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Gold/Mining/Energy : Canadian Oil & Gas Companies
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From: architect*11/10/2011 3:22:55 PM
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C&C Energia reports record Q3 revenue.

Buying CZE.to/CNCEF ~ $7.52 USD

C&C Announces Record Third Quarter 2011 Financial Results

NOV 10, 2011 - 09:06 ET
CALGARY, ALBERTA--(Marketwire - Nov. 10, 2011) - C&C Energia Ltd. ("C&C" or the "Corporation") (TSX:CZE) is pleased to report its unaudited interim operating and financial results for the three and nine months ended September 30, 2011.

The Corporation reported record results for the third quarter 2011 highlighted by average production for the quarter of 9,572 bbls/day, a 40% increase in the average daily production from third quarter 2010 and a 16% increase over the second quarter 2011. Current production rates are approximately 10,250 bbls/day.

Operating cash flow for the third quarter 2011 was $47.6 million while funds flow from operations was $37.6 million ($0.59 per share). Operating netback for the third quarter 2011 was $63.65 per barrel.

During the quarter, C&C invested $30.9 million (excluding acquisitions) including, facilities installation and the drilling of two development, one exploration and one appraisal well resulting in four (four net) oil wells.

The Corporation has a strong balance sheet with a $69.7 million adjusted working capital surplus (including $74.4 million in cash) and no debt at the end of the third quarter.

Consolidated financial statements with Management's Discussion and Analysis ("MD&A") are now available on the Corporation's website at www.ccenergialtd.com and will also be available on the SEDAR website at www.sedar.com.
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