For the second quarter of 2011, the company reported production of 18,141 boe/d, increasing 36% due to additional production from recent discoveries and existing fields. Revenue and other income increased 93% to $162 million. Net income nearly doubled to $31.6 million during the quarter.
Higher production ensured healthy operating cash flow of $64 million over $50 million reported in the same quarter prior year. Cash and cash equivalents were $211.4 million. Management estimates capital expenditure during 2011 to amount to $357million, with $190 million allocated towards drilling, $87 million for seismic acquisition and $79 million for infrastructure.Following the acquisition of Petrolifera, management expects 2011 production to average between 17,500 to 19,000 boe/d. Analysts surveyed by Bloomberg expect the stock to gain 57% over the next one year. The stock has 88% buy rating.