25th Mar 2014 13:10
LONDON (Alliance News) - Caza Oil & Gas Inc Tuesday said its pretax loss narrowed in its full-year 2013 as revenues jumped on strong production during the period.
The petroleum and natural gas company said its pretax loss narrowed to USD8.6 million from USD12.2 million the previous year as total revenues increased 66% to USD8.3 million from USD5.0 million in 2012.
Caza Oil & Gas said revenues increased as average production volumes for the year increased 19% to 338 barrels of oil equivalent per day from 285 barrels of oil equivalent per day in 2012.
However, the company did note that it was hit by a USD2.5 million finance cost during the period and a USD1.5 million cost on the impairment of certain exploration and evaluation operations.
Caza said that its proven, probable and possible reserves increased by 39.1% during the period to 38.2 million barrels of oil equivalent and that its net average production volumes between March 1 and March 15, 2014 equate to 888 barrels of oil equivalent per day, which is an increase of 44.6% over 614 barrels of oil equivalent per day as at December 31, 2013.
The company added that it is now considering expanding its planned 15 to 10 Bone Spring play wells per year, funded from production revenues, existing cash resources and currently available financing.
It said that it is currently considering all available financing options, including a review of possible asset sales, joint venture and strategic financing partner options, other debt instruments and equity fundraisings.
Caza Oil & Gas shares were up 3.9% to 8.05 pence Tuesday.
By Tom McIvor; [email protected]; @TomMcIvor1
Copyright © 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
CAZA.L