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SHARON ENERGY LTD. ANNOUNCES RESULTS FOR THE FIRST QUARTER ENDED JUNE 30, 2010

^{Published on 2010-08-30 06:05:26 - Market Wire}
 

 - Significant cash position. - Substantial and highly liquid holding in Magnum Hunter Resources. - Growing inventory of oil focused prospects. - Joint venture program 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. 

 (Thousands, except per BOE, BOEd and per share Three Months Ended amounts, unaudited) June 30 ------------------------- 2010 2009 ------------------------------------------------------------------------- Financial (Restated) Total revenue (net of royalty expense) $ 58 $ 172 Cash flow from operations * $ (65) $ 89 per share, basic and diluted $ - $ - Earnings (loss) for the period $ 934 $ (46) per share, basic and diluted $ 0.01 $ 0.00 Capital additions $ 130 $ 87 Dispositions $ 48 $ - Working capital $ 1,332 $ 187 Total assets $ 12,353 $ 3,367 Total shares outstanding, at period end 74,004 74,086 Operations (for continuing operations) Production Gas (Mcfd) 173 253 Oil (Bopd) 3 11 BOEd (6 Mcf = 1 Bbl) 32 53 Product Prices Gas ($/Mcf) $ 3.66 $ 3.61 Oil ($/Bbl) $ 64.80 $ 61.08 -------------------------------------------------------------------------