Markets

ArPetrol Announces Q1 2013 Results

ArPetrol Ltd. (RPT.V) today reported its financial and operating results for the three months ended March 31, 2013.

Net income for the quarter was $1,726,730, compared to a net loss of $1,066,167 for the first quarter of 2012. During the first quarter ArPetrol recorded an unrealized foreign exchange gain of $2.8 million which was the major factor in generating net income.

ArPetrol had a working capital deficit of $0.8 million as at March 31, 2013, which will increase as a result of the rig demobilization at Faro Virgenes. The Company has no long-term debt.

Operational Update and Outlook

The Company recently signed a new agreement with improved pricing for the sale of its natural gas production. Starting May 1st, and continuing to September 30th, the Company will receive $US3.65 per Mcf of natural gas sold under the agreement, a 31% increase over the current price. For the period of October 1st to December 31st, the price received will be $US3.23 per Mcf. The Company can sell 100% of its production under the new agreement.

The Company's recently announced sale of its overriding royalty interests in non-operated properties in the Williston Basin of North Dakota has closed and gross cash proceeds of $US 594,000 have been received.

The Company continues to pursue and evaluate a broad range of strategic alternatives through its previously announced strategic review process with the assistance of its financial advisor, Raymond James Ltd.

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

Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


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

Other Topics

Commodities