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Petrolifera Petroleum Enhances Liquidity, Makes Significant Colombian Natural Gas Discovery, Stabilizes Argentinean Production During First Quarter 2010
Petrolifera Petroleum Enhances Liquidity, Makes Significant Colombian Natural Gas Discovery, Stab...
About this update from Medexus Pharmaceuticals Inc.
[{"type":"text","content":"\n\n\n\n May 5, 2010 (Canada NewsWire Group) -- Petrolifera Petroleum Limited (PDP - TSX) was successful in expanding corporate liquidity, while also making a significant natural gas discovery at Brillante on its 100 percent-owned Sierra Nevada License in the Lower Magdalena Basin onshore Colombia, during the first quarter of 2010. Additionally, the company's five well infill program, conducted in late 2009 at the Puesto Morales Norte ("PMN") in Argentina, contributed to improved production stability during the reporting period. An additional four infill wells are planned for 2010 to reinforce the positive impact of the 2009 program and the first quarter 2010 expansion of water treatment and handling facilities at PMN.\nThese results will be the subject of a Conference Call at 9:00 AM MT on May 6, 2010. To listen to or participate in the live conference call please dial either 1-647-427-7450 or 1-888-231-8191. A replay of the event will be available from Thursday, May 6, 2010 at 12:00 MT until 21:59 MT on Thursday, May 13, 2010. To listen to the replay please dial either 1-416-849-0833 or Toll Free at 1-800-642-1687 and enter the pass code 72037923. You can also listen to the conference call online, through the following webcast link: http://www.newswire.ca/en/webcast/viewEvent.cgi?eventID=3057120\n\nHighlights:\n\n\n >\n\n\nPetrolifera continued its program of financial consolidation during the first quarter of 2010 ("Q1 2010"). Production remained relatively stable compared to Q3 2009 and Q4 2009 although it was down from the prior year. This stabilization reflects the impact of the first new drilling for some time in Argentina; this occurred during Q4 2009, which favorably impacted on Q1 2010 results by overcoming normal declines. As a consequence, we had a respectable level of sales and cash flow from operations. A modest loss was recorded.\nMost of our activity during the quarter focused on Colombian drilling, financial matters and capital raising activity. With the decline in our reserves in 2009, we continued our dialogue with our reserve-backed lenders and we believe we are nearing completion of a revised facility, which we anticipate on renewal and with final documentation will be characterized by an extended overall term in addition to some regular debt reduction payments. This renewal will enh...