Petrominerales Ltd PMGLF

CZE Production Up / PMG Down

[oilwatcher13]

CZE can increase production yoy in Columbia, why can't Petrominerales perform like this? See the press release excerpt below!! PMG needs new management !!!!!

C&C Energia Reports Third Quarter Operating and Financial Results

2 hours ago - ACQUIREMEDIA

CALGARY, ALBERTA -- (MARKET WIRE) -- 11/09/12 -- C&C Energia Ltd. ("C&C Energia" or the "Corporation") (TSX:CZE) is pleased to report its operating and financial results for the three and nine months ended September 30, 2012.

C&C Energia continues to deliver year-on-year production growth as a result of its successful drilling program, positive response from its Gacheta water injection program at Carrizales and well optimizations. Average daily production for the third quarter 2012 was 11,424 barrels of oil per day ("bopd"), which is 19% higher than the same period in 2011, and year-to-date production grew 39% to 10,776 bopd. The Corporation expects to average approximately 10,800 bopd for full-year 2012 with an exit rate of approximately 11,500 bopd.

Funds flow (after tax) from operations for the three months ended September 30, 2012 was $1.00 per share or $64.1 million, an increase of 71% from the prior year period reflecting higher sales, increased production and cost reduction initiatives. During the third quarter 2012, C&C Energia realized an average price of $101.71 per barrel on its sales, generating operating netbacks of $59.12 per barrel. Operating costs and transportation costs (excluding one-time standby fees incurred during the first half of 2012) were down approximately 3% and 7% respectively from second quarter 2012 as the effects of cost cutting initiatives began to be realized.

The Corporation has a strong balance sheet with an adjusted working capital surplus of $73.3 million (including $61.5 million in cash) and no debt. Crude inventory levels decreased almost 50% from the second quarter to just over 200,000 barrels at September 30, 2012, resulting in a significant increase in accounts receivable to $68 million. C&C Energia collected $38.0 million of these receivables in October.