Business
Petrolifera continues to achieve excellent year over year financial and operating results in first half of 2007
Petrolifera continues to achieve excellent year over year financial and operating results in first half of 2007.
About this update from Medexus Pharmaceuticals Inc.
[{"type":"text","content":"\n\n\n\nCALGARY, Aug. 7 /CNW/ - Petrolifera Petroleum Limited (TSX: PDP)\ncontinued to achieve excellent year over year financial and operating results\nin the First Half of 2007, despite difficulties in achieving objectives\npreviously established for the second quarter 2007. Operating and financial\nresults in the second quarter, while well above those achieved in 2006, were\nlower on a successive quarterly basis. This was due to a number of factors,\nranging from delays in the completion of facilities, removal of the company's\ncontract operator, some natural and some elective reductions in well\nproductivity, the late arrival of drilling rigs, increases in inventory which\nadversely impacted recorded sales volumes and a stronger Canadian dollar\nrelative to both the US dollar and the Argentinean Peso. All of the company's\nproduction is in Argentina.\n\n\nHighlights are as follows:\n\n\n- First Half 2007 sales up 196 percent over 2006 levels to 9,274 boe/d;\n Second Quarter 2007 sales up 65 percent to 6,932 boe/d\n- First Half 2007 revenue of $75.2 million, up 176 percent over 2006\n levels; Second Quarter 2007 revenue up 49 percent to $28.1 million\n- First Half 2007 cash flow from operations before working capital\n changes ("cash flow")(1) up 203 percent to $39.1 million from\n $12.9 million in 2006; Second Quarter 2007 cash flow up 53 percent to\n $14.5 million from $9.5 million in 2006\n- First Half 2007 cash flow per share up 143 percent to $0.85 per\n share; Second Quarter 2007 cash flow per share up 20 percent to\n $0.30 per share\n- Earnings strong: First Half 2007 earnings of $19.5 million ($0.43 per\n share), up 112 percent over last year despite the Second Quarter 2007\n decline to $4.5 million ($0.09 per share)\n- Financial condition strong - no debt, $69.7 million working capital,\n including $66.5 million cash as at June 30, 2007\n- Drilling program accelerating; up to five rigs expected to work for\n much of Second Half 2007, supported by up to four completion rigs; no\n dry holes yet drilled in Argentina\n\nSummary results\n\n-------------------------------------------------------------------------\n Three months ended June 30 Six months ended June 30\n-------------------------------------------------------------------------\n % %\n 2007 2006 Change 2007 2006 Change\n-------------------------------...