Pan Orient Energy Reports 2012 Year End Results; Shares Fall 15%
Pan Orient Energy Corp. (POE.V) today reported 2012 year-end and fourth quarter consolidated financial and operating results.
2012 FOURTH QUARTER OPERATING RESULTS
Total corporate funds flow from operations was $5.8 million in the fourth quarter of 2012 compared with $7.1 million in the fourth quarter of 2011. The increase from $3.3 million reported in the third quarter of 2012 is due to a 22% increase in oil sales at Concession L53 in Thailand and from a foreign exchange gain of $0.2 million in the fourth quarter of 2012 compared with a $1.8 million loss in the third quarter of 2012.
Net income attributable to common shareholders was $0.9 million in the fourth quarter compared with a loss of $1.6 million in the third quarter of 2012 and a gain of $11.6 million in the fourth quarter of 2011. In the fourth quarter of 2012 the Company recorded a $2.5 million charge for deferred income tax expense compared with the $10.3 million reduction in deferred income tax expense reported for the fourth quarter of 2011.
Capital expenditures were $20.5 million in the fourth quarter of 2012 with $6.7 million in Thailand, $13.5 million in Indonesia and $0.3 million in Canada. The capital expenditures in Canada were for initial costs by Andora associated with the demonstration project. Capital expenditures in Thailand were principally funded by Thailand funds flow from operations and the capital programs in Indonesia and Canada were funded from working capital.
Oil revenue for Q4 was $9.2 million, compared to $17.5 million for Q4 2011. Oil revenue for 2012 was $55.1 million, compared to $72.5 million for 2011. A 24% drop.
POE is down 43 cents (15.03%) to $2.43.
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