Bonavista Energy Corporation announced unaudited earnings and operating results for the first quarter ended March 31, 2018. For the quarter, production revenue was $138,388,000 against $143,182,000 a year ago. Funds from operations were $69,128,000 or $0.27 per share against $70,851,000 or $0.28 per share a year ago. Net loss was $2,037,000 or $0.01 per share against income of $88,428,000 or $0.35 per share a year ago. Adjusted net income was $1,156,000 or $0.00 per share against $9,934,000 or $0.04 per share a year ago. Capital expenditure on exploration and development was $43,855,000 against $92,274,000 a year ago.

For the quarter, the company produced natural gas of 322 mmcf/day compared to 293 mmcf/day a year ago. Produced natural gas liquids was 16,480 bbls/day compared to 18,888 bbls/day a year ago. Produced oil was 2,327 bbls/day compared to 2,560 bbls/day a year ago. Total oil equivalent production was 72,417 bbls/day compared to 70,281 bbls/day for the same period in 2016.

For the year 2018, the company expected capital spending program remains between $135 and $155 million and is intended to generate production of between 69,000 and 71,000 boe per day. The company expects to achieve a total payout ratio, including the dividend, of between 60% and 70% and generate excess adjusted funds flow of between $70 and $90 million, which will be used to reduce total debt.