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Petrodorado Files Financial Results and Management Discussion & Analysis for the Third Quarter of 2011
Petrodorado Files Financial Results and Management Discussion & Analysis for the Third Quart...
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[{"type":"text","content":"\nPetrodorado Files Financial Results and Management Discussion & Analysis for the Third Quarter of 2011\n\nPetrodorado Files Financial Results and Management Discussion & Analysis for the Third Quarter of 2011\nNOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. WIRE SERVICES\nCalgary, Alberta CANADA, November 28, 2011 /FSC/ - Petrodorado Energy Ltd. (PDQ - TSX Venture), has filed its Interim Financial Results and Management Discussion & Analysis for the three and nine months ended September 30, 2011.\nFinancial Statements\nHighlights include:\n- Generated oil and gas revenues of $1.0 million, which was the result of the sale of 10,440 bbls at an average price of $112 per barrel of oil.\n- Received $5.2 million in bonus payment as of Sept 30th, 2011, as per the Farm-out agreement for 30% working interest in the Talora block.  Details  of the farm-out include 1) a $5.2 million bonus payment ; 2) farmee paying 60% of first well costs up to a maximum of $6.5 million for the well, or $3.9 million, with the costs after the maximum to be paid at 30%; 3) farmee paying 45% of the second well costs up to a maximum of $6.5 million for the well, or $2.925 million, with costs after the maximum to be paid at 30%. The first well, Dorado Prospect, is estimated to cost $6.5 million.\n- Reached an agreement with the operator of ME-1 well providing for the recovery of approximately $1.2 million of operating costs related to prior periods' production.\n-***-\n-------------------------------------------------------------------------\n $ (U.S. dollars)                       Period ended         Period ended\n                                  September 30, 2011   September 30, 2010\n-------------------------------------------------------------------------\n Working Capital                          36,844,219       ...