Dundee Energy Limited announced financial and operating results for the first quarter ended March 31, 2016. Net loss attributable to owners of the parent for the three months ended March 31, 2016 was $2.9 million or a loss of $0.02 per share. The net loss in the current period includes a realized loss of $1.5 million related to the disposal of a redundant offshore jack-up drilling platform. This compares with a net loss attributable to owners of the parent of $1.2 million or $0.01 per share incurred in the same period of the prior year. Revenues before royalty interest earned from oil and natural gas sales during the first quarter of 2016 were $5.0 million, compared with $8.0 million of revenues earned in the same quarter of 2015, reflecting substantial decreases in the realized sales price for commodities on a comparative period-over-period basis. During the first quarter of 2016, the Corporation incurred costs of $0.4 million related to these activities.

Production volumes during the first quarter of 2016 averaged 10,872 Mcf/d of natural gas and 490 bbls/d of oil and liquids compared to 11,620 Mcf/d of natural gas and 533 bbls/d of oil and liquids for the year ago period.

In response to declining commodity prices for both crude oil and natural gas, the Corporation's work plan for 2016 was set at $0.8 million and consists of costs to maintain the existing and essential land portfolio.