PetroGlobe Demonstrates Focus on Cardium Oil and Files Second Quarter 2010 Results
CALGARY, ALBERTA, Aug 30, 2010 (Marketwire via COMTEX News Network) --
PetroGlobe Inc. ("PetroGlobe" or the "Company") (TSX VENTURE:PGB) announces it has filed its interim consolidated financial statements for the three and six months ended June 30, 2010 and accompanying Management's Discussion and Analysis with Canadian securities regulatory authorities. These filings are available for review under the Company's SEDAR profile at www.sedar.com.
PetroGlobe increased its weighting towards oil production during the quarter, with 17 percent of the Company's 303 barrels of oil equivalent per day (boe/d) coming from oil and natural gas liquids. The 46 boe/d of oil production during the quarter compares to no oil production for the same period of 2009, when overall production was 342 boe/d completely from natural gas.
Other highlights of the Second Quarter of 2010 include:
-- One (0.34 net) Cardium horizontal light oil well brought on stream in
Pembina, Alberta.
-- Acquisition of 3,040 acres of prospective multi-zone oil prospects
including Cardium light oil in the Pembina region.
-- Cash flow from operations of $200 thousand for the three-month period
and $413 thousand for the six months ended June 30, 2010.
-- Net debt at June 30, 2010 was $1.8 million, with an unused bank line of
an additional $1.8 million.
-- PetroGlobe's available credit facility was increased from $2.7 million
to $3.6 million based on its annual review with its lender.
During much of the second quarter, PetroGlobe's corporate activities were restricted as the Company concentrated on a proposed business combination and recapitalization that was subsequently terminated as announced on August 11, 2010. PetroGlobe immediately reverted to its previous growth strategy, focusing on high working interest, company-operated properties in Alberta.
About PetroGlobe Inc.
PetroGlobe is a Calgary, Alberta based public company, engaged in the exploration, development and production of petroleum and natural gas in Canada. PetroGlobe's common shares are listed on the TSX Venture Exchange and trade under the symbol PGB.
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