Niko Resources Ltd. reported unaudited consolidated earnings results for the second quarter and six months ended September 30, 2012. For the quarter, the company reported oil and natural gas revenue of $58,080,000 against $86,810,000 a year ago. Loss before income tax was $53,596,000 against $42,419,000 a year ago. Net loss was $28,573,000 or $0.55 per basic and diluted share against $43,916,000 or $0.85 per basic and diluted share a year ago. Net cash from operating activities was $29,177,000 against $51,959,000 a year ago. Exploration and evaluation expenditures were $60,155,000 against $59,526,000 a year ago. Property, plant and equipment expenditures were $7,866,000 against $5,794,000 a year ago. Funds from operations were $34,105,000 against $60,991,000 a year ago.

For the six months, the company reported oil and natural gas revenue of $113,179,000 against $175,088,000 a year ago. Loss before income tax was $143,348,000 against $23,763,000 a year ago. Net loss was $120,696,000 or $2.34 per basic and diluted share against $98,899,000 or $1.92 per basic and diluted share a year ago. Net cash from operating activities was $51,130,000 against $156,242,000 a year ago. Exploration and evaluation expenditures were $93,053,000 against $175,109,000 a year ago. Property, plant and equipment expenditures were $11,060,000 against $8,804,000 a year ago. Funds from operations were $74,629,000 against $121,141,000 a year ago.

The company announced that Glen Valk, Niko's Corporate Treasurer, will succeed Murray Hesje as Vice President, Finance and Chief Financial Officer of the company, upon Mr. Hesje's retirement effective at year end. Importantly upon his retirement, Mr. Hesje will continue with Niko as a special advisor to the company and the board of directors.

The company reported production results for the second quarter and six months ended September 30, 2012. For the quarter, the company reported total production of 173 MMcfe/d against 241 MMcfe/d a year go.

For the six months, the company reported total production of 181 MMcfe/d against 244 MMcfe/d a year go.

The company's guidance on its capital program for the year ended March 31, 2013, net of proceeds of negotiated farm-outs and other arrangements, has been revised from $210 million to $170 million, due primarily to deferrals of development spending. In addition, Niko has funded and will continue to fund certain drilling inventory and other costs related to its drilling program in future years. Total spending for the year is expected to be approximately $205 million.