25th Jun 2014 12:17
LONDON (Alliance News) - Edge Resources Inc Wednesday said its pretax loss narrowed significantly in its last financial year, as revenue was buoyed by higher oil and liquid natural gas output, and it cut expenses.
The Alberta, Canada-focused company said its pretax loss narrowed to USD1.8 million for the twelve months ended March 31, from USD6.8 million a year earlier, as revenue increased 19% to USD10.0 million, from USD6.8 million.
Edge increased average daily production during the year to 291 barrels of oil and natural gas liquids, from 282 barrels the previous year, but its production of natural gas fell to 1,587 million cubic feet per day, from 2,390 million cubic feet per day.
Total expenses fell 34% to USD9.5 million, from USD14.3 million a year earlier.
"The last year has been an exceptional period for the company with oil production leading to record revenue levels," Chief Executive Brad Nichol said in a statement. "The decision taken in 2012 to focus on increasing oil exploration and production is paying dividends - and it is a direction and policy we intend to follow with increasing vigour going forward."
Edge Resources shares were down 13% to 11.59 pence on Wednesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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