Addax Petroleum Corp. (AXC.TO, AXC.L) announced a 103% increase in third quarter net income to US$248 million or US$1.59 per basic share from US$122 million or US$0.78 per basic share last year.
Funds Flow From Operations for the third quarter increased 61% to US$539 million or US$3.45 per basic share compared to US$335 million or US$2.15 per basic share in the prior year.
Petroleum sales before royalties in the third quarter of 2008 amounted to US$1,335 million, up 44% over petroleum sales before royalties of US$925 million in the year ago quarter.
Sales volumes declined 4% to 11.9 MMbbl from 12.4 MMbl last year.
For the full year 2008, the company expects total oil production in a range of 136-140 MMbl/day and for the full year 2009 expectation is in a range of 140 - 145 MMbl/day.
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