PetroEnergy incurs $2.77 M loss in Jan-Sept

Listed PetroEnergy Resources Corp. (PERC) incurred a net loss of $2.77 million in the nine months to September due to lower oil revenues and other charges.

The net loss compares with the $973,660 net income posted a year ago.

The energy exploration and development firm of the Yuchengco Group reported a 7.97 percent drop in revenues to $5.56 million during the period from $6.04 million a year ago mainly due to the 43.4 percent drop in oil revenues.

The average crude oil price for the period was at $46.21 per barrrel, nearly half of the average oil price of $95.13 per barrel the comparable period in 2014.

On the other hand, electricity sales increased by 21.71 percent to $ 4 million from $ 3.29 million due to higher power generated by Maibarara Geothermal Power Project (MGPP) in the third quarter.

MGPP, located in Sto. Tomas, Batangas, is 65 percent owned by PERC through its wholly- owned subsidiary PetroGreen Energy Corp. in joint venture firm Maibarara Geothermal Inc. (MGI).

Other firms in the joint venture are TransAsia Oil & Energy Development Corp. with a 25 percent stake and PNOC Renewables Corp. (PNOC-RC) with 10 percent.

For the nine-month period, PERC also incurred other charges of $1.55 million, up 35.59 percent from $1.15 million last year.

The firm attributed the charges to the interest expense amounting to $ 1.21 million and accretion expense of $14,697.

It also incurred a share in net loss of an associate of $705,949 because of the higher operating losses and administrative expenses from PetroWind Energy Inc. (PWEI).

PWEI is a joint venture firm among PERC through subsidiary PetroGreen Energy Corp. (PGEC) with a 40 percent stake, Singapore-based CapAsia Asean Wind Holdings Cooperatief U.A. with 40 percent and EEI Power Corp. with the remaining 20 percent.