Highlights are as follows:
Crude oil sales increased eight percent over the second quarter 2007 ("Q2"), while equivalent volumes rose nine percent as natural gas sales rose 26% Year-over-year crude oil sales rose 91 percent to 8,376 bbl/d while equivalent sales rose 90 percent to 8,696 boe/d.
Cash flow was $18.6 million or $0.37 per common share in Q3 2007 ($18.4 million in 2006) while net earnings declined to $4.9 million ($0.10 per common share), from $15.7 million ($0.39 per common share), fuelled by the impact of a strong Canadian dollar. Year-over-year cash flow increased 85 percent to $57.7 million ($1.22 per common share) while earnings decreased two percent to $24.4 million or $0.52 per common share.
Self-financed capital expenditures thus far in 2007 were $53.4 million, primarily for drilling new wells and constructing facilities and infrastructure in Argentina. Working capital was $22.7 million at the end of the reporting period as short-term investments were reclassified to long-term after an impairment provision.
New concessions were acquired in Argentina and Colombia. A new US$60 million credit facility was established, ensuring strong liquidity.
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