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Cano Petroleum Announces 63% Higher Q2 Revenue

Posted on: Monday, 11 February 2008, 09:00 CST

Texas-based exploration and production firm Cano Petroleum has announced revenue of $10 million for the second quarter ending December 31, 2007, which is $3.9 million or 63% higher compared to the same period in 2006.

For the current quarter, the company recorded a net loss of $1.6 million or $0.04 per share, as compared to a net loss of $1.4 million or $0.04 per share, for the quarter ended December 31, 2006.

For the current quarter, income from operations of $1.1 million compares with a loss of $0.4 million for the prior-year quarter. The current quarter was adversely impacted by a $1.8 million unrealized loss on commodity derivatives recorded in expenses.

The $3.9 million revenue increase was driven by both higher prices, which contributed $3.1 million and higher volumes which contributed $0.8 million. For the current quarter, Cano's sales were 67 thousand barrels (MBbls) of oil and 365 million cubic feet (MMcf) of natural gas, or 128 million barrels of oil equivalent, a 11% increase when compared to the prior-year quarter.

During the current quarter, the average prices the company received for its oil and natural gas sales were $87.06 per barrel of oil and $11.15 per Mcf of gas, respectively. For the prior year quarter, oil sales were 64MBbls at an average price of $58.40 per barrel and natural gas sales were 308MMcf at an average price of $7.84 per Mcf.

Source: Datamonitor

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