President Petroleum Highlights '09 Results

President Petroleum announced its audited results for the year ended December 31, 2010. 

2009 Corporate Highlights

  • Prospects for the Company transformed by a fundamental restructuring
  • New strategy aimed at achieving the scale of a mid-cap company through acquisition, increased reserves and growth in production
  • Strong support from equity investors led by Levine Capital Management
  • Strengthened Board and management
  • Continued investment in exploration and development
  • 3D seismic survey on PEL 82 in Australia confirms best estimate prospective resources of 430 million bbls of oil or 630 bcf of natural gas

2009 Financial Highlights

  • Operating cash flow of US $3.0 million (2008 US $7.2 million)
  • Adjusted EBITDA* of US $2.2 million (2008 US $9.1 million)
  • Average net production of 289 barrels of oil equivalent per day (boepd) (2008 650 boepd)
  • US $4.8 million invested in exploration and development (2008 US $2.0 million)
  • Cash in hand at period end of US$10 million
  • Loss before tax of US $4.2 million (2008 Profit before tax of US $2.8 million)

Post-Period Highlights

  • Acquisition of 25% working interest in East White Lake Field in Louisiana, USA
  • Total US 3P reserves increased by 130% to 2.3 million boe
  • Successful drilling at East White Lake and East Lake Verret takes total production to over 250 boepd, the highest level since June 2009

Stephen Gutteridge, Chairman of President Petroleum, said, "2009 saw us undertake a fundamental re-structuring of the Company, bringing in strong institutional investor support to complement our existing access to debt finance. With a strengthened team, this gives us the capability to deliver our ambition to grow to main market, mid-cap status through acquisitions and the development of existing assets. We have made a start by adding US production, reserves and cash-flow already this year. The big step however will be a transformational acquisition and we remain fully focused on achieving this in 2010."