Contact Exploration Inc. Announces Quarterly Filings
Quarterly Summary
June 30, 2014 June 30, 2013
$ $
Petroleum and natural gas revenues 3,112,887 2,033,517
Net income 1,086,542 451,845
Income (loss) per diluted share 0.004 0.002
Cash flow from operating activities 3,061,271 1,775,328
Total assets 65,411,891 33,673,101
First Quarter Highlights
The well, located at 02/14-30-63-5W6 (the "02/14-30 Well"), was completed, equipped and tied in April 2014. Production has been restricted due to high liquid volumes, including both condensate and water, from this well and Contact continues to investigate artificial lift options to effectively produce the high volumes of liquids from the 02/14-30 Well.
Contact also finalized the drilling of the well located at 8-20-63-5W6 which began in March 2014, drilled 2-18-63-5W6 in the latter part of April 2014 and beginning of May 2014, and moved on to the 9-20-63-5W6 location, which well was spud in late May 2014 and continued drilling until quarter end.
In June 2014, the Company completed a non-brokered private placement consisting of 10,256,411 common shares at $0.39 per share and 13,700,000 common shares issued on a Canadian Development Expense flow through basis at $0.445 per share for aggregate gross proceeds of approximately $10.09 million.
About Contact Exploration Inc.
Contact Exploration Inc. is a public oil and gas company which has a long-term history of operating in Atlantic Canada and has recently demonstrated success in Alberta's liquids-rich Montney Formation tight gas play. For more information, please see the Company's website: www.contactexp.com
Neither 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 release.
Contact
Contact Exploration Inc.
Steve Harding, President and CEO
(403) 771-1091
(403) 695-3915 (FAX)
sharding@contactexp.com
www.contactexp.com