Enhanced Oil Resources Reports Net Loss of $11.4 million

By MidnightTrader.com Staff,

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Enhanced Oil Resources Inc. (EOR.V) today announced its audited financial results for the year ending December 31, 2011, reporting a net comprehensive loss of $11.4 million on crude oil and natural gas sales revenues of $10.1 million.

That compares with revenues of $10 million and a net loss of $47.4 million for the previous year.

The company notes that it recognized an impairment charge of $11 million ($0.07 per fully diluted share) related to certain assets held for sale in connection with the St. Johns field, which were sold to Kinder Morgan.

Oil production for 2011 totaled 144,435 gross oil equivalent barrels, a decrease of 13% from 2010.

EOR shares were up slightly, trading at $0.145 on light volume.

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This article appears in: Investing Commodities
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