BPZ Resources announced financial and operating results for the first quarter ended March 31, 2009. Oil production for the quarter averaged 4,002 barrels of oil per day (bopd) despite the fact that the Company was in the process of upgrading and improving operations at Corvina while continuing the work on the CX11-15D well.
For the first quarter the Company reported Operating Loss of $7.5 million and Net Loss of $7.0 million or $0.08 per share. In addition, the Company had Earnings before Interest, Income Tax, Depreciation and Amortization (EBITDA; see the reconciliation and rationale for this non-GAAP measure below) of ($0.4) million.
First quarter results were impacted by the continued decline in global oil prices. During the quarter we implemented, or in some cases are in the process of implementing, a number of cost cutting measures including, but not limited to, salary reductions, staff reductions and renegotiation of terms and pricing of our major exploratory and lease operating contracts.
These reductions, along with increased revenue from oil sales in Corvina, drove the Company’s first quarter performance. During the quarter the Company also successfully completed an equity offering for approximately $48 million that strengthened the balance sheet of the Company.
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