30th Jun 2015 15:16
LONDON (Alliance News) - Edge Resources Inc Tuesday said its pretax loss widened in its most recently completed financial year after it booked a substantial impairment against one of its assets and as production experienced a slight lift.
The oil and gas company reported a USD11.5 million pretax loss in the year ended March 31, widening from a USD1.8 million loss after impairments rose to USD13.0 million from USD2 million, placed against its "non-core" Willesden Green natural gas project in Alberta, Canada.
Revenue for the year came in at USD10.1 million, marginally up from USD10.0 million the year before, but this was completely flat year-on-year after the royalties it pays to other companies are taken out.
Sales for the year "remained steady" at 565 barrels of oil equivalent per day, according to the company, slightly up from 555 barrels per day a year earlier. Oil production did grow during the year, but this was offset by a fall in natural gas production, with both gas and oil prices falling in the period.
"As with all challenging markets, opportunities exist for nimble and aggressive companies that embrace these changes. Edge is one of those companies, and we hope to provide updates on that front in the near future," said Chief Executive and President Brad Nichol.
Edge shares were down 7.3% to 3.82 pence per share on Tuesday afternoon.
By Joshua Warner; [email protected]; @JoshAlliance
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