Interra Resources achieves record $4.99m net profit in 3Q13

Fueled by 79% revenue surge.

Independent oil & gas exploration and production firm Interra Resources announced a 3Q FY2013 net profit of $4.99 million, which surpasses the previous net profit record, set in 2Q FY2013 of $4.45 million.

Net profit rose partly due to higher oil prices. Revenue also climbed 79% yoy in 3Q to $14.03 million.

“Interra Resources’ latest results continue to build on its strong performance from the previous quarters. Our aggressive drilling efforts at our Myanmar and Indonesia sites are culminating in higher production levels when compared to last year," said Marcel Tjia, CEO, Interra Resources.

"This is a testimony to the strategy that was set out 18 months ago, and one that will help propel the company into its next growth phase," Tjia added.

In Indonesia, the company has tarted drilling 2 out of 4 new wells at Tanjung Miring Timur. While in Myanmar, a total of 24 wells are targeted for drilling by end 2013.