Canoel International Energy Ltd. Reports Revenue and Operating Results for the Year Ended December 31, 2012; Provides Earnings Guidance for the Year Ending March 31, 2013
The company announced the results of Petrolera Patagonia Srl, its main producing subsidiary located in Argentina and operator and 100% owner of the Don Alberto and Don Ernesto fields in Patagonia, Province of Chubut. For the calendar year ended December 31, 2012, the company's production decline in Argentina has been reversed as production has increased to 41,400 barrels up from 39,800 for the year ending December 31, 2011, representing a 4% increase.
The company provided earnings guidance for the year ending March 31, 2013. The company is expected to show a loss for the period of twelve months ending March 31, 2013.