The FINANCIAL — CanArgo Energy Corporation (“CanArgo”or the “Company”) (OSE: CNR, AMEX:CNR) on November 7 reported results for the three and nine months ending September 30, 2008.
Operating Revenues from Continuing Operations for the three month period ended September 30, 2008 increased to $3.0 million from $nil million for the corresponding period for 2007. The increase in revenue was attributable to higher sales volumes of oil at the Ninotsminda Field in Georgia.
The Company reported a net loss for the three month period ended September 30, 2008 of $0.9 million compared to a net loss of $10.0 million in the corresponding period for 2007. Operating Income from Continuing Operations for the three month period ended September 30, 2008 improved significantly to $0.2 million compared to an Operating Loss of $2.2 million in the corresponding period for 2007. This was due to
improvements in Operating revenues from Continuing Operations and reduced Selling, General and Administrative Expenses offset partially by increased Field Operating Expenses and Depreciation, Depletion and Amortization.
Operating Revenues from Continuing Operations for the nine months ended September 30, 2008 increased by approximately 241% over the corresponding period for 2007 to $8.2 million. The increase in revenue was attributable to increased realised oil sales prices and higher sales volumes of oil at the Ninotsminda Field in Georgia. The Company reported a net loss for the nine months ended September 30, 2008 of $3.1 million compared to a net loss the corresponding period for 2007 of $11.1 million. Operating Loss from Continuing Operations for the nine months ended September 30, 2008 improved significantly to $nil compared to $4.7 million in the corresponding period for 2007. This was due to improvements in Operating revenues from Continuing Operations and reduced Selling, General and Administrative Expenses offset partially by increased Field Operating Expenses and Depreciation, Depletion and Amortization.
