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PRELIMINARY  RESULT AS PER 3RD  QUARTER  2010

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 Summary of main events

  • Net result after tax for the first nine months of 2010                   : USD    2.1 million

         For the 3rd quarter 2010                                                           : USD  -6.6 million

  • Revenue and operating profit before depreciation for the first nine months of 2010 was USD 56 million and USD 20.8 million.
  • Operating result before depreciation of Venture Drilling AS (50 per cent owned) for the first nine months of 2010 was USD 81.9 million. Net Result after tax USD 54.5 million. From end April Deep Venture is stacked in Ghana awaiting outcome of the result of the bareboat termination dispute with the Russian owner.
  • Book Equity per 30.09.2010 USD 1.79 per share.
  • A team of core employees has been hired for the Corporate Management, Drilling and Well Division, and Oilfield Service Division.

 

Financial information

Profit and loss for the first nine months of 2010

 Total revenue for the first nine months 2010 was USD 56.0 million all of which came from Petrolia Services (100 per cent owned subsidiary). For the first nine months of 2009, total revenues equaled USD 48.3 million.

 

Operating profit before depreciation for the first nine months of 2010 was USD 20.8 million compared to USD 22.6 million for the first nine months of 2009.

 Total operating expenses equaled USD 35.2 million in the first nine months of 2010.

Operating loss for the first nine months of 2010 equaled USD 8.6 million including USD 29.4 million in depreciation of equipment mainly related to Petrolia Services. Operating loss for the first nine months of 2009 equaled USD 6.6 million, including USD 29.2 million in depreciations.

The net result after-tax for the first nine months of 2010 was USD 2.1 million.

Total revenues were USD 19.0 million for the third quarter 2010.

Operating profit before depreciation was USD 8.8 million for the third quarter 2010 compared to USD 5.8 million in 2009.

 

Total operating expenses equaled USD 10.2 million for the third quarter 2010.

Operating loss equaled USD 0.1 million for the third quarter 2010, including USD 9.0 million in depreciation of equipment mainly related to Petrolia Services. Operating loss equaled USD 6.9 million for the third quarter 2009, including USD 12.7 million of depreciations.

 The net result after-tax was USD - 6.6 million for the third quarter 2010.

  

Attachment : Preliminary Report for 3rd  Quarter 2010. 

 

The preliminary report for 3rd quarter 2010 will only be presented as a stock exchange notice.

 

For further information please contact : Ørnulf Samdal, CEO Petrolia Drilling ASA,

e-mail: samdal@petrolia.no

 

 

Bergen/Oslo, 25 December 2010

Board of Directors

Petrolia Drilling ASA

This information is subject of the disclosure requirements acc. to § 5-12 vphl (Norwegian Securities Trading Act)

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