Heritage Oil records $1.4 million net earnings for first nine months of 2003
Canada’s Heritage Oil Corporation recorded net earnings of $1.4 million in the first nine months of 2003 compared with a loss of $0.5 million during the same period last year. Net earnings for the third quarter of the year amounted to $795,044 compared with $524,341 in 2002.
In the third quarter, net condensate, liquid petroleum gas and crude oil production from the Kouakouala field in the Congo and also from the Bukha field in Oman averaged 531 barrels per day (bpd), split almost evenly between the two fields. Production in the Bukha field rose by 30 bpd compared with the same period a year ago.
Heritage holds a 10 percent working interest in both Oman’s Block 8, in which it holds an interest in the producing Bukha gas/condensate field and in the adjoining Block 17 licences, through its wholly owned subsidiary Eagle Energy Oman. Its partners in the Tibat-1 well are operator Novus Petroleum Limited, LG International and Atlantis Holdings Norway.
Heritage is an international oil and gas corporation, whose principal properties are situated in the Republic of Congo, Oman and Uganda. Heritage's registered office is located in Calgary, Canada. The Company's Class A common shares trade on the Toronto Stock Exchange. — (menareport.com)
© 2003 Mena Report (www.menareport.com)