CGX Energy Inc. announced today the release of its unaudited consolidated financial results for the quarter ended September 30, 2013, together with its Management Discussion and Analysis. These documents will be posted on the Company's website at www.cgxenergy.com and SEDAR at www.sedar.com.
Third Quarter 2013 Overview and Highlights
CGX Energy reported a net gain of $10,220,761 or $0.13 per share for the three month period ended September 30, 2013, compared with a net loss of $4,250,877 or $ 0.11 a share for the same period in 2012. The increase from prior year is due to a non-cash gain as result of the revaluation of the Company's existing warrants.
During the third quarter, CGX Energy continued to focus on cost cutting initiatives and as a result the Company's general and administrative costs have decreased by $442,770 from $1,075,832 to $633,762. Excluding one-off items, management and consulting fees would have also decreased by approximately $150,000 for the three-month ended September 30, 2013. Overall, the Company expects its average monthly expenditures to be within the range of $300,000 – $350,000 per month during non-drilling periods.
The Company continues to actively pursue strategic joint venture partners for all three of its petroleum prospecting licenses in Guyana and has a technical data room open at its Houston office.
You must be logged in to post a comment.