Business
Petrolifera reports restored sales growth and rise in cash flow for third quarter 2007
CALGARY, Nov. 6 /CNW/ - Petrolifera Petroleum Limited (TSX: PDP) reports its sales growth was res...
About this update from Medexus Pharmaceuticals Inc.
[{"type":"text","content":"\n\n\n\nCALGARY, Nov. 6 /CNW/ - Petrolifera Petroleum Limited (TSX: PDP) reports\nits sales growth was restored during the third quarter ("Q3") of 2007. As a\nconsequence, successive period cash flow from operations before changes in\nworking capital ("cash flow")(1) rose 28 percent to $18.6 million and\nyear-to-date 2007 cash flow of $57.7 million was 85 percent higher than a year\nago. Higher volumes of both crude oil and natural gas sales were the principal\ncontributing factors. The company continued to expand its overall exploratory\nholdings in both Argentina and Colombia and commenced its seismic program in\nPeru.\n\n\nHighlights are as follows:\n\n- Crude oil sales increased eight percent over the second quarter 2007\n ("Q2"), while equivalent volumes rose nine percent as natural gas\n sales rose 26 percent.\n- Year-over-year crude oil sales rose 91 percent to 8,376 bbl/d while\n equivalent sales rose 90 percent to 8,696 boe/d.\n- Cash flow was $18.6 million or $0.37 per common share in Q3 2007\n ($18.4 million in 2006) while net earnings declined to $4.9 million\n ($0.10 per common share), from $15.7 million ($0.39 per common\n share), fuelled by the impact of a strong Canadian dollar.\n- Year-over-year cash flow increased 85 percent to $57.7 million\n ($1.22 per common share) while earnings decreased two percent to\n $24.4 million or $0.52 per common share.\n- Self-financed capital expenditures thus far in 2007 were\n $53.4 million, primarily for drilling new wells and constructing\n facilities and infrastructure in Argentina.\n- Working capital was $22.7 million at the end of the reporting period\n as short-term investments were reclassified to long-term after an\n impairment provision.\n- New concessions were acquired in Argentina and Colombia.\n- A new US$60 million credit facility was established, ensuring strong\n liquidity.\n\n\nSummary Results\n-------------------------------------------------------------------------\n Three months ended Nine months ended\n September 30 September 30\n-------------------------------------------------------------------------\n 2007 2006 % Change 2007 2006 % Change\n-------------------------------------------------------------------------\nFINANCIAL ($000\n except per share\n amounts)\nTotal revenue 31,730 33,157 (4) 106,956 60,430 77\nCash flow from\n...