Compass Petroleum Ltd. (CPO.V) announced that it has released its financial and operating results for the three month period ended September 30, 2011.
Share price remained unchanged at midday.
Profit for the period was $4,960 (including a gain of $4.3 million on the disposition of the Alberta oil and natural gas assets of Compass Petroleum Partnership) which compared with a loss of $1.86 million for the previous corresponding period.
Other highlights of the company's activities in the first quarter of fiscal 2012 were as follows:
- Drilled and cased fourteen (net 13.1) Viking horizontal wells in the Dodsland area of west central Saskatchewan and completed eleven (net 9.6) of those wells using multistage fracturing technology.
- Increased average production to 1,087 barrels of oil equivalent per day, up 26% from Q1 of fiscal 2011; oil weighting increased from 60% in the first quarter of fiscal 2011 to 80% in the first quarter of fiscal 2012.
- Generated funds from operations of $2.971 million in the quarter, up 151% from $1.184 million in the first quarter of fiscal 2011.
- Ended the quarter with no bank debt and positive adjusted working capital of $13.581 million.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
