Revenue and other income for the second quarter of 2011 increased 93% to $162 million. Net income nearly doubled to $31.6 million during the quarter. The company reported production of 18,141 barrels of oil equivalent per day, increasing 36% due to additional production from recent discoveries and existing fields. Following the acquisition of Petrolifera, management expects 2011 production to average between 17,500 and 19,000 boe per day.
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 2011 capital expenditure of $357 million with $190 million allocated to drilling, $87 million for seismic acquisition and $79 million for infrastructure.Analysts surveyed by Bloomberg expect the stock to gain 87% over the next one year. Of the analysts covering the stock, 88% have a buy rating.