Crimson back in black

Red to black: Crimson posts quarterly profit

Crimson Exploration

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Luke Johnson

 08 August 2012 22:40 GMT

US independent Crimson Exploration edged into the black in the second quarter as it made progress in its move from gas to oil producer.

Crimson posted net income of $3.9 million in the three months to June, compared to a net loss of $2.8 million a year earlier.

Not including one-time items, however, Crimson posted a net loss for the quarter of $100,000, compared to a loss of $1.6 million in 2011.

Revenue for the 2012 period was slightly higher at $30.5 million, compared to $29.7 million a year ago.

"Revenue for the quarter increased slightly as a result of the benefit of transitioning to oil and liquids-rich weighted projects, offset by the decline in natural gas production…

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