Manas Petroleum Corp. recently filed and posted its first-quarter results for the three months ended March 31, 2010.
The company reported net income of $83.0 million as compared to a net loss of $2.20 million for the first quarter of 2009. Manas Petroleum attributes the increase mainly to the $57.8 million gain from the sale of Manas Adriatic GmbH and a change in fair value of investment in associate of $28.8 million.
Manas’ operating expenses for the first quarter increased to $3.2 million as compared to $2.5 million for the same period in 2009. The company attributes the 29 percent increase to higher personnel costs and increased consulting fees.
Manas’ actual cash balance as of March 31, 2010 was $2.3 million.
The company has geological and geophysical commitments for the next year in Mongolia, amounting to $1.6 million; the company said it plans on spending $2.5 million for capital expenditures and Geological & Geophysical work.
Given the amount of cash and cash equivalents as of March 31, 2010, Manas said believes that it will be able to meet total cash requirements planned for the next 12 months.
The company also said its financial statements reflect its assumption that it would continue as a going concern, and that based on its estimated cash requirements, it believes that it has sufficient funds to continue its planned operations until April 2011.
For more information visit www.manaspete.com