REPORT FOR THE THIRD QUARTER AND NINE MONTHS ENDED SEPTEMBER 30, 2011

FOR IMMEDIATE RELEASE
Date: November 25, 2011
London

This report includes unaudited consolidated financial information of Corral Petroleum Holdings AB (publ) (“Corral”) for the third quarter and nine months ended September 30, 2011 and for the comparative periods in 2010.

Financial highlights

  • Sales revenue for the third quarter of 2011 amounted to 21,624 MSEK compared to 17,060 MSEK in the third quarter of 2010.
  • EBITDA for the third quarter of 2011 amounted to 296 MSEK compared to 263 MSEK in the third quarter of 2010.
  • Adjusted EBITDA1 for the third quarter of 2011 amounted to 221 MSEK compared to 455 MSEK in the third quarter of 2010.
  • Operating income for the third quarter of 2011 amounted to 47 MSEK compared to an operating income of 16 MSEK in the third quarter of 2010.
  • Net loss for the third quarter of 2011 amounted to 773 MSEK compared to a net income of 442 MSEK in the third quarter of 2010.
  • Cash flow used in operating activities for the third quarter of 2011 was 610 MSEK compared to cash flow used in operating activities of 1,111 MSEK in the third quarter of 2010.
  • Weighted business refining margin for the third quarter of 2011 was 2.49 $/bbl compared to 2.97 $/bbl in the third quarter of 2010.
  • The refinancing of Corral’s Varying Rate Senior Secured Notes and of our subsidiary Preem’s credit facilities successfully closed in the third quarter of 2011.

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