GeoGlobal Resources Inc. (GGR: Quote), a Canada based oil and gas company, reported Friday a wider loss in its second quarter, as one-time impaiment charges more than offset a rise in revenues.
The company reported second quarter net loss of $1.85 million or a loss of $0.02 per share, in comparison to a loss of $1.65 million or a loss of $0.02 per share for the year-ago quarter.
For the quarter, the company incurred $1.04 million of impairment of oil and gas properties.
Total revenues for the quarter were $152,151, rising from $117,902 in the same quarter last year.
GeoGlobal shares closed at $0.17 on Friday, at the Nasdaq.
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by RTT Staff Writer
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