Petrolifera Boosts Production in Third Quarter

Petrolifera Petroleum Limited said that company production levels climbed to 7,412 boe/d for the third quarter due to increased access to third party treatment facilities for production from existing wells.

Third quarter production rates are 2,404 percent higher than the same period of 2005 and 76 percent higher than second quarter of 2006. Meanwhile, production rates have recently exceeded 11,000 boe/d and Petrolifera anticipates continued growth with the drilling of up to 70 wells on existing holdings during the remainder of 2006 and throughout 2007. Further facility expansion will also continue in 2007.

Petrolifera's strong production results for the third quarter also translated into record financial results. The company reported cash flow from operations for the quarter of $18.4 million, or $0.46 per share. Net earnings for the quarter were $15.7 million, or $0.39 per share. At the end of the third quarter, Petrolifera's balance sheet was flush with $41.4 million of working capital, including $36.2 million of cash and no debt.

HIGHLIGHTS:

  • Q3 2006 production at 7,412 boe/d, up 2,404 percent over 2005 and up 76 percent over Q2 2006 production; nine months 2006 production of 4,578 boe/d, up 1,426 percent over nine month 2005 levels
  • Current crude oil production running in the 11,000 bbl/d range; peak oil production of 11,700 bbl/d year-to-date
  • Q3 2006 total revenue of $33.2 million, up 6,313 percent over Q3 2005; nine month 2006 at $60.4 million, up 4,282 percent over 2005
  • Q3 2006 cash flow from operations before working capital ("cash flow") of $18.4 million ($0.46 per share), up 32,729 percent over 2005; nine months 2006 cash flow of $31.3 million ($0.82 per share), up 15,163 percent over 2005 levels
  • Q3 2006 capital expenditures of $9.7 million, primarily for wells and facilities in Argentina; nine months 2006 outlays total $14.4 million
  • September 30, 2006 working capital of $41.4 million, including $36.2 million of cash; no debt
  • Q3 2006 after-tax earnings of $15.7 million ($0.39 per share), compared to only $5 thousand in 2005; nine months after-tax earnings of $24.9 million ($0.65 per share), compared to loss of $230 thousand in 2005
  • Active drilling program continues with new discoveries
  • 1019 well drilled, logged and cased as indicated multi-zone discovery; testing underway.
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