UPDATE: Shona Energy Announces First Quarter 2012 Results; Shares Climb 14% But Nearing Year Lows

By Midnight Trader, May 25, 2012, 02:39:58 PM EDT

Vote up

Shona Energy Company, Inc. (SHO.V) rose 14% after announcing its financial results and operational highlights for the quarter ended March 31, 2012.

Highlights:

- Shona generated $3.8 million in EBITDA, or $0.02 per share, and net income of $1.6 million

- Gas volumes under the new contracts averaged 12.6 million cubic feet per day (Mmcf/d) for the first quarter of 2012

- Natural gas revenues was $6.2 million while net income from operations amounted to $2.8 million

SHO is now trading at $0.285, which is close to year low 20 cents. Volume traded is over 19,000.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

This article appears in: Investing, Commodities

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