Business
Georox has released its unaudited financial and operational results for the three months ended June 30, 2014
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About this update from Prospera Energy Inc.
[{"type":"text","content":"\n\n/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/\n\n\n\nCALGARY, Aug 26, 2014 /CNW/ - Georox Resources Inc. (\"Georox\" or the \"Corporation\") (GXR:TSX-V; OF6A:FRA) Georox has released financial and operating results for the second quarter ended June 30, 2014.\n\nUnaudited second-quarter financial results are as follows:\n\n\nRevenues from oil and gas sales increased 292 per cent to $1,501,543 for the three month period ended June 30, 2104 from the comparative period $382,688 in 2013.\nEBITDA (earnings before interest, taxes, depreciation and amortization) increased to $1,272,679 as compared with an adjusted EBITDA of $90,875 for the comparative period of 2013. This represents an increase of 1300 percent in the second quarter.\nGeorox's oil and natural gas production increased by 236 per cent 16,861 boes for the three-month period ended June 30, 2014 from 7,140 boes for the comparative quarter in 2013. There was also an increase of 226 per cent from the first quarter to the second quarter of 2014.\nAverage net production volumes increased from 313 per cent to 250 boes per day for the three month period ended June 30, 2014 from 80 boes per day for the comparative period in 2013. \nOperating net back increased to $56 on average for the three month period ended June 30, 2014 up from $46 for the comparative period in 2013.\nThe average oil price received was $89 per boe during the three month period ended June 30, 2014 from $76 per boe in comparative period in 2013. For the first quarter the oil price received was $74 per boe.\nThe Corporation has drawn an aggregate of $4,199,919 from the total of $4,550,000 available pursuant to its loan agreement with a bank as at June 30, 2014. As at August 26, 2014 the loan is $3,600,000. The Corporation also owes $2,200,000 on a second mezzanine loan. \n \n\n\n\n\n\n\n\nThree months endedJune 30, 2014\n\n\nThree monthsendedJune 30, 2013\n\n\n\nSix months endedJune 30, 2014\n\n\nSix months endedJune 30, 2013\n\n\n\n\n\n\n\n\n\n\n\n\nRevenue\n\n\n\n\n\n\n\n\n\n\nPetroleum and natural gas\n\n\n\n\n1,501,543\n\n\n382,688\n\n\n\n2,060,886\n\n\n674,529\n\n\n\nRoyalties\n\n\n\n\n(270,401)\n\n\n(30,803)\n\n\n\n(284,822)\n\n\n(66,038)\n\n\n\n\n\n$\n\n\n1,231,142\n\n\n351,885\n\n\n$\n\n\n1,776,064\n\n\n608,491\n\n\n\nExpenses\n\n\n\...