The company announced the results after market hours on Tuesday, 31 July 2012.

Meanwhile, the BSE Sensex was down 11.18 points or 0.06% to 17,225

On BSE, 1.07 lakh shares were traded in the counter as against average daily volume of 3.44 lakh shares in the past one quarter.

The stock hit a high of Rs 118.30 and a low of Rs 115 so far during the day. The stock had hit a 52-week low of Rs 86.70 on 21 December 2011. The stock had hit a 52-week high of Rs 174.05 on 4 August 2011.

The stock had underperformed the market over the past one month till 31 July 2012, falling 10% compared with the Sensex's 1.11% fall. The scrip had also underperformed the market in past one quarter, declining 3.11% as against Sensex's 0.48% decline.

The small-cap oil exploration firm has an equity capital of Rs 130.49 crore. Face value per share is Rs 10.

Hindustan Oil Exploration Company (HOEC) in a press release said that during Q1 June 2012, the production from PY-1 Field was shut down for a cumulative of 34 days as GAIL (India), the buyer of PY- 1 Gas, was not able to off-take the gas supply due to shut down of downstream user plant. Production from PY-3 Field, operated by Hardy Exploration & Production (India) Inc., remained shut since 31 July 2011.

Consequent to intermittent production shut downs in PY-1 Field, the company has charged additional depreciation of Rs 1.46 crore for Q1 June 2012 (over and above the Unit of Production "(UOP)" method) in line with the company's Accounting Policy to comply with minimum rates of depreciation under Schedule XIV of the Companies Act, 1956.

As per the company's Accounting Policy and in compliance with GSR 225 (E) dated 31 March 2009 and notification dated 29 December 2011 by the Government of India, exchange differences arising on reporting of long term foreign currency monetary items including inter-alia long term foreign currency borrowing, as defined in the Accounting Standard - 11, relating to the acquisition of a depreciable capital asset, have been added to/deducted from the cost of the asset consistently since 31 March 2009.

HOEC was incorporated in 1983 for taking up Exploration and Production (E&P) activities. The company has participating interest in nine oil/gas fields in India (in Cambay basin, Cauvery basin, Assam Arakan basin and Rajasthan basin), which are in varying stages of E&P life cycle i.e. exploration, development and production.