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Monday, August 01, 2011 10:44:05 PM
Revenue $13 million - up from $6.5 million 2010
Net Loss ($453k) - down from ($2,600k) in 2010
While the net loss for the year is disappointing, a notable improvement was shown. Average production for the year was approx 422 BOPD, whereas management is now reporting production is currently at 950 BOPD with escalation to over 6,000 BOPD by September 2011 when they bring on the Sidewinder wells and the shut in capacity at the Cheal Production facility (upon completion of upgrades).
On a positive note the 4th quarter revenues reached an all time high of $5 million (539 BOPD) and a net profit of $195k was recorded. Based on current increased production etc., it should not be too long before the company starts reflecting a consistent and sustainable operating profit. Q1 (June 30 2011) should show a profit as production was up over Q4 levels. The company will not see the impact of Sidewinder & Cheal until Q3 as the new wells and increased production will not happen now until September 2011.
Financials are trending nicely. Not sure when the markets or analysts will give credit for this, but it can't be too far in the future.
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