Granite Oil Corp. Reports Earnings and Operating Results for the First Quarter Ended March 31, 2018; Provides Outlook for the Second Half of 2018
Granite Oil Corp. reported earnings and operating results for the first quarter ended March 31, 2018. For the quarter, the company reported oil and natural gas revenues of $10,675,000 compared to $14,451,000 a year ago. Funds from operations were $2,711,000 or $0.08 per share basic and diluted compared to $6,560,000 or $0.19 per share basic and diluted a year ago. Net loss was $3,353,000 or $0.10 per basic and diluted share compared to net income of $2,500,000 or $0.07 per basic and diluted share a year ago. Capital expenditures were $3,461,000 compared to $4,791,000 a year ago. Net debt was $42,949,000 compared to $33,359,000 a year ago.
For the quarter, the company reported natural gas production of 289 mcf/d compared to 730 mcf/d a year ago. Crude oil production was 2,157 bbls/d compared to 2,887 bbls/d a year ago. Total production was 2,205 boe/d compared to 3,009 boe/d a year ago.
Given recent positive moves in crude oil prices and WCS-WTI price differentials, along with the strong drilling results achieved in 2018, Granite is optimistic about the second-half of 2018.