abce certificate
Thursday, 21 August, 2008, 20:50 GMT | more prices >>

Argentina flows drive Petrolifera



By Upstream staff 

Calgary-based Petrolifera Petroleum saw higher sequential revenues as it increase sales from its Argentina assets but profits fell year-on-year as the company worked to expand its operations in Latin America.

Petrolifera reported net income of $4.9 million, or 10 cent per diluted share, compared with $15.7 million, or 32 cents per share, previously.

Revenues for the quarter fell to $31.7 million from $33.2 million previously.

Petrolifera said crude sales rose 91% year-on-year to 8376 barrels per day as the company started waterflood operations at its existing Puesto Rinconada operations in Argentina and added new assets through the drillbit. The company also had drilling success at its Rinconada operations.

The company also added new lands to its assets in Argentina and Colombia and started seismic work on its holdings in Peru.

The company has spent $53.4 million on capital expenditures so far in 2007, largely on drilling and permanent production facilities at Puesto Rinconada.

Petrolifera reported net earnings for the first nine months of the year of $24.4 million, or 48 cents per share, compared with net earnings of $24.9 million, or 55 cents per share, in the same period last year.

Revenues for the year to date rose to $107 million, from $60.4 million in the first nine months of 2006.


Wednesday, 07 November, 2007, 03:27 GMT  | last updated: Wednesday, 07 November, 2007, 03:31 GMT

e-mail this article to a colleague


to email:  from:
comments: