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North American Petroleum sees $1.03 million July net loss; sales fall
By Caroline Salls
Pittsburgh, Aug. 19 - North American Petroleum Corp. USA posted a $1.03 million net loss for July on negative $255,588 in net revenues, according to its monthly operating report filed Friday with the U.S. Bankruptcy Court for the District of Delaware.
In comparison, North American Petroleum reported a $15.14 million net profit for June on $2.82 million of net revenues.
The company had $9.34 million in cash and cash equivalents at July 31, up from $7.63 million at the end of June.
North American Petroleum is a subsidiary of Petroflow Energy, a Calgary, Alta.-based oil and natural gas company. The subsidiary filed for bankruptcy on May 25, 2010. The Chapter 11 case number is 10-11707.
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