1st Dec 2015 10:40
LONDON (Alliance News) - Edge Resources Inc on Tuesday said it wasn't immune to a tough quarter for oil and gas companies, but said that production held up well despite its lowest-ever capital expenditure.
"Recent developments on the potential acquisitions front have given us a degree of enthusiasm about the future. We have been working intently with our new capital partner and are very optimistic that we will be in a position to acquire positive-cash-flowing assets at very reasonable prices in the near future," Brad Nichol, president and chief executive, said in a statement.
Average production in the second quarter of the company's financial year, which ended on September 30, was 436 barrels of oil per day versus 446 in the previous quarter and 474 one year earlier.
The average quarterly oil sales price was USD33.51 per barrel against USD80.42 one year earlier.
The average quarterly natural gas sales price was USD2.81 per thousand cubic feet versus USD4.03 the prior year.
Year-on-year oil operating costs decreased by 46% for the second quarter, the company said, to USD12.67 per barrel from USD23.50 per barrel.
Overall, the company said it made a loss of USD1.2 million in the three months, compared with a loss of USD117,942 the corresponding quarter the prior year, as revenue fell to USD1.1 million from USD2.0 million.
Shares in Edge were untraded on Tuesday morning, having last traded at 2.125 pence.
By Samuel Agini; [email protected]; @samuelagini
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