Sahara Energy Ltd. Announces Refiling of Its June 30, 2010 Management's Discussion and Analysis
27 August 2010 - 7:13AM
Marketwired Canada
Sahara Energy Ltd. (TSX VENTURE:SAH) (PINK SHEETS:SAHRF) has amended and
restated its management's discussion and analysis for the period ending June 30,
2010. The material amendments to the management's discussion and analysis
resulted in the following changes:
1. The indebtedness referred to in the last sentence in the second paragraph
under "Corporation Overview and Principal Business Risks" was changed from
$1,822,848 to $1,828,848.
2. The table under "Royalties" was changed as follows:
As previously reported
Three months ended Six months ended
June 30 June 30
2010 2009 2010 2009
----------------------------------------------------------------------------
Royalties 6,385 34,679 33,195 43,447
As a % of oil and natural gas
revenue 9.95 14.48 11.59 9.84
Per boe (6:1) ($) 5.32 5.95 6.55 4.37
----------------------------------------------------------------------------
Restated
Three months ended Six months ended
June 30 June 30
2010 2009 2010 2009
----------------------------------------------------------------------------
Royalties 3,749 34,679 30,559 43,447
As a % of oil and natural gas
revenue 5.84 11.70 10.67 9.84
Per boe (6:1) ($) 3.12 5.96 6.03 4.37
----------------------------------------------------------------------------
3. The following: "Excluding the credit of approximately $60,000, Sahara's
operating costs for the second quarter would have been $30,926 or $25.75
per boe." was added as the second last sentence under "Production Expenses".
The table under "Operating Netback" was changed as follows:
As previously reported
Three months ended Six months ended
June 30 June 30
($ per boe) 2010 2009 2010 2009
----------------------------------------------------------------------------
Revenue 53.40 50.79 56.49 44.40
Royalties 5.32 5.94 6.55 4.37
Production expenses (24.26) 30.37 26.52 30.60
----------------------------------------------------------------------------
Field netback 72.34 14.48 23.42 9.43
----------------------------------------------------------------------------
Restated
Three months ended Six months ended
June 30 June 30
($ per boe) 2010 2009 2010 2009
----------------------------------------------------------------------------
Revenue 53.40 50.87 56.49 44.44
Royalties 3.12 5.96 6.03 4.37
Production expenses (24.26) 30.42 26.52 30.63
----------------------------------------------------------------------------
Field netback 74.54 14.49 23.94 9.44
----------------------------------------------------------------------------
4. The table under "Depletion Depreciation and Accretion (DD&A)" was changed
as follows:
As previously reported
Three months ended Six months ended
June 30 June 30
2010 2009 2010 2009
----------------------------------------------------------------------------
Depletion and Depreciation ($) 26,840 (90,640) 100,724 1,064,357
Per boe (6:1) 22.34 (20.43) 19.87 48.82
Accretion ($) 8,647 2,149 17,294 16,589
Per boe (6:1) 7.20 0.48 3.41 0.76
----------------------------------------------------------------------------
Restated
Three months ended Six months ended
June 30 June 30
2010 2009 2010 2009
----------------------------------------------------------------------------
Depletion and Depreciation ($) 26,840 574,702 100,724 760,100
Per boe (6:1) 22.34 98.69 19.87 76.51
Accretion ($) 8,647 (6,547) 17,294 23,456
Per boe (6:1) 7.20 (1.12) 3.41 2.36
----------------------------------------------------------------------------
5. Certain figures in the last table under "Quarterly Summary" were changed
as follows:
As previously
reported Restated
2010
Q2
Operating ($)
Royalties 6,385 3,749
Revenues, net of royalties 57,755 60,391
Operating income ($) 86,900 89,536
G&A / other expenses ($) 122,834 150,692
$ per boe
Royalties 5.32 3.12
Netback 72.34 74.54
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