Northern Dry-hole Costs Boost MGM Loss

摘要

Dry hole and seismic costs pushed the net loss posted by MGM Energy Corp. for 2008 past $100 million (see table).With only interest income and no oil or gas production, the junior would likely have posted a loss in any case, but $74 million in dry-hole costs and $26.7 million in exploration expenses during 2008 sent the figure even higher, despite a $22 million gain on future income taxes.