Frankly I am not exactly sure as I have followed GTE as a growth story rather than an operations based cash flow model. Today is my first ever purchase.
I know they are debt free and well financed for planned expenditures, they produce light to medium crude so it sells at a discount.
Selected highlights comparing the quarters ended March 31, 2009, and 2008:
* 265-per-cent increase in production to 10,390 barrels of oil per day (bopd), net after royalty (NAR), compared with 2,843 bopd NAR, for the same period in 2008;
* 61-per-cent increase in revenue and interest to $33.6-million, compared with $20.8-million for the same period in 2008;
* 202-per-cent increase in net income to $14.1-million, compared with $4.7-million for the same period in 2008. On a per share basis, net income increased to six cents per share basic and diluted, compared with five cents per share basic and four cents per share diluted for the first quarter of 2008;
* Cash and cash equivalents of $147.7-million at March 31, 2009;
* Gran Tierra Energy continues to be debt free. |
