Stealth Announces Filing of its Second Quarter Financial Statements and Related Management's Discussion and Analysis
September 01 2010 - 12:42AM
PR Newswire (Canada)
CALGARY, Aug. 31 /CNW/ -- SLV tsxventure CALGARY, Aug. 31 /CNW/ -
Stealth Ventures Ltd. ("Stealth" and/or the "Company") (TSX.V: SLV)
announces that effective August 30, 2010, it has filed its second
quarter financial statements and related Management's Discussion
and Analysis (MD&A). A copy of these documents, are filed on
SEDAR and available at www.sedar.com. Second Quarter Results -
Company signs Joint Venture deal with MOI Resources Ltd. (MOI) to
purchase further joint lands in the Wildmere region of Alberta. -
Increased total amount of sections in the Wildmere region to 29,
eligible for eight (8) wells per section in-fill drilling, which is
a 100% success rate on all applications made to date. The Company
continues to grow its ready inventory of drillable locations. -
Stealth acts on its Joint Venture deal with MOI and purchases 17 of
19 possible sections of land in the Wildmere region. This is an 89%
success rate proving that the bids are competitive and realistic. -
On June 9th 2010 the Company signed a Joint Study Agreement (JSA)
with the Oil and Natural Gas Corporation Ltd. of India, (ONGC)
outlining go-forward plans to work together towards unconventional
hydrocarbon exploration and development in India. - Stealth
continued to strengthen its international focus by appointing Mr.
Subra Subramaniam as Chairman of the Board of Directors and as
Managing Director. - The JSA commences June 30th 2010 with meetings
in New Delhi. It was agreed that all efforts should be made to fast
track development of the JSA between Stealth and ONGC and the
initial data viewing and review, was formally commenced. - The
Company closed the initial tranche of the Private Placement which
consisted of the sale of 6,716,000 units at a price of $0.10 per
unit, for gross proceeds of $671,600, each unit consisting of one
(1) common share and one-half (1/2) of a share purchase warrant,
with each whole warrant entitling the holder to purchase one
additional common share at a price of $0.25 until July 30, 2012. -
Stealth's royalty as a percentage of sales was a credit of 12.6%,
compared to the same quarter in 2009 where the rate was 7.5%. The
credit was due to recovery of gas cost allowance in the quarter. -
The Company has lowered its net bank debt to $1,951,115 from
$3,195,725 in December 2009, a decrease of 39%. - G&A for Q2
2010 was $407,718 compared to $671,567 for Q2 2009, a decrease of
40% compared to Q2 2009. - Production in Q2 2010 was 304 boe/day
compared to 298 boe/day in Q1 2010. This 1.5% production increase
is an indicator of the low annual decline rates expected from the
Colorado Group of shales package. Outlook The Company continues to
aggressively execute on its primary strategy of growing its
presence in the international oil and gas sector. An immediate
focus was placed on India and on June 9th when Stealth successfully
signed a Joint Study Agreement (JSA) with the Oil and Natural Gas
Corporation Ltd. of India (ONGC), focusing on unconventional
hydrocarbon exploration and development in India. By sticking to
the Company's core competency of analyzing and developing high
impact unconventional oil and gas resource plays Stealth is well
positioned to enter into India's unconventional resource sector. By
diversifying out of the North American gas markets and into
emerging marketplaces the Company is bringing its extensive
unconventional resource play experience, expertise and technology,
to position itself in the early lifecycle of such resource
development and ultimately to add shareholder value and growth.
Stealth Ventures Ltd. is a Calgary based junior oil and gas
exploration and development Company focused on the exploration for,
acquisition, development and production of unconventional
hydrocarbon reserves, derived primarily from shale, Coalbed Methane
(CBM) and tight sand reservoirs. STEALTH VENTURES LTD. "Derek
Krivak" Per: DEREK KRIVAK Chief Executive Officer Forward Looking
Statements: This News Release may contain forward-looking
statements based on assumptions and judgments of management
regarding future events or results that may prove to be inaccurate
as a result of exploration and other risk factors beyond its
control, and actual results may differ materially from the expected
results. NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION
SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE
TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR
ACCURACY OF THIS NEWS RELEASE. THIS NEWS RELEASE MAY CONTAIN
FORWARD-LOOKING INFORMATION. ACTUAL FUTURE RESULTS MAY DIFFER
MATERIALLY FROM THOSE CONTEMPLATED. %SEDAR: 00008195E Derek Krivak,
CEO, Stealth Ventures Ltd., Tel.: 403-514-9998, Fax: 403-514-9995,
Emails: investorrelations@stealthventures.ca
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