Kodiak claws back losses
Denver minnow Kodiak Oil & Gas trimmed its losses in the first quarter,
compared with the first quarter of 2007, when it was hit by $14 million in
impairment charges on the value of its oil and gas properties.
Kodiak reported a first quarter net loss of $2.6 million, or a loss of three
cents per diluted share, compated with a net loss of $14.5 million, or a
loss of 17 cents per share, for the first quarter of 2007.
However, total revenues fell to $2 million from $2.1 million over the same
period.
Profits from continuing operations, measured as adjusted earnings before
income tax, debt and amortisation, fell to $2400 from $762,000 previously,
hit by repairs costs for producing oil wells on the companies Bakken fields.
Kodiak has assets in the Green River basin of Wyoming and Colorado and the
Williston basin of North Dakota and Montana, including the Bakken shale gas
play.
09 May 2008 04:25 GMT
| last updated:
09 May 2008 04:25 GMT
Latest jobs
