Frontera Resources Corporation (London Stock Exchange, AIM Market - Symbol: FRR; OTCQX Market, U.S.A. - Symbol: FRTE), an independent oil and gas exploration and production company, announces results for the quarterly period ended 31 March 2008.
2008 Q1 Financial Highlights
• Results for the quarter ended 31 March 2008 reflect a net loss of $6.1 million, or $0.09 per share on a fully-diluted basis, in line with the early stage nature of the company's asset portfolio and expenditures required to evaluate the company's undeveloped fields and exploration opportunities.
• Working capital position of $29 million at 31 March 2008.
2008 Q1 Operational Highlights
• Taribani Field Unit - Continued Zone 9 development program.
• Basin Edge Play Unit - Continued extensive exploration drilling campaign at the "C" Prospect.
• Shallow Fields Production Unit - Commenced new drilling campaign and continued profitable production, with oil sale arranged for completion in Q2.
• Mirzaani Field Area Exploration Unit - Advanced efforts to farm out the Mirzaani Deep Prospect in order to accelerate drilling of this large prospect situated beneath the currently producing Mirzaani Field.
• Block 12 Area Wide Development Unit - Evolved Frontera's extensive inventory of undrilled prospects and undeveloped fields in anticipation of mid-term and long-term value creation opportunities.
Frontera has operated in Georgia since 1997 where it holds a 100 percent working interest in a production sharing agreement with the government of Georgia. This gives Frontera the exclusive right to explore for, develop and produce oil and gas from a 5,060 square kilometer area in eastern Georgia known as Block 12.