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Petrolifera Petroleum reports Q1 2008 results and schedules conference call May 9, 2008, 9:00 A.M. MT
CALGARY, May 8 /CNW/ - Petrolifera Petroleum Limited (TSX: PDP) reports steady growth during the ...
About this update from Medexus Pharmaceuticals Inc.
[{"type":"text","content":"\n\n\n\nCALGARY, May 8 /CNW/ - Petrolifera Petroleum Limited (TSX: PDP) reports\nsteady growth during the first quarter of 2008 with sales up 12 percent and\ncash flow per share up 14 percent over the fourth quarter of 2007. During the\nperiod Petrolifera drilled 16 new wells in Argentina, substantially completed\nits Puesto Morales Norte production facilities and activated its pressure\nmaintenance program. Since year end, a significant followup well at Rinconada\nhas been drilled, resulting in a Sierras Blancas discovery which, after a frac\ntreatment, flowed light gravity crude oil at approximately 800 bbl/d and is\npresently producing at a rate of approximately 460 bbl/d through a\n10 millimetre choke. Also, the company will shortly be testing several\nindicated hydrocarbon-bearing zones in its PME x-1002 well. The first well on\nthis block is a Loma Montosa natural gas discovery.\n\n\nThe company anticipates commencing drilling in Colombia during the third\nquarter 2008. Subsequent thereto and over the ensuing 18 month period, the\ncompany plans a continuous program comprised of drilling high impact wells in\nboth Colombia and Peru.\n\n\nAgainst a backdrop of regulated energy prices in Argentina and regulatory\ndelays anticipated in Peru to secure approval of the company's drilling\nEnvironmental Impact Assessment ("EIA"), Petrolfiera has decided to reduce its\ncapital budget for 2008 to $102 million compared to a previously-announced\nlevel of $140 million. This primarily reflects the probable deferral of the\nstartup of drilling in Peru until 2009.\n\n\nThese Q1 2008 results will be subject to a Conference Call event at\n9:00 A.M MT, May 9, 2008. To listen to or participate in the live conference\ncall please dial either (416) 644-3424 or (800) 587-1893. A replay of the\nevent will be available from May 9, 2008 at 11:00 a.m. MT until May 16, 2008\nat 11:59 p.m. MT. To listen to the replay please dial either (416) 640-1917 or\n877-289-8525 and enter the passcode 21270831 followed by the pound sign.\n\n\nHIGHLIGHTS\n\n- Sales and cash flow growth restored\n- Profitability retained despite provision for ABCP impairment\n- ABCP headed towards resolution\n- Facilities completed, operational at Puesto Morales Norte, Argentina\n- Focus moving to plans for Colombian and Peruvian drilling\n- High impact Colombian and Per...