Interim report for the period of July – September 2011

Period January to September

– Net income amounted to SEK thousands -8398 (-11 006)
– Operating income from the oil business was tSEK 809 ( -4622 )
– Earnings per share amounted to SEK -0.07 (-0.02 )
– Equity per share amounted to SEK 0.37 ( 0.31 )

Period July to September

– Net income amounted to SEK thousands -3048 ( -3156 ), of which non-recurring expenses totaled approximately TSEK 1 460.
– Operating income from the oil business was tSEK 251 ( -1577 )
– Earnings per share amounted to SEK -0.02 ( -0.00 )
 
CEO’s Comments

For the second consecutive quarter, we do something completely new in the company’s history by shifting assets to our shareholders. By shareholders will receive shares in Crown Energy, they finally something back, which we welcome the and hope to repeat in future.

During the quarter, we completed a private placement of approximately 2.5 million at a premium of about 21 percent compared with the market price and received partial payment of about 8.6 million from the liquidation of Tomsk Refining. The money from these events, among others, have been used to repay the loan to the Whitney Bank , Texas which is a lender to Benchmark Oil & Gas. We have also taken over some of the Benchmark Oil & Gas accounts payable and lent 2.5 million to Kopy Goldfields.

The quarter has been very good for our portfolio holdings Kopy Goldfields, which has a new principal shareholder by Eldorado Gold and come with a number of positive news from the business. For portfolio in general continues to work and include a leave oil business profits for the second consecutive quarter and respect Imcc conducted intensive negotiations about delivering sand.