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CGX Energy Q1 net loss $0.01 per share

Staff writer |
CGX Energy announced its unaudited consolidated financial results for the first quarter ended March 31, 2015. Net loss was $837,278 or $0.01 a share for the three month period ended March 31, 2015.

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This compares with $1,185,644 or $0.02 a share for the same period in 2014.

The company continues to seek a joint venture partner for all three if its petroleum prospecting licences and is actively pursuing this initiative.

In the short term, the company will require additional financing and seek to widen its shareholder base, but still with a view to negotiating farm-out transactions as the primary way to enhance shareholder value.

General and administrative costs increased slightly to $447,593 in the three month period ended March 31, 2015 from $436,269 for the same period in 2014. These lower costs are consistent with the prior year and are a continued result of an overall cost cutting initiative undertaken by the company in the latter half of 2013 driven by the reduction in non-essential staff and purchases.

In addition, management and consulting fees decreased to $502,667 during the three month period ended March 31, 2015 compared to $543,988 for the same period in 2014.


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