RE:RPT earns $2.4 million in Q2Another solid and profitable quarter for RPT.
Both liquid and natural gas prices were much higher this quarter, enabling RPT to double its netbacks per boe.
It also paid down $300,000 of its $1.7 million bank loan and settled with another contractor just after the quarter closed.
Current production has increased to 240 boepd, close to the top of the forecast range for 2014
Capex was $141,000 for the quarter and is forecast to be in the $800,000 to $1.2 million for the year.
This means a significant increase in capex for the final two quarters of this year.
The company remains self financing through its suatained cash flows.
Arpetrol continues to look at all strategic opportunities available to the company.
These include growing its production and processing asset base in Argentina, considering merger opportunities to grow the company in new basins or considering the possible sale of assets for a value which delivers significant returns for shareholders.
Its my opinion that they are very advanced in this process and we could see strategic developments beginning this quarter.
RPT has now had net earnings of $4.1 million ( 18 cents/share ) for the first 6 months of the year.
This has accrued from increased cash flows and gains on settlement of its legacy drilling debts from 2012.
Onwards and upwards