PetroGlobe Inc. announced it has filed its interim consolidated financial statements for the three and six months ended June 30, 2010 and accompanying Management's Discussion and Analysis with Canadian securities regulatory authorities.
PetroGlobe increased its weighting towards oil production during the quarter, with 17 percent of the Company's 303 barrels of oil equivalent per day (boe/d) coming from oil and natural gas liquids. The 46 boe/d of oil production during the quarter compares to no oil production for the same period of 2009, when overall production was 342 boe/d completely from natural gas.
Other highlights of the Second Quarter of 2010 include:
- One (0.34 net) Cardium horizontal light oil well brought on stream in Pembina, Alberta.
- Acquisition of 3,040 acres of prospective multi-zone oil prospects including Cardium light oil in the Pembina region.
- Cash flow from operations of $200 thousand for the three-month period and $413 thousand for the six months ended June 30, 2010.
- Net debt at June 30, 2010 was $1.8 million, with an unused bank line of an additional $1.8 million.
- PetroGlobe's available credit facility was increased from $2.7 million to $3.6 million based on its annual review with its lender.
During much of the second quarter, PetroGlobe's corporate activities were restricted as the Company concentrated on a proposed business combination and recapitalization that was subsequently terminated as announced on August 11, 2010. PetroGlobe immediately reverted to its previous growth strategy, focusing on high working interest, company-operated properties in Alberta.
Recommended Reading
Dividends Declared in the Week of July 22
2024-07-25 - Second quarter earnings are underway, and companies are declaring dividends.
NextDecade Appoints Former Exxon Mobil Executive Tarik Skeik as COO
2024-07-25 - Tarik Skeik will take up NextDecade's COO reins roughly two months after the company disclosed it had doubts about remaining a “going concern.”
Freeport LNG Parent Receives Junk-level Credit Score From Fitch
2024-07-25 - Credit-rating firm Fitch Ratings cited the 2 Bcf/d Texas plant’s frequent downtimes among the factors leading to lowering Freeport LNG Investments LLLP’s credit grade on July 25.
Summit Midstream Sets Pricing Terms of Senior Notes Due 2026
2024-07-25 - Summit Midstream Partners said the settlement date for the validly tendered notes is expected to occur July 26.
Investing ‘Generationally’: The Family Office View of Oil and Gas
2024-07-25 - Key family offices, whose wealth developed from other industries, are filling in oil and gas investment gaps left by the flight of endowment and institutional capital from the space.