15th May 2014 11:11
LONDON (Alliance News) - Caza Oil & Gas Inc Thursday said its net loss widened in its first quarter as a large increase in expenses offset a tripling of revenues during the period.
The petroleum and natural gas company said its net loss widened to USD1.5 million for the three months ended March 31 from USD1.3 million the previous year despite a big jump in production from its US shale gas plays.
The company said its petroleum and natural gas revenues more than tripled to USD4.6 million from USD1.3 million as its oil and natural gas liquids production jumped to 44,724 barrels from 13,820 barrels and the average combined oil and gas price received during the period increased by 19%.
Caza also said its natural gas production more than doubled to 101,709 million cubic feet from 39,742 million cubic feet the previous year, meaning that the company's net average production volumes almost tripled to 685 barrels of oil equivalent per day from 230 barrels.
The company said this figure has since further increased to 985 barrels of oil equivalent per day for the month of April, which is in line with company forecasts and expectations.
However, Caza said its expenses increased to USD6.0 million from USD2.6 million as production costs doubled, depletion and depreciation costs almost tripled, and financing costs increased to USD1.6 million from USD110,365 as the company continues its production development in US shale operations.
Caza Oil & Gas shares were up 3.7% to 12.83 pence Thursday.
By Tom McIvor; [email protected]; @TomMcIvor1
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