Petroamerica Announces Second Quarter 2013 Results and Surpasses 6,000 bopd Production Milestone
TSX.V: PTA
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 production milestone of 6,000 bopd (total Company WI) on August 12, 2013;
- Commissioning of the Las Maracas Field permanent production facility according to plan;
- Participated in the drilling of three wells – Las Maracas-8, Las Maracas-9 and Curiara-1 – resulting in two oil producers and one oil discovery;
- Initiated two wells – Las Maracas-9 which has since been completed as an oil producer and the La Casona-2 exploration well which was sidetracked and is still drilling.