Exploration & Production | Drilling / Well Results | Quarterly / Earnings Reports
Strong Production Anticipated at Petroamerica's Maracas Projects
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Petroamerica Oil Corp. has reported the financial and operating results for the three and six months ended June 30, 2013.
Quarterly highlights include: Generated net income of $11.2 million ($0.02 per share basic), funds flow from operations of $24.2 million ($0.04 per share basic) and positive cash flow from operations of $21.3 million ($0.04 per share basic), resulting in cash on hand at June 30 of over $47 million (current cash on hand: $55 million); Realized a Brent referenced sales price of over $99 per barrel (/bbl) and an operating netback of approximately $71/bbl; Achieved quarter-over-quarter production growth with total Company average production for the second quarter of 5,046 barrels of oil per day (bopd), compared to 4,375 bopd in the first quarter. The Company achieved a…Finish this article — free account or subscription
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