PetroEnergy posts $1.86-M profit as of September

MANILA, Philippines - PetroEnergy Resources Corp. reported a net profit of $1.856 million as of September surpassing the $1.578 million recorded in the same period last year.

In a report submitted to the Philippine Stock Exchange (PSE), PetroEnergy said it generated oil revenues of $7.357 million and $6.506 million for the nine months ended Sept. 30, 2010 and Sept. 30, 2009, respectively.

“Athough there was a decrease in crude oil production from 6.241 million barrels to 5.469 million barrels, there was a 13.07-percent increase in oil revenues due to higher crude oil price from $56.61 per barrel for the nine months ended Sept. 20, 2009 to $75.65 per barrel for the same period in 2010,” it said.

Operating expenses increased by 53.34 percent to $3.201 million from $2.088 million for the same period due to payments for non-recurring expenses such as, signature bonus for the extension of the Gabon contract, freight chargs etc.

General and administrative expenses amounted to $1.518 million from $0.778 million, up 95.22 percent due to payments for various taxes and licenses for the incorporation of PetroGreen Energy Corp. (the company’s 100 percent owned subsidiary) and Maibarara Geothermal Inc. (a joint venture corporation, 65 percent owned by PetroGreen) and various expenses for the due diligence of wind and geothermal projects.

Earlier, the publicly-listed firm said it would pursue its 40-MW Maibarara Geothermal power project after securing environmental compliance certificate from the Department of Environment and Natural Resources (DENR).

The company said it would develop Maibarara, located in Calamba, Laguna and Sto. Tomas, Batangas, and intends to commission the first 20-MW integrated steamfield and power plant by late 2013.

PetroEnergy and its environmental consultant, SMEC Inc., conducted the baseline environmental studies alongside initial consultation with local government units immediately after the DOE award of the Maibarara service contract last Feb. 1, 2010.

The environmental examination report was submitted on May 16 and after a series of consultations with the DENR review team the report was finalized and accepted by DENR-4A last July 8, 2010.