....For the three months ended March 31, 2014 the Company recorded net income of $167.6 million ($0.54 per share) compared with a net loss of $8.8 million ($0.04 per share) for the three months ended March 31, 2013. During the quarter the Company realized a pre-tax gain of $27.3 million on the sale of the Midia Shallow block in the Romanian Black Sea and realized revenues attributable to Breagh production of $20.5 million. Also in the first quarter of 2014 the Company recognized a deferred tax asset resulting in a credit of $144.5 million to the income statement following sustained production and management estimates that, based on its profit forecast and reserves available, there is now sufficient evidence to recognize the deferred tax asset.

Thedave on Stockhouse.