available.

Feni and Chattak: Production from the Feni field is 3 MMcf/d. Future drilling activities at Feni and Chattak remain postponed pending resolution of overdue payment for gas owed to the Company by the Government of Bangladesh.

Pakistan

Four production sharing agreements (PSAs) were signed in March 2008 and a contract has been awarded to conduct a 3D seismic program of 2,000 square kilometres, with data acquisition commencing in late November 2008.

Kurdistan Region

In May 2008 the Company signed a production sharing contract (PSC) for the Qara Dagh block. Data acquisition of a 350 to 400-kilometre 2D seismic program is expected to commence in late November 2008.

Madagascar

In October 2008 the Company farmed-in to a PSC for a property located off the west coast of Madagascar. The farm-in agreement has been approved by the Office of National Mines and Strategic Industries, which acts on behalf of the Republic of Madagascar.

The joint venture is currently reprocessing 7,600 kilometres of 2D seismic, which is to be followed by a 3D seismic program covering in excess of 2,000 square kilometres.

Indonesia

In October 2008 the Indonesia government provisionally awarded the Company and its partners four blocks covering almost 20,000 square kilometres. The Company will operate two of the blocks and earn a 51 percent working interest. In the other two blocks, which will not be operated by the Company, the Company will earn a 25 percent working interest. Each of the deep-water blocks covers approximately 5,000 square kilometres. These blocks represent prime acreage selected from extensive geologic and geophysical evaluations covering one million square kilometres.

Production

The following table displays working interest production in the quarters ended June 30, 2008 and September 30, 2008 and forecast production for the quarters ended December 31, 2008 and March 31, 2009:



Working Interest
(Daily average) Q1 Actual Q2 Actual Q3 Estimate(1) Q4 Estimate(1)
----------------------------------------------------------------------------
Natural Gas (MMcf/d)
India
D6 - - - 70
Hazira 18 16 15 13
Surat 9 8 8 7
Bangladesh
Block 9 46 46 67 67
Feni 5 4 3 3
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Oil (Bbls/d)
India
D6 - - 1,250 2,000
Hazira 162 96 163 161(2)
Other 90 79 - -
----------------------------------------------------------------------------
Total (MMcfe/d) 79 76 101 173
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(1) Refer to "Forward-looking Information" in the accompanying MD&A for a
description of how forecast production is estimated. Actual production
is expected to be within +/- 10% of the estimated production disclosed
above.
(2) Less than 1 percent of total corporate volumes are from Canadian oil,
Bangladeshi condensate and Hazira condensate production. Therefore the
results from Canadian oil, Bangladeshi condensate and Hazira
condensate production are included in "Other", are not discussed
separately and do not have separate forecasts.


OPERATING EXPENSE OUTLOOK

During the three and six months ended September 30, 2008, operating expenses averaged $0.31/Mcfe and $0.33/Mcfe, respectively. Operating expenses are anticipated to increase slightly in the second half of the year due to the addition of costs related to the commencement of D6 oil production.

CAPITAL EXPENDITURES

The following table displays capital spending during the six months ended September 30, 2008 and forecast capital spending for all of fiscal 2009:



Exploration and Development Spending (Net to the Company)

Six months ended Forecast(1)(2)
($ millions) September 30, 2008 Fiscal 2009
----------------------------------------------------------------------------
India
Cauvery 1.1 2 - 3
D4 1.8 7 - 8
D6 160.5 350 - 370
Hazira 0.2 3 - 4
NEC-25 10.4 12 - 13
Surat - -
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Bangladesh
Block 9 10.7 13 - 14
Chattak & Feni 0.5 1
Pakistan 0.9 31 - 33
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Kurdistan Region 18.2 25 - 27
----------------------------------------------------------------------------
Madagascar - 4 - 5
----------------------------------------------------------------------------
Indonesia 10.6 14 - 15
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Other 1.0 1
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Total 215.9 463 - 494
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(1) Refer to "Forward-looking Information" in the accompanying MD&A for
a description of how forecast capital expenditures are estimated.

(2) Forecast fiscal 2009 is the sum of the actual spending for the six
months ended September 30, 2008 and expected spending for the remainder
of the fiscal year.


India

Cauvery - The Company was awarded the Cauvery Block, which is located in southern Tamil Nadu, in the NELP-V bidding round in 2005. The block is in the exploration phase and has mainly oil potential.

Capital expenditures during the quarter and year-to-date were mainly for the carrying costs of the block. The remaining capital expenditures related to the minimum work program are estimated at US$19.7 million, which must be spent within three years of the issuance of the Production Exploration Licence. Site construction is underway to drill three locations in calendar 2009.

D4 - The Company was awarded a 15 percent interest in the D4 Block, located in the Mahanadi Basin offshore the east coast of India, as part of the NELP-V bidding round in 2005. The block, which is currently in the exploration phase, encompasses more than 17,000 square kilometres. Analysis of a 2,365-kilometre 2D seismic acquisition program has been completed. Based on the analysis, a further 2,800 kilometre 2D seismic program and a 3,600-square-kilometre 3D seismic program have been undertaken. Once the new seismic data is processed and interpreted, initial drilling locations will be selected, possibly as early as mid-calendar 2009. Drilling is expected to follow shortly thereafter. The commitment for Phase I exploration includes seismic work and drilling three exploration wells by September 2009. The Company plans to apply for a three year extension beyond the September 2009 deadline. The seismic work is partially complete and the cost of the remaining work commitment is estimated at US$81.9 million (US$12.3 million net to the Company).

Capital expenditures during the quarter, year-to-date and forecast expenditures for fiscal 2009 are primarily related to the seismic programs described above.

D6 - The Company has a 10 percent working interest in the 7,645-square-kilometre D6 Block. The block was awarded to the Company and its partner in the Government of India's first international bid round in 1999.

Oil Development: Production from the MA discovery commenced in September 2008. There were no sales during the quarter as volumes were inventoried. The initial field development costs, excluding the capital cost of the floating, production, storage and off-loading vessel (FPSO) as it is currently being leased, are budgeted at US$1.5 billion (US$150 million net to the Company) and the Company had spent US$95 million of that amount to September 30, 2008. The remainder of the budgeted costs will be spent to drill and tie in four additional wells and, after a period of oil production, to convert some of the oil wells to gas producers.

Gas Development: The Dhirubhai 1 and 3 discoveries are targeted to commence producing in late December. The Phase I initial field development costs are budgeted at US$5.2 billion (US$520 million net to the Company). The Company had spent US$353 million of that amount to September 30, 2008.

The development plan for nine of the natural gas discoveries in the D6 Block has been submitted to the Government of India. The discoveries are adjacent to the Dhirubhai 1 and 3 gas fields that are currently under development. It is intended that these satellite discoveries be tied back to the Dhirubhai 1 and 3 facilities. No capital related to these discoveries is forecast for fiscal 2009.

Capital expenditures at D6 in the quarter and year-to-date were $75.6 million and $160.5 million, respectively. Spending related primarily to natural gas and oil developments, but also included two exploration wells. Forecast activity for fiscal 2009 includes the continuation of the gas development for the Dhirubhai 1 and 3 natural gas fields, development of the MA oil field and additional exploration drilling.

Hazira - The Company has a 33 percent working interest in the 50-square-kilometre Hazira onshore and offshore block on the west coast of India, which lies adjacent to a large industrial corridor about 25 kilometres southwest of the city of Surat. This field commenced gas production in 1996 and oil production in March 2006.

Capital expenditures in the quarter and year-to-date were primarily related to well recompletions for natural gas wells. Capital expenditures forecast for fiscal 2009 include a new transition 3D seismic program, various well recompletions and upgrading of facilities.

Surat - The Company was awarded rights to the Surat Block in July 2001 and after completion of the exploratory phase retained a development area of 24 square kilometres containing the Bheema and NSA shallow natural gas fields. These fields have been producing natural gas since April 2004.

The remaining capital expenditures required to bring three wells into service were incurred during the year. There is no capital activity planned for fiscal 2009.

NEC-25 - The Company has a 10 percent working interest in the NEC-25 Block, which covers 10,755 square kilometres in the Mahanadi Basin off the east coast of India, and was awarded to the Company and its partner in the Government of India's first international bid round in 1999. Under the production sharing contract (PSC), the Company and its partner have capital commitments for Phase II exploration, which includes seismic and two exploration wells. To date, the Company and its partner have drilled sufficient wells to meet the commitment.

Capital expenditures in the quarter and year-to-date were $3.9 million and $10.4 million, respectively, primarily for the acquisition of 3D seismic and drilling the fifth exploration well, the B3 well. Remaining capital expenditures forecast for fiscal 2009 are for environmental studies.

Development plans have been submitted for the six gas discoveries that have been declared commercial by the Indian regulatory authorities.

Bangladesh

Block 9 - In October 2003 the Company acquired a 60 percent interest in Block 9, a 6,880-square-kilometre onshore block which encompasses the capital city of Dhaka. This field began natural gas production in May 2006 and commerciality was declared in December 2006. The Company and its partner have capital commitments including seismic and drilling three wells and, in certain circumstances, up to 10 wells. The Company and its partner have completed the seismic and have drilled six wells.

Capital expenditures during the quarter and year-to-date were $8.6 million and $10.7 million, respectively. Expenditures were for commencing the tie-in of the Bangora-3 well, for well testing and for upgrading of the production facility. The remaining forecast capital spending for fiscal 2009 includes continued well testing and a production bonus expected to be paid as per the terms of the PSC.

Feni and Chattak - The Feni field covers 43 square kilometres and is located 6 kilometres west of the main natural gas line to Chittagong. The Company has been producing natural gas from the field since November 2004. The Chattak structure covers 376 square kilometres and rights to this block were obtained in October 2003. The upper fault block to the west previously produced from one well, while the down-thrown eastern fault block has not been drilled.

Capital expenditures during the quarter and year-to-date were primarily for carrying costs of the blocks. Future drilling activities at Feni and Chattak have been postponed pending resolution of overdue payment for gas owed to the Company by the Government of Bangladesh.

Pakistan

Four production sharing agreements (PSAs) were signed in March 2008 and a contract has been awarded to conduct a 3D seismic program of 2,000 square kilometres, with data acquisition commencing in late November 2008. The Company has minimum work commitments under Phase I of the initial term and other requirements for the blocks of $8.6 million for each of the four blocks, which must be spent within two years of signing the PSAs.

Capital expenditures of $0.3 million during the quarter and $0.9 million year-to-date were for annual fees required as per the PSAs. Remaining forecast capital expenditures for fiscal 2009 are primarily for seismic acquisition.

Kurdistan Region

In May 2008 the Company signed a PSC for the onshore Qara Dagh block, which covers approximately 846 square kilometres, in the Sulaymaniyah Governorate of the Federal Region of Kurdistan in Iraq. The Company currently has a 36 percent interest and carries the proportionate cost for the government's interest resulting in a 45 percent cost interest. The Company and its partners have minimum commitments of US$16.0 million (US$7.2 million net to the Company) related to seismic and drilling one exploratory well in Kurdistan Region, which must be spent within three years of signing the PSC, and US$11.6 million (US$5.2 million net to the Company) for various payments under the agreement. Data acquisition of a 350 to 400-kilometre 2D seismic program is expected to commence in late November 2008.

Capital expenditures during the quarter and year-to-date were for various bonuses required as per the PSC. Remaining forecast capital expenditures for fiscal 2009 include various payments under the PSC and the 2D seismic program.

Madagascar

In October 2008 the Company farmed-in to a PSC for a property off the west coast of Madagascar. The farm-in agreement has been approved by the Office of National Mines and Strategic Industries, which act on behalf of the Republic of Madagascar. The PSC covers 16,845 square kilometres in water depths ranging from shallow water to 1,500 metres. The Company has minimum work commitments for a 3,000-square-kilometre 3D seismic program and drilling up to two exploration wells. The joint venture is currently reprocessing 7,600 kilometres of 2D seismic, which is to be followed by a 3D seismic program covering in excess of 2,000 square kilometres.

Forecast capital expenditures for fiscal 2009 are for the acquisition of existing 2D seismic data and the planned aeromagnetic survey of the block.

Indonesia

In October 2008 the Indonesia government provisionally awarded the Company and its partners four block covering almost 20,000 square kilometres. The Company will operate two of the blocks and earn a 51 percent working interest. In the other two blocks, which will not be operated by the Company, the Company will earn a 25 percent working interest. Each of the deep-water blocks covers approximately 5,000 square kilometres.

Capital spending during the quarter and year-to-date was on the purchase of a seismic data package for Indonesia. Forecast capital expenditures for the remainder of the fiscal year are for the Company's share of the signature bonus.



OVERALL PERFORMANCE
Funds from Operations Three months ended Six months ended
September 30, September 30,
($ thousands) 2008 2007 2008 2007
----------------------------------------------------------------------------
Oil and natural gas revenues 25,053 28,763 49,681 56,715
Pipeline revenue 57 203 156 380
Royalties (1,218) (1,395) (2,385) (2,892)
Profit petroleum (5,507) (5,749) (11,040) (15,154)
Operating and pipeline expense (2,179) (2,711) (4,620) (5,991)
Interest income 2,914 5,267 7,204 7,373
General and administrative
expense (2,056) (1,406) (4,830) (2,504)
Realized foreign exchange (loss)
gain (2,052) 187 (1,359) 777
Current income tax (expense)
recovery 20 2,875 (1,548) 674
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Funds from operations (non-GAAP
measure) (1) 15,032 26,034 31,259 39,378
----------------------------------------------------------------------------
(1) Funds from operations is a non-GAAP measure as calculated above.


Net revenues and operating expenses decreased primarily as a result of a decrease in production from the Hazira, Surat and Feni fields due to natural declines. The 2007 year-to-date profit petroleum included a one-time negative adjustment of $4.0 million due to the adverse resolution of a previously disclosed dispute regarding profit petroleum. Interest income decreased due to lower average cash balances and lower market rates of interest. General and administrative expense increased primarily a result of increased activity, number of employees and the employee bonus plan. There was a realized foreign exchange loss primarily related to the Indian rupee weakening against the U.S. dollar. Income taxes increased as a result of income taxes on interest income earned. Finally, there was an income tax recovery in the prior year's periods.



Net Income (Loss) Three months ended Six months ended
September 30, September 30,
($ thousands) 2008 2007 2008 2007
----------------------------------------------------------------------------
Funds from operations (non-GAAP
measure) 15,032 26,034 31,259 39,378
Unrealized foreign exchange (loss) (1,037) (5,523) (3,362) (10,085)
(Loss) on short-term investment (23,296) - (16,306) -
Equity (loss) on long-term investment (822) - (822) -
Gain on risk management contracts 389 - 1,359 -
Discount of long-term account
receivable (82) - (183) -
Asset Impairment - (26,032) - (26,032)
Stock-based compensation expense (4,990) (3,249) (9,462) (6,993)
Depletion, depreciation and accretion (9,205) (10,617) (20,287) (21,823)
----------------------------------------------------------------------------
Net income (loss) (24,011) (19,387) (17,804) (25,555)
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The unrealized foreign exchange loss is comprised of a loss on the translation of Indian rupee-denominated income tax account receivable, partially offset by a gain on the translation of U.S. dollar cash to Canadian dollars. The losses in the prior year relate primarily to the strengthening of the Canadian dollar against the U.S. dollar. The Company occasionally purchases securities in entities that represent strategic opportunities. The loss on the short-term investment is consistent with the overall market decline. The equity loss related to the Company's long-term investment in Vast Exploration Inc. The gain on risk management contracts relates to the Company's interest rate swaps. During the prior year's periods, the Company wrote-down Thailand assets of $26.0 million. The increase in stock-based compensation expense was primarily due to a higher fair value per option than in the prior year's periods. Depletion expense for the Hazira and Surat properties decreased due to lower production and a lower depletion rate per Mcfe of production than in the prior year's periods. The lower depletion rate per Mcfe was a result of the inclusion of the D6 oil capital costs and reserves in the Indian cost pool.

November 12, 2008

Certain statements in this press release are forward-looking statements. Specifically, this press release contains forward-looking statements relating to management's approach to operations, estimates of future sales, production and deliveries, business plans for drilling and development, estimated amounts and timing of capital expenditures, anticipated operating costs, royalty rates, cash flows, transportation plans and capacity, anticipated access to infrastructure or other expectations, beliefs, plans, goals, objectives, assumptions and statements about future events or performance. The reader is cautioned that the assumptions used in the preparation of such information, although considered reasonable by Niko at the time of preparation, may prove to be incorrect. Actual results achieved during the forecast period will vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors. Such factors include, but are not limited to: general economic, market and business conditions; industry capacity; competitive action by other companies; fluctuations in oil and gas prices; the results of exploration and development drilling and related activities; the uncertainty of estimates and projections relating to productions, costs and expenses; uncertainties as to the availability and cost of financing; fluctuations in currency exchange rates; the imprecision in reserve estimates; risks associated with oil and gas operations, such as operational risks in exploring for, developing and producing crude oil and natural gas; risks and uncertainties involving geology of oil and gas deposits; the weather in the Company's area of operations; the ability of suppliers to meet commitments; changes in environmental and other regulations; actions by governmental authorities including changes in laws and increases in taxes; decisions or approvals of administrative tribunals; risks in conducting foreign operations (for example, political and fiscal instability or the possibility of civil unrest or military action in countries such as India and Bangladesh); the effect of acts of, or actions against international terrorism; and other factors, many of which are beyond the control of Niko. There is no representation by Niko that the actual results achieved during the forecast period will be the same in whole or in part as those forecast.

Contact Information

  • Niko Resources Ltd.
    Edward Sampson
    Chairman of the Board, President and CEO
    (403) 262-1020
    or
    Niko Resources Ltd.
    Murray Hesje
    CFO & Vice President Finance
    (403) 262-1020