BOGOTA, COLOMBIA, Nov. 4, 2009 (Marketwire) -- Petrominerales Ltd. ("Petrominerales" or the "Company") (TSX:PMG), a 67% owned subsidiary of Petrobank Energy and Resources Ltd. (TSX:PBG), is pleased to announce third quarter financial and operating results highlighted by a 73% increase in production to 21,546 barrels of oil per day ("bopd"), funds flow from operations of US$71.7 million (US$0.71 per diluted share) and net income of US$26.2 million (US$0.26 per diluted share). Production has continued to increase in October, averaging 27,047 bopd. We have also recently announced exploration successes with our first wells on our Guatiquia and Rio Ariari Blocks.
FINANCIAL & OPERATING RESULTS
The following table provides a summary of Petrominerales' financial and operating results for the three and nine months ended September 30, 2009 and 2008. Interim consolidated financial statements with Management's Discussion and Analysis ("MD&A") are available on the Company's website at www.petrominerales.com and will also be available on the SEDAR website at www.sedar.com.
(All references to $ are United States dollars unless otherwise noted)Three months ended Nine months ended
September 30, % September 30, %
2009 2008 Change 2009 2008 Change
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Financial
(US$000s, except where
noted)
Crude oil revenue 119,485 125,065 (4) 300,660 272,572 10
Funds flow from
operations (1) 71,709 78,343 (8) 177,653 176,721 1
Per share - basic ($) 0.73 0.78 (6) 1.81 1.76 3
- diluted ($) 0.71 0.75 (5) 1.75 1.68 4
Net income 26,224 57,951 (55) 48,935 110,866 (56)
Per share - basic ($) 0.27 0.58 (53) 0.50 1.10 (55)
- diluted ($) 0.26 0.57 (54) 0.49 1.08 (55)
Capital expenditures 53,998 73,080 (26) 198,896 221,292 (10)
Total assets 659,876 571,796 15 659,876 571,796 15
Net debt (1) 87,889 47,168 86 87,889 47,168 86
Common shares
outstanding, end
of period (000s)
Basic 98,150 99,982 (2) 98,150 99,982 (2)
Diluted (2) 104,461 106,384 (2) 104,461 106,384 (2)
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Operations
Operating netback
($/bbl) (3)
Crude oil revenue(4) 56.29 105.90 (47) 46.07 102.18 (55)
Royalties 5.52 11.22 (51) 4.50 10.26 (56)
Production expenses 8.02 8.02 - 6.91 9.57 (28)
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Operating netback 42.75 86.66 (51) 34.66 82.35 (58)
Average daily crude oil
production
(bbls) (5) 21,546 12,485 73 21,621 9,497 128
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(1) Non-GAAP measure. See "Non-GAAP Measures" below.
