Business
Petrolifera Petroleum Limited reports 2006 year end results
Petrolifera Petroleum Limited reports 2006 year end results.
About this update from Medexus Pharmaceuticals Inc.
[{"type":"text","content":"\n\n\n\nCALGARY, March 20 /CNW/ - Petrolifera Petroleum Limited (PDP - TSX) had a\nwonderful year in 2006. In its first full year of operations as a public\ncompany and its second full year as a company, achievements and\naccomplishments were considerable.\n\n\nHighlights are as follows:\n\n\n- Revenue increased 36 times to $106 million, compared to $3 million in\n 2005\n\n- Cash flow from operations before working capital changes(1) increased\n 120 times to $52 million after deduction current income taxes of\n $24 million, compared to cash flow of only $400,000 in 2005, after a\n current tax provision of $330,000 last year\n\n- Cash flow per share(1) increased 67 times to $1.34 per share in 2006\n compared to only $0.02 per share in 2005; there were 39 million\n (basic weighted average) shares outstanding in 2006, compared to\n 21 million shares in 2005. Fully diluted, there were 50 million\n outstanding in 2006 compared to 32 million in 2005. At December 31,\n 2006 there were 44 million common shares outstanding (53 million\n fully diluted)\n\n- Earnings were $40 million ($1.02 per share, basic) compared to a loss\n in 2005 of $400 thousand ($0.02 per share, basic)\n\n- Year end working capital was $43 million with $51 million of cash\n\n- Petrolifera has no debt\n\n- Eight successful new wells were drilled in 2006 with no dry holes\n\n- Daily average sales in 2006 was 17 times that of 2005, reaching\n 6,171 boe/d, including 5,973 bbl/d of crude oil, all derived from the\n company's drilling program\n\n- Fourth quarter 2006 production averaged 10,900 boe/d, including\n 10,716 bbl/d of crude oil\n\n- Proved reserves increased 99 percent over 2005 levels\n\nThe following table summarizes these highlights and provides other\ninformation with comparisons to results in 2005.\n\nHIGHLIGHTS\n\n-------------------------------------------------------------------------\n 2006 2005 % Change\n-------------------------------------------------------------------------\nFINANCIAL ($000 except per share amounts)\n-------------------------------------------------------------------------\nTotal revenue $105,583 $2,864 3,587\n-------------------------------------------------------------------------\nCash flow from operations before working\n capital changes(1) 52,366 434 11,966\n--------------------------------------------------------------------...