CYGAM Energy Announces Q4 and Annual Financial Results

CYGAM Energy Inc (TSXV:CYG) has announced the filing of its annual consolidated financial statements. It has also released its fourth quarter and 2012 financial results for the year ended December 31, 2012.

As quoted in the press release:

Highlights of the quarter and year ended December 31, 2012

• Gross production for the three months ended December 31, 2012 from the TT Field averaged 4,032 bopd (354 bopd CYGAM net, post ETAP) from eleven wells; 2,797 bopd (245 bopd CYGAM net, post ETAP) for the year ended December 31, 2012;
• Oil net revenue was $3,917,130 for the three months ended December 31, 2012; $9,884,602 for the year ended December 31, 2012;
• Operating netbacks for the three months ended December 31, 2012 were $82.45 per barrel (on revenue of $110.57 per barrel with operating costs of $28.12 per barrel); $82.92 per barrel (on revenue of $111.06 per barrel with operating costs of $28.14 per barrel) for the year ended December 31, 2012;
• Income of $289,116 in the fourth quarter of 2012 increased from a loss $6,700 in the fourth quarter of 2011; for the year ended December 31, 2012, income has increased to $1,131,795 compared to a loss in 2011 of $1,991,109;
• in October the Tunisian authorities approved extension of the expiry dates on the Bazma and Sud Tozeur permits to July 26, 2016 for Bazma and May 12, 2014 for Sud Tozeur;
• In Italy, a new law was passed modifying the previous drilling moratorium which, subject to approval by the relevant authorities, allows activities on CYGAM’s offshore Elsa discovery and Aretusa prospect to proceed.

Click here to read the full CYGAM Energy Inc (TSXV:CYG) press release.