Business
Petrolifera reports significant growth in first quarter of 2007 - Drilling at Rinconada underway with second rig
Petrolifera reports significant growth in first quarter of 2007 - Drilling at Rinconada underway with second rig.
About this update from Medexus Pharmaceuticals Inc.
[{"type":"text","content":"\n\n\n\nCALGARY, May 8 /CNW/ - Petrolifera Petroleum Limited (TSX: PDP) reports\ncontinued progress during the first quarter of 2007. Significant growth was\nrecorded for sales, revenue, cash flow and earnings compared to last year.\nSatisfactory growth was achieved over fourth quarter 2006 results, limited by\na delay in the arrival of the first of a minimum of three drilling rigs to be\nused by the company in Argentina during the balance of 2007 and into 2008. The\ncompany's balance sheet remains strong with over $59 million of cash and\nworking capital is buoyant at $58.8 million. The company has no debt.\n\n\nHighlights of the first quarter 2007 are as follows:\n\n- Triple digit growth continues\n- Financial strength maintained\n- Production growth achieved\n- New concessions secured - expansion underway\n\nSummary results\nThree months ended March 31\n-------------------------------------------------------------------------\n 2007 2006 % Change\n-------------------------------------------------------------------------\nFINANCIAL ($000 except per\n share amounts)\n\nTotal revenue 47,122 8,452 458\nCash flow from operations before\n working capital changes(1) 24,615 3,435 617\n Per share, basic(1) 0.56 0.10 460\n Per share, diluted(1) 0.49 0.07 600\nNet earnings for the period 15,069 1,543 877\n Per share, basic 0.34 0.04 750\n Per share, diluted 0.30 0.03 900\nCapital expenditures 7,514 2,321 224\nCash on hand 59,155 21,999 169\nWorking capital 58,811 21,959 168\nShareholders' equity 98,124 32,991 197\nTotal assets 137,840 38,989 254\n\nOPERATING\n\nDaily sales volumes\n Crude oil - bbl/d 11,333 1,855 511\n Natural gas - mcf/d 1,858 1,243 49\n Barrels of oil equivalent -\n boe/d(2) 11,643 2,062 465\nAverage selling prices\nOil - $/bbl 45.43 48.90 (7)\nNatural gas - $/mcf 1.53 1.17 31\nBarrels of oil equivalent - $/boe(2) 44.47 44.70 (1)\n\nCOMMON SHARES OUTSTANDING (000s)\n\nWeighted average\n Basic 43,800 36,036 22\n Diluted 50,635 47,500 7\nEnd of period\n Issued 44,029 37,100 19\n Fully diluted 53,280 52,172 2\n-------------------------------------------------------------------------\n(1) Cash flow from operations before working capital changes and cash\n flow per share do not have standardized meanings prescribed by\n Canadian generally accepted accounting principles ("GAAP") and\n therefore may not be comparab...