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Petrolifera reports solid Q3 2008 results; Healthy cash balances and cash flow maintained; High impact drilling upcoming in Colombia; Conference call scheduled for November 12, 2008 AT 9:00 A.M. MST
CALGARY, Nov. 11 /CNW/ - Petrolifera Petroleum Limited (PDP - TSX) reports that it achieved solid...
About this update from Medexus Pharmaceuticals Inc.
[{"type":"text","content":"\n\n\n\nCALGARY, Nov. 11 /CNW/ - Petrolifera Petroleum Limited (PDP - TSX)\nreports that it achieved solid financial and operating results during the\nthird quarter and first nine months of 2008. The company has now had 16\nsuccessive quarters of positive cash flow and 11 successive quarters of\nmeaningful earnings since its formation in late 2004. All of the company's\ngrowth has been organic. We ended the period with healthy cash balances,\nunutilized credit capacity and sustainable cash flow to finance our\nanticipated capital programs in the remainder of 2008 and throughout 2009.\nShortly, we anticipate commencement of our high impact drilling program on our\nSierra Nevada License in the Lower Magdalena Basin in Colombia. We are also in\nthe planning stages for drilling on our Ucayali Block 107 in Peru next year.\n\n\nHighlights are as follows:\n\n- Solid, stable crude oil and natural gas sales were achieved;\n waterflood progress continues at Puesto Morales\n- Fourth successive quarter of cash flow growth, with Q3 2008 cash flow\n up 17 percent over Q2 2008 and cash flow per basic weighted average\n common share outstanding ("common share" or "share") of $0.29\n- YTD 2008 cash flow of $41 million ($0.79 per share)\n- Rig for Colombian drilling in country, undergoing final retrofitting\n for anticipated December startup of drilling at La Pinta prospect on\n the Sierra Nevada License\n- Financial discipline established for balance of 2008 and for 2009\n\n\nThese third quarter 2008 and year to date results will be the subject of\na Conference Call at 9:00 a.m. MST on November 12, 2008. To listen to or\nparticipate in the live conference call please dial either (416) 644.3418 or\n(800) 732.0232. A replay of the event will be available from Wednesday,\nNovember 12, 2008 at 11:00 a.m. MST until 23:59 (11:59 p.m.) MST on Wednesday,\nNovember 19, 2008. To listen to the replay please dial either (416) 640-1917\nor Toll Free at (877) 289-8525 and enter the passcode 21284984 followed by the\nnumber sign.\n\n\nSUMMARY RESULTS\n-------------------------------------------------------------------------\n Three months ended Nine months ended\n September 30 September 30\n-------------------------------------------------------------------------\n 2008 2007 % Change 2008 2007 % Change\n-------------------------------------...