Candax Energy Reports 3Q07 Results
Candax Energy (TSX:CAX) reported third quarter 2007 net income of CDN$2.2 million ($0.01 per common share) compared to a loss of CDN$2.2 million ($0.01 per common share) in the third quarter of 2006. Third quarter revenues of CDN$10.1 million were earned from the sale of approximately 120,000 barrels of oil.
The El Bibane field re-development is currently underway and there were no oil or gas revenues from the project in Q3. Year to date results were adversely effected by a CDN$3.0 million foreign exchange loss, which was primarily due to a revaluation of the Company's US dollar investments in cash and cash equivalents into Canadian dollars. Candax has a strong working capital position at the end of Q3, including CDN$28.6 million in cash and cash equivalents.
Chris Hopkins, CFO, commented: "Sales in the third quarter helped maintain a strong cash position to fund the on-going development of our El Bibane field."
Mike Wood, President and CEO, added: "We achieved a record sales price for our oil in Q3 at US$75/barrel, crude prices have continued to increase substantially since that time and as our near term focus remains to rapidly increase our production levels in Q4 2007 and Q1 2008 we look forward to seeing this reflected in our financial performance in 2008."