BMB Munai, Inc. Announces Results for First Quarter of Fiscal Year 2009
12 Agosto 2008 - 1:59AM
PR Newswire (US)
ALMATY, Kazakhstan, Aug. 12 /PRNewswire-FirstCall/ -- BMB Munai,
Inc. (AMEX:KAZ) has filed its quarterly report on Form 10-Q with
the US Securities and Exchange Commission for the quarter ended
June 30, 2008. The Company reported net income of $13.32 million
and basic and diluted EPS of $0.30 on revenues of $34.83 million.
Net income was significantly higher than the first quarter of
fiscal year 2008 when the Company realized net income of $3.88
million and basic and diluted EPS of $0.09 on revenues of $11.58
million. Oil production reported for first quarter of the fiscal
year 2009 increased to 328,369 barrels marking an increase of
92,843 barrels over the last quarter of 2008. Average daily
production during the first quarter of 2009 was 3,609 barrels.
During the quarter the Company received a multi-year extension to
its exploration contract from the Republic of Kazakhstan. A second
important event during the quarter was the government imposition of
an export duty on crude oil exports based on a sliding scale that
is tied to the world market price for oil. The Company began paying
the export duty in June 2008. Commenting on the extension of its
existing exploration contract and export duty, Company President,
Askar Tashtitov stated, "We expect the imposition of the export
duty to have a significant impact on our exploration operations due
to a sharp increase in our oil and gas operating expenses resulting
from payment of the export duty. However, we believe the extension
of our exploration contract will provide us the necessary time and
flexibility to modify our exploration schedules and activities to
adjust to the effects of the duty imposed recently by the
government." BMB Munai is an independent oil and gas company
engaged in the exploration, development and production of crude oil
and natural gas in Western Kazakhstan. Company maintains
administrative offices in Salt Lake City, Utah and Almaty,
Kazakhstan. The information contained in this release includes
forward -looking statements that are subject to risks and
uncertainties that could cause actual results to differ materially.
Certain statements contained herein constitute forward -looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Such forward -looking statements involve known
and unknown risks, uncertainties and other factors, which may cause
the actual results, performance or achievements of the Company to
be materially different from those expressed or implied. Forward
-looking statements involve risks and uncertainties, including but
not limited to, risks described in the Company's periodic reports
on file with the Securities and Exchange Commission. DATASOURCE:
BMB Munai, Inc. CONTACT: In the US: Adam R. Cook, Corporate
Secretary, +1-801-355-2227, , or In Kazakhstan: Daniyar Uteulin,
Vice President for Investor Relations, +7 (3272) 375-125,
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