Quarter Financial Highlights - Candax Energy 3Q Highlights 2006

Source: www.gulfoilandgas.com 11/9/2006, Location: North America

Candax Energy Inc. reported a third quarter 2006 loss of $2.2 million ($(0.01) per common share) compared to net income of $3 million ($0.04 per common share) in the third quarter of 2005. The loss for the first nine months of 2006 was $1 million ($(0.01) per common share), compared to net income of $2.3 million ($0.06 per common share) for the same period in 2005. Revenues of $1.9 million were earned from the sale of approximately 25,620 barrels of oil. Production in the third quarter was 47,722 barrels of oil and no production was recorded from the El Bibane field that is being redeveloped. Production in the first nine months totaled 159,150 barrels of oil. Additionally, no revenue was recorded for the Company's share in the idled SEEB power generation facility as it depends on gas from the El Bibane field. Candax maintained a strong working capital position including $56 million in cash and cash equivalents as at September 30th, 2006. In other news, the Company announces that the main drilling barge to be used for the redevelopment of the El Bibane field sailed early this morning and is expected to arrive in Tunisia by the end of next week. Further updates will be made as available.


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Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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