Business
Eros Announces Third Quarter Financial Results and Production Update
Eros Announces Third Quarter Financial Results and Production Update Canada NewsWi...
About this update from Trident Resources Corp.
[{"type":"text","content":"\n\n\n\nEros Announces Third Quarter Financial Results and Production Update\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nVANCOUVER, Nov. 29, 2017\n\n\n\nVANCOUVER, Nov. 29, 2017 /CNW/ - Eros Resources Corp. (TSX.V: ERC) (\"Eros\" or the \"Company\") is pleased to report its financial and operating results for the third quarter of 2017. The full third quarter Financial Statements and Management Discussion and Analysis are available at www.sedar.com and at the Company's website at www.erosresourcescorp.com. \n\nIn the quarter ended September 30, 2017, Eros announced the commencement of oil production from its Flaxcombe project.  Total oil production during the third quarter was 5,900 barrels (5,310 to Eros). As a result, Eros is now a revenue-generating company, recording a gross profit of $76,373 on revenue of $179,926. The company recorded net income for the quarter of $90,929 or $0.00 per share and total comprehensive income for the quarter of $1,093,699 or $0.02 per share, including an unrealized gain of $981,643 on marketable securities.  At quarter end, Eros had $4,030,544 in cash and cash equivalents and working capital of $4,268,191. In addition, the Company held $7,512,805 in marketable securities. \n\nOn September 20, 2017, the Company announced that wellbore 9-13 had achieved a 30-day initial production average of 80 barrels of oil per day (72 barrels to Eros). Two additional wells, 1-13 and 6-13 were successfully completed and brought on production during the quarter.  As at November 26, 2017 the combined 30-day average production rate of the three Section 13 wells was 120 barrels per day (110 barrels to Eros). Eros holds a 90% beneficial working interest in the three Section 13 wells until it recovers its initial capital investment totalling $1.6 million and will hold a 50% working interest thereafter. Project partner and operator Westcore Energy Ltd (\"Westcore\" or \"WTR\") holds title to the Section and to the remaining interest in the wells. \n\nWell 9-13, the first brought to production, continues to produce...