Friday, November 6th, 2009
Petrolifera reports Q3 loss of $11.4 million as revenue cut almost in half
CALGARY - Petrolifera Petroleum Ltd. (TSX:PDP) reported a major reversal Friday in third-quarter revenue and earnings.
The Calgary-based petroleum and natural gas company focused in South America posted a loss for the quarter of $11.4 million or 14 cents a share. That compared with a profit of $3.6 million or six cents a share in the same quarter of 2008.
Revenue was $17.2 million, down from $32.1 million in the year-ago period.
Petrolifera said Q3 revenue was based on sales volumes of 4,362 barrels of oil equivalent per day, compared with 7,744 boe/d during the third quarter of 2008 - a decrease of 44 per cent in volume and 46 per cent in revenue.
"The reduction of sales represented by crude oil and natural gas liquids for the third quarter of 2009 relative to the same period in 2008 was mainly the result of operational challenges," the company said in a news release.
Petrolifera shares were up three cents at 93 cents in afternoon trading on the Toronto Stock Exchange.
