Granite Oil Corp. Announces Earnings Results for the Third Quarter and Nine Months Ended September 30, 2018; Announces Production Results for the Nine Months Ended September 30, 2018
For the nine months, the company reported oil and natural gas revenues of $37,493,000 compared to $40,915,000 a year ago. Funds from operations were $9,871,000 or $0.28 per diluted share compared to $19,521,000 or $0.57 per diluted share a year ago. Net loss was $3,077,000 or $0.09 per basic and diluted share compared to $612,000 or $0.02 per basic and diluted share a year ago. Capital expenditures were $10,005,000 compared to $14,168,000 a year ago. As at September 30, 2018, the company reported net debt of $47,069,000 compared to $36,893,000 a year ago.
For the nine months, the company reported natural gas production of 137 mcf/d against 558 mcf/d a year ago. Crude oil production was 2,100 bbls/d against 2,749 bbls/d a year ago. Total production was 2,123 boe/d against 2,842 boe/d a year ago.