Nordic Oil and Gas Reports Quarterly Loss
Nordic Oil and Gas Ltd. (NOG.V) on Friday announced the company's financial results from operations for the three-months period ended June 30, 2011.
Its net comprehensive loss for the three months ended June 30,2011 before income taxes was $431,785, compared to a loss of $432,890 recorded during the same period a year ago. When applying deferred taxes, the second quarter loss was $342,672, as opposed to $329,581 for the second quarter of 2010. Loss per share for the second quarter was $0.00.
It said the increase in the Q2 2011 loss can be attributed to an impairment charge of $464,284 in depletion and amortization with respect to its Talbot Lake property - a non-cash item - which is included in depletion and amortization for the six months ended June 30, 2011.
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