Doral Energy Corp. showed net profits of $1.83 million from the sale of oil and gas and $0.90 million from oil hedge settlements. The Company's year-end financials resulted in a net loss of $1.92 million; however, the Company exhibited an optimistic year-end EBITDA of $0.53 million. Furthermore, Doral has tenable forbearance from Macquarie Bank Limited until January 29, 2010. This allows management flexibility necessary to reassure its outstanding balance as it relates to its existing $50 Million Senior Credit Facility with Macquarie.
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About Doral Energy Corp.
Doral Energy Corp. is an oil and gas exploitation and production company headquartered in Midland, Texas. Doral Energy Corp.'s strategy is to grow a portfolio of under-developed production and exploitation assets with the potential for generating near-term increases in existing production through operational improvements, and longer-term development of proved undeveloped reserves by infill drilling. Doral focuses on identifying acquisitions that generate immediate cash flow from production, but which also have strong proved developed non-producing and proved undeveloped reserves that can be tapped for significant growth. The prolific Permian Basin of Texas and New Mexico is the geographic region of focus for the Company's future acquisition activity. Doral's first producing assets, the Hanson Properties in Eddy County, New Mexico, located in the northwestern Permian Basin of New Mexico.
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