All over but the crying
Here is the earnings announcement. The media sure believes this is all over !
Renaissance Profit Jumps Fivefold in Last Hurrah
CALGARY (Reuters) - Renaissance Energy Ltd. is going out with a great big bang for investors' bucks.
The struggling Canadian oil and gas producer -- which is to be acquired by Hong Kong billionaire Li Ka-shing's Husky Oil later this month -- announced its last and best quarterly results on Tuesday because of higher commodity prices.
Second-quarter net income rose to C$80 million, or 52 Canadian cents a share fully diluted, from C$15 million, or 10 cents. Cash flow, a key indicator of a firm's ability to fund future exploration projects, rose to C$242 million, or C$1.67 a share, from C$131 million, or 91 cents. Revenue climbed to C$423 million from C$260 million.
For Renaissance, once the darling of Canada's oil patch, the results represent a last hurrah after three years of operational disappointments that had pressured its stock. Shareholders will vote on the Husky takeover proposal on August 21 and the deal is expected to be completed by August 25, the company said.
Renaissance stock closed up 10 Canadian cents at C$15.25 on the Toronto Stock Exchange.
($1-$1.49 Canadian)