Granite Oil Corp. reported audited earnings and operating results for the year ended December 31, 2017. For the year, the company reported oil and natural gas revenues of $52.7 million compared to $45.5 million in last year. Funds from operations was $24.3 million or $0.71 per diluted share compared to $24.2 million or $0.74 per diluted share in last year. Net loss was $5.5 million or $0.16 per diluted share compared to $7.3 million or $0.22 per diluted share in last year. Capital expenditures was $18.8 million compared to $21.6 million in last year. Net debt as on December 31, 2017 was $39.8 million compared to $31.8 million as on December 31, 2016.

For the year, the company reported total production of 2,668 (boe/d) compared to 2,866 (boe/d) in last year. Natural gas production was 417 (mcf/d) compared to 184 (mcf/d) and Crude oil production was 2,598 (bbls/d) compared to 2,835 (bbls/d) in last year.