Business
PETROLIFERA PETROLEUM LIMITED REPORTS FOURTH QUARTER 2010 AND YEAR END 2010 FINANCIAL AND OPERATING RESULTS
Mar. 9, 2011 (Canada NewsWire Group) -- CALGARY, March 9 /CNW/ - Petrolifera Petroleum Limited...
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[{"type":"text","content":"\n\n\n Mar. 9, 2011 (Canada NewsWire Group) -- \n\n#ReleaseContent TABLE\n{\n BORDER-COLLAPSE: collapse\n}\nTR.cnwUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px solid\n}\n#ReleaseContent TABLE.cnwBorderedTable TD\n{\n BORDER-RIGHT: black 1px solid;\n PADDING-RIGHT: 2px;\n BORDER-TOP: black 1px solid;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n BORDER-LEFT: black 1px solid;\n PADDING-TOP: 2px;\n BORDER-BOTTOM: black 1px solid;\n BORDER-COLLAPSE: collapse\n}\n#ReleaseContent TABLE TD\n{\n PADDING-RIGHT: 2px;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n PADDING-TOP: 2px\n}\n\nCALGARY, March 9 /CNW/ - Petrolifera Petroleum Limited (PDP - TSX) today released its fourth quarter 2010 and year end 2010 financial and operating results.\n\nHighlights of the year are as follows:\n\n\n >\n\n\nPetrolifera today reported its fourth quarter 2010 ("Q4 2010") and full year 2010 ("FY 2010") operating and financial results. These results reflect the impact of capital constraints experienced by the company on its Argentinean producing property during the year and efforts to sell the property prior to engaging in a review of strategic options. The positive event of the year was the discovery of meaningful volumes of natural gas at Brillante on our Sierra Nevada License onshore Colombia. Associated reserve additions were considerable.\n\nSummary Results\n\n\n >\n\n\nFull Year 2010\n\nRevenue in 2010 was $63.4 million, compared to $83.8 million in 2010. The decline primarily reflects lower sales volumes in Argentina. Cash flow from operations before non-cash working capital changes was $20.9 million, down 36 percent from 2009 levels. Cash flow per weighted average common share outstanding - 138.8 million in 2010 - was $0.15 compared to $0.41 per weighted average common share outstanding- 78.7 million - in 2009.\nPetrolifera's loss in 2010 was $9.6 million compared to $10.8 million in 2009.\nSales in 2010 averaged 3,683 boe/d (83 percent crude oil) compared to 5,215 boe/d (83 percent cr...