08:48 AM EDT, 05/07/2012 (MidnightTrader) -- Gran Tierra Energy (GTE:$6.05,00$-0.08,00-1.31%) , a company focused on oil and gas exploration and production in South America, today announced financial and operating results for the quarter ended March 31, 2012. All dollar amounts are in United States dollars unless otherwise indicated.
Highlights for the quarter include:
- Quarterly production of 16,742 barrels of oil equivalent per day net after royalty, a 15% increase in average daily production from the same period in 2011 of 14,546 BOEPD NAR. Daily consolidated production in April 2012 averaged approximately 20,700 BOEPD NAR.
- Revenue and other income for the quarter of $156.0 million, a 27% increase over the same period in 2011.
- Net loss of $0.3 million, compared to net income of $13.7 million, or $0.05 per share basic and diluted in the same period in 2011.
- Funds flow from operations of $78.9 million compared to $66.6 million for the same period in 2011.
- Cash and cash equivalents were $230.1 million at March 31, 2012, compared to $351.7 million at December 31, 2011, largely due to capital spending and timing differences relating to when Ecopetrol settles our accounts receivables.
- Working capital decreased to $171.5 million at March 31, 2012, compared to $213.1 million at December 31, 2011.
Price: 6.00, Change: 0, Percent Change: 0