CGX Energy earns $10.22-million in Q3
CGX Energy earns $10.22-million in Q3
2013-10-25 01:21 ET - News Release
Mr. Suresh Narine reports
CGX ENERGY FILES THIRD QUARTER FINANCIAL STATEMENTS
CGX Energy Inc. has released its unaudited consolidated financial results for the quarter ended Sept. 30, 2013, together with its management's discussion and analysis. These documents will be posted on the company's website and SEDAR.
Third quarter 2013 overview and highlights
CGX Energy reported a net gain of $10,220,761 or 13 cents per share for the three-month period ended Sept. 30, 2013, compared with a net loss of $4,250,877 or 11 cents a share for the same period in 2012. The increase from prior year is due to a non-cash gain as result of the revaluation of the company's existing warrants.
During the third quarter, CGX Energy continued to focus on cost-cutting initiatives, and as a result, the company's general and administrative costs have decreased by $442,770 from $1,075,832 to $633,762. Excluding one-off items, management and consulting fees would have also decreased by approximately $150,000 for the three months ended Sept. 30, 2013. Over all, the company expects its average monthly expenditures to be within the range of $300,000 to $350,000 per month during non-drilling periods.
The company continues to actively pursue joint venture partners for all three of its petroleum prospecting licences in Guyana and has a technical data room open at its Houston office.
We seek Safe Harbor.
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