Caza Oil & Gas (CAZ.TO: Quote), Thursday reported wider net loss in the second quarter that was primarily impacted by higher expenses, especially production.
Net loss for the quarter widened to $1694.62 million or $0.01 per share, compared to $1358.11 million or $0.01 per share last year.
Higher operating expenses especially the expenses of production, general and administrative as well as depletion and depreciation resulted in widening net loss. Production expenses were $692.1 million, compared to $185.4 million last year.
Even though net loss widened, revenue from oil and gas production went up to $1093.69 million, compared to $843.84 million last year.
Production went up by 38% to 25,107 Boe, compared to 18,130 Boe last year.
Average combined price realized for the oil and gas decreased to $43.56 per share, compared to $46.54 per share last year. The reason for the decrease is lower commodity prices.
The Company recently announced the sale of the San Jacinto property, which includes the Caza Elkins 3401 and 3402 wells. The price received was $6.1 million and exceeded Caza's internal matrix for return on investment and capital employment. The company intends to use the proceeds to further existing specifically in the Bone Spring play in southeast New Mexico, and progress other opportunities.
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by RTT Staff Writer
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