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Point Loma Resources rises as it enjoys profitable quarter

On May 23, the company disposed of 20% of its oil and gas assets for C$4.17 million cash.
Paddle River
Point Loma has a core position in the Paddle River Ostracod pool.

Shares in Point Loma Resources Ltd (CVE:PLX) rose after it posted positive earnings for the second quarter.

The shares were up 4.8% at C$0.33 as the oil junior made a profit of C$421,000 in the three months to the end of June, on revenue of C$980,000, helped by a C$1.7mln gain on the disposal of assets.

That compared with a loss of C$1.75mln on zero revenues in the corresponding period of 2016.

During the quarter the company produced 115 barrels of crude oil per day and 16 barrels of natural gas liquids (NGLs), while production of natural gas clocked in at 2,611mln cubic feet (mcf) per day.

In terms of barrels of oil equivalent (boe) per day, the total was 566.

Global crude oil prices declined in the quarter but natural gas prices edged up on the back of increased energy consumption in the western US.

The average price achieved by Point Loma for crude oil in the second quarter was US$51.19 a barrel, bringing the number for the first half of the year down to US$52.88.

The average price for NGLs was US$30.88 (first half, or H1: US$36.29), while for natural gas the price per mcf was US$2.53 (H1: US$2.63).

In total, the company received US$22.93 per barrel of oil equivalent (H1: US$25.46).

Point Loma ended the half-year with C$6.06mln in cash and cash equivalents, up from C$677,000 at the end of 2016.

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