Oil exploration and production
company Gran Tierra Energy Inc said quarterly funds
flow from operations increased but it had a net loss due to
foreign exchange losses.
The company on Monday reported a second-quarter net loss of
$28.2 million, or 12 cents a share, compared with a year-ago
profit of $8.5 million, or 7 cents a share.
Gran Tierra said the results included a foreign exchange
loss of $33.7 million, of which $31.0 million was an unrealized
foreign exchange loss.
The Calgary-based company, which holds interests in
producing and prospective properties in Argentina, Colombia and
Peru, said its balance sheet remains very strong, and it
expects its capital expenditure program for the next 12 months
will be more than fully funded from cash flow and cash on
The company said second-quarter revenue increased by 77
percent to $58.5 million. (Reuters)