The company reports kenny chesney born believesthese new anything but mine chesney fells in wells will overcome last year`s production deficit. AVERAGE WELLHEAD PRICES HIGHER IN FISCAL 2008DESPITE PRICE COLLAPSE LATE IN THE YEARThe average net wellhead natural gas price received by the company for 2008increased 32% to $7.65 per Mcf compared to $5.79 last year. Hedging derivativetransactions reduced wellhead price realizations $.25 per Mcf in 2008 comparedto a gain of $.99 per Mcf last year. As a result, total natural gas pricerealizations rose 9% to $7.40 per Mcf compared to $6 Kenny Chesney tickets .78 last year.
Wellhead oilprices were $99.28 per barrel compared to $60.95 last year There were no oilhedging derivative transactions kenny chesney cmt . At October 31, 2008, open hedging derivative contracts covered 830 MMbtus atNYMEX prices ranging from $8.00 to $10 Kenny Chesney concert tickets – last .60, and covered all production monthsfrom November 2008 through October 2009 when the sun goes down chesney . Subsequent to October 31, the November,December and January contracts expired and the company realized net hedginggains of $925,000 on those contracts there goes my life chesney . Hedging derivative contracts are estimatedto range from 30% to 50% of the company`s estimated monthly production at thetime the contract was initiated, taking into consideration estimates for newproduction from certain future operations the good stuff chesney . Depending on changes in the naturalgas futures market and management`s assessment of the underlying fundamentalsaffecting natural gas prices, the company may either increase or reduce thehedging derivative positions in the future.
All of the open hedge derivative contracts are indexed to the NYMEX and arerepresented by short positions kenny chesney no shoes no shirt no problems . Actual price realizations in the company`sprincipal areas of operations (primarily Oklahoma) are generally expected to be10% to 12% below NYMEX prices primarily due to basis differentials i go back chesney . However, asexperienced in late 2008, regional weather conditions and other economic eventsmay significantly increase the basis differentials you had me from hello chesney . STRONG FINANCIAL CONDITION CONTINUES TO PROVIDEA SOLID FOUNDATION FOR GROWTHThe company`s balance sheet and financial condition continue to be very strongwith ample cash and no debt kenny tour dates . In addition, the company expects operating cashflow to remain strong in 2009 Kenny Chesney – myspace . This provides the company great flexibility toincrease capital spending as opportunities arise.
For 2008, net capital spendingrelated to oil and gas activities totaled $12,321,000 At October 31, 2008,working capital was $24,160,000 kenny chesney 09 . Total assets were $80,560,000, including cashand short-term investments of $25,376,000, and stockholders` equity was a record$62,211,000 chesney concert . LOOKING FORWARD”This year marks CREDO`s 30th anniversary as a public company,” Huffman said.”As shown on our website (credopetroleum ), CREDO has received many accoladesfor consistent top tier performance over that long time period chesney concerts . CREDO wasrecognized by Forbes magazine in 2008 (for the fourth year) as one of the “200Best Small Companies” in America, and CREDO was recently ranked by Bloomberg asColorado`s top performing energy stock for 2008 chesney fans .
“CREDO is extremely well positioned going into 2009, and it appears that ourdrilling program is off to a very successful start . We expect to see better,more cost effective opportunities to build the company`s assets in 2009 lyrics chesney Kenny Chesney concert tickets . Ourstrong balance sheet and ample cash provide us the flexibility to significantlyincrease capital spending as those opportunities arise.” CREDO Petroleum Corporation is a publicly traded independent energy companyheadquartered in Denver, Colorado cma chesney . The company is engaged in the exploration forand the acquisition, development and marketing of natural gas and crude oil inthe Mid-Continent and Rocky Mountain regions . The company`s stock is traded onthe NASDAQ System under the symbol “CRED” and is quoted daily in the “NASDAQGlobal Market” section of The Wall Street Journal.This press release includes certain statements that may be deemed to be”forward-looking statements” within the meaning of Section 27A of the SecuritiesAct of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934,as amended.All statements included in this press release, other than statementsof historical facts, address matters that the company reasonably expects,believes or anticipates will or may occur in the future Kenny Chesney .Such statements aresubject to various assumptions, risks and uncertainties, many of which arebeyond the control of the company.Investors are cautioned that any suchstatements are not guarantees of future performance and that actual results ordevelopments may differ materially from those described in the forward-lookingstatements.Investors are encouraged to read the “Forward-Looking Statements” and”Risk Factors” sections included in the company’s Annual Report on Form 10-K formore information.Although the company may from time to time voluntarily updateits prior forward looking statements, it disclaims any commitment to do soexcept as required by securities laws.CREDO PETROLEUM CORPORATIONFINANCIAL HIGHLIGHTSCondensed Operating Information Year EndedYear Ended October 31, October 31,20082007Oil and Gas Sales $17,345,000 $14,265,000 Expenses:Oil and Gas Production 3,861,000 3,375,000 Depreciation, Depletion and Amortization 3,583,000 3,666,000 General and Administrative 1,637,000 1,397,0009,081,000 8,438,000Income from Operations 8,264,000 5,827,000Other Income and (Expense) Gains (Losses) from DerivativesRealized (1,113,000) 1,909,000 Unrealized 1,301,000 (454,000)188,000 1,455,000Investment and Other Income (Loss) (291,000) 819,000 Interest (Expense) (8,000) (26,000 )(111,000) 2,248,000Income Before Income Taxes 8,153,000 8,075,000 Income Taxes (2,160,000) (2,315,000)Net Income$5,993,000$5,760,000Basic Net Income Per Share$.62$.62 Diluted Net Income Per Share$.61$.61 Condensed Balance Sheet Information October 31, 2008October 31, 2007Cash and Short-Term Investments $25,376,000 $13,668,000Other Current Assets 4,678,000 2,747,000 Oil and Gas Properties, Net46,456,00037,374,000License Agreement and Other Intangible Assets, Net 1,079,000 198,000 Other Assets 2,971,000 1,362,000$80,560,000 $55,349,000 Current Liabilities $5,894,000$3,904,000 Deferred Income Taxes11,117,0009,204,000 Exclusive License Agreement Obligation – 85,000Asset Retirement Obligations 1,338,000 1,016,000 Stockholders` Equity 62,211,00041,140,000 $80,560,000 $55,349,000 CREDO Petroleum CorporationJames T Huffman, 303-297-2200Chief Executive OfficerAlford B. Neely, 303-297-2200Chief Financial Officer Business Wire 2009. A Live and Archived Copy of the Presentation Will Be Available on Incyte’sWebsiteon January 13, 2009, Beginning at 3:30 pm PT/6:30 pm ETWILMINGTON, Del.–(Business Wire)–Incyte Corporation (Nasdaq:INCY) will announce today at the 27th Annual JPMorganHealthcare Conference its 2009 corporate objectives, including its decision tofocus on clinical programs with the greatest near-term value.
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