Exploration & Production | Quarterly / Earnings Reports
NZEC Looks to Ramp Up New Zealand Oil Production
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New Zealand Energy Corp. has released the results of its first quarter ended March 31, 2013.
Quarterly results: 30,179 barrels of oil (bbl) produced and 27,246 bbl sold in Q1-2013, generating pre-tax oil sales of $3,061,064 Positive net cash flow from petroleum operations in Q1-2013 of approximately $1.2 million Average field netback of $45.29/bbl in Q1-2013, a 16% increase compared to Q4-2012 Cash invested in resource properties, plant and equipment during Q1-2013 of $12,048,313 Cumulative results: 43,360 bbl produced and 43,634 bbl sold year to date (May 24, 2013), generating pre-tax oil sales of approximately $4.7 million Cumulative production of 251,581 bbl since commencement of production, generating pre-tax oil sales (including sales from pre-production testing) of approximately…Finish this article — free account or subscription
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