For the nine months ended September 30, 2013, oil revenue after royalty payments decreased by $59.1 million to $38.6 million from $97.7 million for the same period in 2012. The decrease is due to a decrease in the amount of oil sold of 554 MBbls, and a decrease of $4.25, or 4%, in the average per barrel sales price received from $103.67 to $99.42 per barrel. Total sales for the nine months ended September 30, 2013 were 388 MBbls compared to 942 MBbls for the same period in 2012.The decrease in amounts of oil sold in the year-over-year comparisons is mainly due to the December 2012 sale of a 49% participating interest in Block Z-1 to Pacific Rubiales Energy Corp.
BPZ Energy Reports Third Quarter 2013 Financial Results And Provides Update On Development Drilling
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