C&C ENERGIA LTD 
By CALGARY, ALBERTA--(Marketwire - May 10, 2012) - C&C Energia Ltd. ("C&C Energia" or the "Corporation") (TSX:CZE) is pleased to report its operating and financial results for the three months ended March 31, 2012.
Average daily production for the first quarter 2012 was 10,391 bopd which was nearly double that of the same period in 2011. Funds flow from operations for the three months ended March 31, 2012 was $41.7 million, an increase of over 75% from the prior year period. During the first quarter 2012, C&C Energia realized an average price of $111.44 on its sales generating operating netbacks of $63.70 per barrel. The Corporation has a strong balance sheet with a $63.2 million adjusted working capital surplus (including $94.8 million in cash) and no debt.
Current production is approximately 10,350 bopd and average production for 2012 remains forecast to be between 10,000 and 10,500 bopd, generating approximately $160 million in after tax cash flow based on an expected realized price of approximately $93.50 per barrel.
C&C Energia will be filing its interim financial statements and management's discussion and analysis as at and for the three months ended March 31, 2012, which will contain detailed information regarding the Corporation's results. When filed, these documents will be available for review under C&C's profile on the SEDAR website ( www.sedar.com).
FINANCIAL & OPERATIONAL HIGHLIGHTS
(All references to $ are to United States dollars unless otherwise noted.)
Three Months Ended March 31, | |||||
(unaudited) |
2012 |
2011 | |||
Operating |
(thousands of US$, except share, per bbl and bopd
amounts) | ||||
Operating cash flow (1) |
60,799 |
26,101 | |||
Average crude oil volumes (before
royalties) | |||||
Production (bopd) | |||||
|
distributed by
|
