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.