Financial Report - 31 December 2011
Sydney, Mar 30, 2012 AEST (ABN Newswire) - Texon Petroleum Ltd (
ASX:TXN) (PINK:TEXOF) announce the Financial Report for the year ending December 31, 2011. The Company?s beneficial production for the year was 295.0 mboe (2010: 145.3 mboe). The rate of production increased by 103% from 398boepd to 808boepd. During the year there were 20 producing wells including four Eagle Ford wells.
Revenue earned during the year increased 164% to A$20.87 million (2010: $7.91 million). Increased oil production drove the increase, representing 65% of production and 80% of revenue (up from 37% and 55% respectively in 2010) and with an increase in the average price of oil received, this boosted revenue significantly.
Lifting cost of production was US$3.5million or US$11.75/boe (2010: US$1.4 million or US$9.60/boe). These costs are lease operating expenditure and production taxes, excluding overheads, corporate costs and capital expenditure.
View the Full Financial Report for Year Ending 31 December 2011 here:
http://media.abnnewswire.net/media/en/docs/ASX-TXN-240836.pdf
Contact
Texon Petroleum Ltd
T: +61 7 3211 1122
F: +61 7 3211 0133
E: texon.info@texonpetroleum.com.au
WWW: www.texonpetroleum.com.au
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