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Sharon Energy Ltd. announces results for the year ended March 31, 2010 and change in exploration focus

^{Published on 2010-07-16 04:05:57 - Market Wire}
 

 - Significant cash position. - Substantial and highly liquid holding in Magnum Hunter Resources. - Growing inventory of oil focused prospects. - Ongoing joint venture relationship with two related junior exploration companies which will allow Sharon to minimize overhead costs and maximize the amount of expenditure used to grow its production and reserves base. 

 - Magnum Hunter share holdings 

 - Oil Prospects 

 (Thousands, except per BOE, BOEd and Years Ended per share amounts) March 31 ------------------------ 2010 2009 ------------------------------------------------------------------------- Financial (Restated) Total revenue (net of royalty expense) $ 365 $ 1,385 Cash flow from operations $ (175) $ 553 per share, basic and diluted $ - $ 0.01 Loss for the period $ (1,500) $ (2,989) per share, basic and diluted $ (0.02) $ (0.04) Capital additions $ 315 $ 327 Dispositions $ 611 $ - Working capital $ 133 $ 185 Total assets $ 8,670 $ 18,514 Total shares outstanding, at period end 74,004 74,086 Operations (for continuing operations) Production Gas (Mcfd) 194 308 Oil (Bopd) 6 20 BOEd (6 Mcf equals 1 Bbl) 38 71 Product Prices Gas ($/Mcf) $ 3.86 $ 7.65 Oil ($/Bbl) $ 63.14 $ 82.42 ------------------------------------------------------------------------- Reserves (proved plus probable, future costs and prices) Gas (Mmcf) 840 1,103 Oil (MBbl) 42 32 BOE (MBbls) 182 216 Net present value of future net revenue, before tax discounted at 10% for continuing operations $ 3,152 $ 3,032 ------------------------------------------------------------------------- Undeveloped land holdings (net acres) 7,287 6,355 -------------------------------------------------------------------------