Granite Oil Corp. reported earnings and production results for the second quarter and six months ended June 30, 2018. For the quarter, the company reported oil and natural gas revenues of $14,094,000 against $13,788,000 a year ago. Funds from operations were $4,089,000 or $0.12 per basic and diluted share against $6,743,000 or $0.2 per basic and diluted share a year ago. Net loss was $361,000 or $0.01 per basic and diluted share against $116,000 or $0.00 per basic and diluted share a year ago. Capital expenditures were $5,841,000 against $5,846,000 a year ago.

For the six months, the company reported oil and natural gas revenues of $24,769,000 against $28,239,000 a year ago. Funds from operations were $6,800,000 or $0.19 per diluted share against $13,303,000 or $0.39 per basic and diluted share a year ago. Net loss was $3,714,000 or $0.11 per basic and diluted share against net income of $2,384,000 or $0.07 per basic and diluted share a year ago. Capital expenditures were $9,302,000 against $10,637,000 a year ago. Net debt was $47,072,000 as of June 30, 2018 against $35,985,000 as of June 30, 2017.

For the quarter, the company reported Natural gas production of 121 mcf/d against 448 mcf/d a year ago. Crude oil production was 2,197 bbls/d against 2,784 bbls/d a year ago. Total production was 2,217 boe/d against 2,859 boe/d a year ago.

For the six months, the company reported Natural gas production of 204 mcf/d against 588 mcf/d a year ago. Crude oil production was 2,177 bbls/d against 2,855 bbls/d a year ago. Total production was 2,211 boe/d against 2,933 boe/d a year ago.

The company forecasting a budget ranging from 1,900 bbls/d to 2,100 bbls/d of oil production for the second half of 2018, with capital spending of approximately $1.5 million to $3.5 million. Moving forward, Granite has an inventory of 85 potential well locations with a plan to drill approximately five wells per year, in conjunction with the expansion of the EOR scheme, to ensure the most efficient, long-term recovery from the pool. At this pace, Granite has many years of future drilling, with forecast annual capital spending averaging between $10 and $12 million, and average annual production of 2,000 - 2,300 bbl/d.