Petrolifera posts results
Canadian Petrolifera Petroleum reports steady growth during its first
quarter with sales up 12% and cash flow per share up 14% over the fourth
quarter last year.
Total revenue for Petrolifera for the first quarter was $27,167 down from
the same quarter a year ago of $47,122 but steadying since the fourth
quarter last year of $27,266.
During the period, Petrolifera drilled 16 new wells in Argentina,
substantially completed its Puesto Morales Norte production facilities and
activated its pressure maintenance program said the company in a statement.
Since year end, a significant follow-up well at Rinconada has been drilled,
resulting in a Sierras Blancas discovery which, after a frac treatment,
flowed light gravity crude oil at approximately 800 barrels per day and is
presently producing at a rate of about 460 bpd through a 10 millimetre
choke.
Also, the company will shortly be testing several indicated
hydrocarbon-bearing zones in its PME x-1002 well.
The first well on this block is a Loma Montosa natural gas discovery.
The company anticipates drilling in Colombia during the third quarter of
this year.
08 May 2008 21:38 GMT
| last updated:
08 May 2008 21:38 GMT
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