Condor announces 2014 year end results
CALGARY, March 26, 2014 – Condor Petroleum Inc. (“Condor” or the “Company”) (TSX: CPI) is pleased to announce the release of its Consolidated Financial Statements for the year ended December 31, 2013, together with the related Management’s Discussion and Analysis (“MD&A”). These documents will be made available under Condor’s profile on SEDAR at www.sedar.com and on the Condor website at www.condorpetroleum.com. All financial amounts in this news release are presented in Canadian dollars, unless otherwise stated
2013 highlights include:
- The Company sold its 66% participating interest in, and certain indebtedness of, the Marsel property for US$88.0 million. The sale was completed January 28, 2014.
- An oil discovery was made at the Kiyaktysai North East field, which is the first salt encapsulated structure drilled at Zharkamys. Both the discovery and appraisal wells encountered 40 degree API gravity oil.
- The Company successfully extended the Zharkamys exploration period for an additional two year term until August 27, 2015.
- The Zharkamys territory was expanded by 45% or 1,167 km2 to 3,777 km2 providing for two additional exploration areas to the east and to the south of the previous territory boundaries.
- Production increased to an average of 291 bopd in 2013 compared to 166 bopd in 2012, due mainly to Shoba trial production during the year which lead to a 90% increase in revenues to $4.0 million in 2013 from $2.1 million in 2012.
- Condor raised $15.0 million by issuing a senior unsecured note which allowed the Company to continue exploration and development activities at Zharkamys during the period until the Marsel Sale was completed. The Note was due and repaid upon completion of the Marsel Sale in February 2014.