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Aurora Oil & Gas Posts Q2 Net Loss

Posted on: Wednesday, 13 August 2008, 06:00 CDT

Aurora Oil & Gas has reported a net loss of $0.7 million in the second quarter of 2008, compared to a net gain of $0.2 million in the same period of 2007.

The company's revenues increased 8% to $7.9 million in the second quarter of 2008, compared to $7.3 billion in the second quarter of 2007.

Oil and natural gas production revenues totaled nearly $6.8 million on sales of 763 million cubic feet of natural gas equivalent for the second quarter of 2008, representing a marginal increase over the second quarter of 2007.

The production revenues recognized in the second quarter of 2008 were reduced by $1.9 million related to the realization of losses on financial hedges, as well as an additional $0.1 million in unrealized losses on financial hedges from hedge ineffectiveness.

John McDevitt, president and COO of Aurora Oil & Gas, said: "Our production challenges are something which we are addressing as part of our turnaround efforts. We are putting the appropriate expertise in place via consulting arrangements, new hires, and reorganization of personnel."

Source: Datamonitor

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