Petrodorado Files Financial Results and Management Discussion & Analysis for the Third Quarter of 2011
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. WIRE SERVICES
Calgary, 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.
Financial Statements
Highlights include:
- 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.
- 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.
- Reached an agreement with the operator of ME-1 well providing for the recovery of approximately $1.2 million of operating costs related to prior periods' production.
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$ (U.S. dollars) Period ended Period ended
September 30, 2011 September 30, 2010
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Working Capital 36,844,219 37,844,653
Exploration and Evaluation Assets 54,558,672 16,562,665
Property, Plant & Equipment 11,237,230 8,553,480
Total Assets 119,385,586 79,044,526
Funds used in Operations (nine months) (1,311,318) (1,511,573)
Funds from (used in) Operations 240,024 (624,025)
(three months)
Net income (loss) (nine months) (5,290,618) (6,302,908)
Net income (loss) (three months) 2,820,055 (3,009,635)
Net income (loss) per share, (0.01) (0.02)
basic and diluted (nine months)
Net income (loss) per share, 0.01 (0.01)
basic and diluted (three months)
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All amounts expressed above are in US dollars.
Complete reports and statements are available on SEDAR at www.sedar.com and on the Company website www.petrodorado.com.
About Petrodorado Energy Ltd.
Petrodorado is primarily engaged in petroleum and natural gas exploration and development activities in Colombia, Peru and Paraguay. Its head office is located in Calgary, Alberta, Canada and Petrodorado's common shares are traded on the TSXV under the trading symbol "PDQ".
For further information, please contact:
Krishna Vathyam, President and CEO, Interim CFO
(403) 930-7544
Email: info@petrodorado.com
Website: www.petrodorado.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
PETRODORADO ENERGY LTD.
Suite 1000 Bow Valley Square II
255 - 5 Ave S.W.
Calgary, Alberta, Canada, T2P 2V7
Tel: (403) 930-7544
Fax: (403) 930-7599
To view this release as a webpage, please click on the following link:
http://www.usetdas.com/pr/petrodorado11282011.htm
Source: Petrodorado Energy Ltd. (TSX-V: PDQ) http://www.petrodorado.com
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