09:46 AM EST - Churchill Energy Inc. : announced its audited annual financial statements for the year ended December 31, 2008. The company started the year with net debt of $12.5 million and exited 2008 with net debt of $1.9 million. With the addition of a new light oil waterflood property at Brazeau through the Welton transaction and the progress the company made in 2008 on the Grand Forks waterflood project, the company has increased our exposure to oil by almost doubling the firm’s proved plus probable oil reserves from December 31, 2007. Cash flow from operations totaled $3.3 million in 2008, an increase of 32 per cent over 2007 levels. Churchill's net asset value at December 31, 2008 based on GLJ's January 1, 2009 price forecast and discounted 10 per cent is $0.68 per share. On a combined basis using GLJ's March 1, 2009 price forecast and discounted 10 percent for Welton's proved plus probable reserve value results in a combined net asset value of $0.83 per share. Churchill Energy Inc.
shares V.CEI are trading even at $0.07.
