Fuente: Alange NewsRoom.
Financial Results
The Company announced its share of average daily production for the year 2010, before deduction of royalties, of 2,413 boed, resulting in revenues of $44.4 million, up approximately 253% from the end of 2009. In 2010, the Company successfully brought seven new wells into production, including six at Cubiro and one at La Punta, more than offsetting the normal annual production decline rates in the fields. Production levels for December 2010 were below the average for the fourth quarter as a result of severe weather difficulties. Cubiro continues to be the anchor in the producing portfolio, representing approximately 79% of total production in 2010. For 2011, the Company plans to stabilize and steadily increase production at its existing producing properties, as well as explore and develop its high-potential exploration blocks. Alange Energy aims to grow production to 2,800 to 3,000 boed for its share of average daily production for 2011.
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