Shona Energy Company, Inc. engages in the acquisition, exploration, and development of oil, gas, and natural gas liquids primarily in Peru and Colombia. The company owns a 36.5% working interest in the Block 102, which is located in Maranon Basin, Peru; and a 100% working interest in the Esperanza Block that coves an area of 60,002 acres and is located in the Lower Magdalena Basin, Colombia. It also owns 37.5% interests in the Serrania Block in the Caguan Vaupes Basin, Columbia; the Los Picachos exploration and exploitation license that covers 86.236 acres and adjoins the Serrania Block on the north and west; the Macaya exploration and exploitation license, which covers 195,250 acres and adj...
675 Bering Drive
Houston, TX 77057
Shona Energy Company, Inc. Announces Earnings and Operating Results for the Third Quarter Ended September 30, 2012
Nov 19 12
Shona Energy Company, Inc. announced earnings and operating results for the third quarter ended September 30, 2012. For the quarter, natural gas revenues were $7,905,615, income from operations was $3,845,618 and net income was $2,368,943 or $0.01 per basic and diluted share against natural gas revenues of $776,278, loss from operations of $3,725,751 and net loss of $4,169,706 or $0.02 per basic and diluted share for the same period a year ago. The increase in revenues in the third quarter of 2012 compared with 2011 is attributable to higher sales volumes from the Nelson field which commenced on December 1, 2011 and higher gas prices received from the gas sold from this field. The company generated $5.3 million in EBITDA, or $0.02 per share in the third quarter of 2012, increased 43% over the second quarter of this year.
The company reported production of 1,492,894 Mcf or 16,227 Mcf/d for the third quarter against 190,764 Mcf or 2,074 Mcf/d a year ago.
Shona Energy Company, Inc., Annual General Meeting, Dec 14, 2012
Oct 18 12
Shona Energy Company, Inc., Annual General Meeting, Dec 14, 2012., at 09:00 Central Standard Time. Location: Shona, 675 Bering Drive. Agenda: To receive the audited consolidated financial statements for the period ended Dec. 31, 2011, together with the notes thereto and the auditors' report thereon and the unaudited financial statements of Shona for the three and six month period ended June 30, 2012; to fix the number of directors of Shona at 6 and elect the Shona board of directors for the ensuing year; to appoint Grant Thornton LLP as the auditors of Shona for the upcoming year and authorise the Shona board of directors to fix their remuneration; to approve the Shona stock option plan; to consider pursuant to the Interim Order and to pass a special resolution that the full text of which is set forth in Appendix A to the accompanying information circular and proxy statement, to approve the Arrangement pursuant to Section 193 of the Business Corporations Act (Alberta); to approve the plan of Arrangement with Canacol; and to transact such further and other business.