Toronto, Ontario, Canada - Candax Energy Inc. CAX.TSX ("Candax") today reported a third quarter profit of Cdn$3.0 million ($0.04 per common share) compared to a loss of Cdn$0.2 million in the third quarter of 2004. The net profit for the first nine months of 2005 was $2.3 million ($0.06 per common share), compared to a loss of $0.2 million for the same period in 2004.
The third quarter marked the first full quarter for which Candax reported the results of operations from its Tunisian assets. Strong sales volume and record prices were partially offset by the production shut-in and related costs at the El Bibane field. In spite of the shut-in at El Bibane, revenues of Cdn$9.2 million were earned in the quarter, resulting in a pre-tax profit of Cdn$3.3 million for the quarter. The third quarter Financial Statements and Management Discussion & Analysis may be viewed online at www.sedar.com.
Candax Energy Inc. is an international energy company with its head office in Toronto, Ontario, Canada and management offices in London, Dubai and Tunis. The Company holds a number of concessions in Tunisia through its subsidiary companies and is involved in the exploration and production of oil, gas and power generation in the country. Candax was formed through the combination of a highly experienced executive management team with successful Canadian founders and financiers, to develop an international upstream oil and gas project portfolio. Candax is initially focusing its growth activities on production and development projects in the Middle East and North Africa, where the group has strong relationships as well as extensive management experience.
For further information, please contact:
John Clarke, Executive Vice President, Corporate
T: (416)361-2824
F: (416)364-5400
E: jclarke@candax.com
Fred Cowans or Tracy Weslosky, Managing Partners
Pro-Edge Consultants Inc.
T: 866.544.9622 or 416.581.0177
E: info@pro-edge.com
Not for distribution to United States newswire services or for dissemination in the United States.
Certain statements in this News Release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Corporation to be materially different from any future results, performance or achievements expressed or implied by such forward looking statements. |