Candax Investors Take Hit as Q1 Results Show a Loss of $2.3 Million
Candax Energy Inc. reports a loss of $2.3 million ($(0.01) per common share) for the three months ended March 31, 2008, compared to a loss of $0.9 million ($(0.01) per common share) for the three months ended March 31, 2007.
Revenues of $2.1 million were earned from the sale of 25,428 barrels of oil. Production for the quarter was 37,153 barrels of oil and, as was the case in 2007, no production was recorded from the El Bibane field. The El Bibane re-development project is currently being finalized following the completion of drilling of all three wells, and the commencement of production from EBB-4. Additionally, no revenue was recorded for Candax's share in the SEEB power generation facility, as its operation depends on gas production from the El Bibane field - the SEEB power generation facility commenced operating in April 2008. As at March 31, 2008, Candax had cash and cash equivalents of $23.9 million.
"Our first quarter financial results reflect the fact that our Tunisian portfolio was not operating at full capacity," said CEO Mike Wood.
Candax Energy Inc.'s first quarter Interim Consolidated Financial Statements and Management's Discussion & Analysis may be viewed online at www.sedar.com.