Zargon Sees Drop in Oil and Gas Production in Q3 2012

Zargon Oil & Gas Ltd. (TSX:ZAR,TSX:ZAR.DB) announced its financial and operating results for the third quarter of 2012, commenting that its oil production fell to 7,634 barrels of oil equivalent from 8,290 during the previous quarter. Its natural gas production declined 12 percent compared to the preceding quarter, averaging 15.33 million cubic feet per day.

As quoted in the press release:

Oil and liquids production averaged 5,079 barrels per day, a six percent decline, or 305 barrels of oil per day from the preceding quarter of 5,384 barrels of oil per day, due in part to a six month break in our drilling program and the full impact of the property sales totalling 275 barrels of oil per day which occurred in the second quarter.

Funds flow from operating activities of $14.35 million were 16 percent higher than the $12.37 million recorded in the prior quarter and two percent lower than the $14.59 million reported in the third quarter of 2011. Funds flow from operating activities for the 2012 third quarter included reductions of $0.71 million of asset retirement expenses. At quarter end, Zargon had 29.78 million shares outstanding.

Click here to read the full Zargon Oil & Gas Ltd. (TSX:ZAR,TSX:ZAR.DB) press release. 

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