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Strategies & Market Trends : Bosco & Crossy's stock picks,talk area
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From: allevett11/7/2006 6:08:25 PM
   of 37387
 
"Petrolifera Petroleum produces 7,412 boe/d in Q3 with current production in excess of 11,000 boe/d; Strong financial position expected to facilitate aggressive capital program to foster continued growth
CALGARY, Nov. 7 /CNW/ - Petrolifera Petroleum Limited (PDP - TSX) reports
that company production levels climbed to 7,412 boe/d for the third quarter
due to increased access to third party treatment facilities for production
from existing wells. Third quarter production rates are 2,404 percent higher
than the same period of 2005 and 76 percent higher than second quarter of
2006. Meanwhile, production rates have recently exceeded 11,000 boe/d and
Petrolifera anticipates continued growth with the drilling of up to 70 wells
on existing holdings during the remainder of 2006 and throughout 2007. Further
facility expansion will also continue in 2007.
Petrolifera's strong production results for the third quarter also
translated into record financial results. The company reported cash flow from
operations for the quarter of $18.4 million, or $0.46 per share. Net earnings
for the quarter were $15.7 million, or $0.39 per share. At the end of the
third quarter, Petrolifera's balance sheet was flush with $41.4 million of
working capital, including $36.2 million of cash and no debt."
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