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Sunday, 07 September, 2008, 03:20 GMT | more prices >>

Kodiak carries quarterly loss



By Upstream staff 

Canada's Kodiak Oil & Gas has reported a net loss of about $22 million for the three months ended 30 September, despite an 89% increase in production volumes.

The third-quarter net loss included a $20 million non-cash charge related to the impairment of the carrying value of oil and gas properties.

Excluding the impairment, Kodiak would have reported a net loss of $1.9 million.

Total revenues were about $2.5 million for the quarter versus about $1.3 million in the third quarter of 2006.

Oil and gas revenues increased 111% to approximately $2.2 million for the third quarter on an 89% increase in production volumes.

Crude oil revenue accounted for 90% of total third quarter oil and gas revenue.


Friday, 09 November, 2007, 01:27 GMT  | last updated: Friday, 09 November, 2007, 02:13 GMT

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