14th Nov 2013 16:29
LONDON (Alliance News) - Caza Oil & Gas Inc Thursday reported higher revenues and narrowed its losses in the third quarter of the year.
The petroleum and natural gas company reported a net loss attributable to shareholders of USD1.4 million for the quarter, compared with a loss of USD2.2 million a year earlier.
The company reported lower overall expenses for the period, as it incurred a loss of USD634,019 a year earlier on the disposal of assets.
Caza reported revenues from oil and gas sales of USD2.6 million for the three months to September 30, compared with USD902,622 a year earlier, boosted by an increase in production following the addition of oil wells brought online in the Bone Spring play in New Mexico. It reported revenues of GBP4.9 million for the nine months period.
The company said that aggregate production increased 66% to 36,491 barrels of oil equivalent in the third quarter, up from 21,999 for the same period a year earlier.
It said that this represents an average daily production rate increase of 158 barrels of oil equivalent per day, to 397, compared to 239 barrels of oil equivalent per day for the comparative period.
Caza said that the average combined price it received increased 73% to USD70.81 per barrel of oil equivalent during the three-month period.
The company said that its ratio of oil and natural gas liquids production versus natural gas continues to increase.
Caza said it held a cash balance of USD13.4 million as of September 30, compared to USD19.1 million as at June 30. It said that the decrease in working capital was largely due to drilling activities in the Bone Spring play in New Mexico.
Shares in the company were down 10.5% Thursday afternoon, at 8.27 pence per share.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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