Greka Drilling Limited announced that the first LiFaBriC well drilled under the third party contract for China National Petroleum Corporation, the order for which was previously announced on December 28, 2012, was successfully completed and accepted by CNPC. The completion set new records for Measured Depth and True Vertical Depth of any LiFaBriC well drilled by the Company to date. CNPC had specified that the well was to remain in coal from the landing point to the intersection with the vertical well and the company is pleased to announced that it exceeded the target set by the customer for the number of meters in coal (lined) by 41 meters or 5.5%. The vertical well took 29 days to complete. The lateral section of the LiFaBriC well had a MD of 1917 meters and a TVD of 1036 meters. The well was drilled in a new area for the company which is defined as exploration drilling, as compared with the production drilling the company is conducting for its first customer Green Dragon Gas Ltd. The exploration drilling took 88 days from spud to completion, slightly better than previous company guidance of 90 days for completing a LiFaBriC exploration well.

Greka Drilling Limited announced audited consolidated earnings results for the year ended December 31, 2012. For the year, the company reported revenue of $60,918,000 compared to $43,834,000 in the same period last year. Profit from operations was $4,726,000 against $4,689,000 a year ago. Profit before income tax was $3,457,000 against $4,616,000 a year ago. Profit for the year attributable to owners of the company was $1,831,000 or $0.0046 basic and diluted per share against $2,790,000 or $0.0070 basic and diluted per share a year ago. Net cash from operating activities was $19,766,000 against net cash used in operating activities of $21,279,000 a year ago. Payments for purchase of property, plant and equipment were $31,250,000 against $28,671,000 a year ago. Payments for intangible assets were $123,000 against $363,000 a year ago. The company also announced operational results for the year ended December 31, 2012. For the year, the company reported 3 contracted counterparties: Green Dragon Gas, CNPC Huabei and Petroking. 90 wells drilled in 2012 compared with 50 wells drilled in 2011, an increase of 80% year-on-year. The company reported 147,126 meters drilled, compared to 88,224 meters drilled in 2011, a 67% increase year-on-year. The company reported Vertical wells averaging 37 drilling days and Horizontal wells averaging 51 drilling days. Exploration drilling (LiFaBriC) wells was at 88 days improving on previous company guidance of 90 days.

Greka Drilling Limited announced that they will report fiscal year 2012 results on Mar 12, 2013