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Cano stated that the net income was negatively impacted by unfavourable movement in commodity prices, a USD11.4m pre-tax non-cash impairment incurred at its Duke Sand water flood whose primary water source was the shut Barnett Shale wells, which when shut down resulted in another USD4.3m impairment and a USD6.9m unrealised loss on commodity derivatives from improved crude oil prices since 31 March 2009 levels.
Revenue for the fourth quarter ended 30 June 2009 was USD5.7m, a decrease of 49% compared to USD11.2m for the previous year period.
The company reported for the fiscal year 2009 a net income applicable to common stock of USD7.9m or USD0.19 per share, an improvement of USD29.5m compared to the USD21.6m loss applicable to common stock for the 2008 fiscal year.
Revenue for the fiscal year 2009 was USD25.4m; a decrease of 27% compared to USD34.7m for the last fiscal year ended 30 June 2008.
Cano's production for the fourth quarter averaged 1,309 BOEPD, up 4% and 15%from the third fiscal quarter 2009 and fourth fiscal quarter 2008, respectively. Fourth quarter production was positively impacted by increases at the Cato water flood of 6% to average 333 net BOEPD, as compared to third quarter production. Panhandle field production increased 4% to average 625 net BOEPD.
Production for fiscal 2009 showed an increase of 11% from 1,123 BOEPD to 1,252 BOEPD. Production over the last fiscal year was due to the production increases by 123% at the company's Cato Field.
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