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Latest Headlines
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Nov 27, 2009 6:52:00 AM MST
Novus Energy net loss narrows in the fourth quarter (Novus-Energy)
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CALGARY _ Novus Energy Inc. (TSXV:NVS) saw its net losses narrow in its fourth quarter from year-ago levels even as revenues fell.
The Calgary-based oil and gas company reported a net loss of $1.8 million or four cents per share for the fourth quarter ended Sept. 30, narrowing from a year-ago net loss of $2.1 million or 15 cents per share.
Revenues for the quarter totalled $839,000 down from $2 million last year.
Novus said an upcoming acquisition of Ammonite Energy Ltd., and a $30 million financing would allow it to capitalize on further corporate and asset acquisition in the future.
It also plans to complete a seven-well drilling program in its core oil area of Dodsland, Sask.
Novus said its overall net loss for the year was $13.7 million, significantly larger than the loss of $3.1 million recorded a year earlier.
Annual revenue totalled $3.8 million, down from $4.9 million last year.
The company pointed out though that its annual figures were heavily impacted by a $7-million impairment provision, $637,000 in reorganization costs associated with a management charge and a $238,000 write-down of accounts receivable.
Novus shares closed at 81 cents Thursday on the TSX Venture Exchange and opened Friday at 80 cents.
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