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Sonde Resources Corp. (TSX:SOQ,NYSE MKT:SOQ,NYSE Amex:SOQ) announced today the release of its financial and operating results and management’s discussion and analysis and financial statements for the third quarter ended September 30, 2012.
Sonde Resources Corp. (TSX:SOQ,NYSE MKT:SOQ,NYSE Amex:SOQ) announced today the release of its financial and operating results and management’s discussion and analysis and financial statements for the third quarter ended September 30, 2012.
As quoted in press release:
Sonde generated $3.0 million of cash flow from operations in the third quarter. We are beginning to see the impact of our drilling, recompletion/workover programs, coupled with higher natural gas prices in Western Canada and the impact of our corporate cost reduction measures. Staff reductions, reductions in compensation, the renegotiation of commitments and focus on cost have improved our operating cost structure. We continue our efforts to support and protect shareholder value in these difficult economic times. We remain focused on oil related projects in Western Canada, and continue to improve our land position in areas with near-term oil resource potential quarter by quarter, with the current management team having amassed over 160,000 net acres of exploratory leases in the past two years. The shareholder value proposition from this program was demonstrated by our $75 million undeveloped land sale in the first quarter and we believe that others will see the value of our exploratory acreage accumulation.
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