One Exploration net loss widens in third quarter, sales down from year-ago

The Canadian Press ~ The News
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CALGARY - One Exploration Inc. (TSXV:OE.B) suffered the heavy impact of low natural gas prices during the third quarter, causing it to widen its net loss from year-ago levels.
The oil and gas junior reported a net loss of $2.3 million or four cents per share in the quarter ended Sept. 30. That compared to a year-ago loss of $700,994 or two cents per share.
Petroleum and natural gas sales for the quarter totalled $1.5 million, down from $4.6 million last year.
The company said it carried out limited field activities during the quarter as it focused primarily on cost reduction, cash conservation and balance sheet strength.
One Exploration added that it also disposed of several non-core gas weighted non-operated properties in Alberta during the quarter.
The Calgary-based company said it will continue to focus on growth opportunities in a low commodity price environment. It added that it expects to see the positive effects of reduced staffing levels and other cost-saving initiatives in future quarters.

Organizations: One Exploration Inc., TSXV

Geographic location: CALGARY, Alberta

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