Manitok Energy Inc. reported unaudited consolidated earnings and production results for the first quarter ended March 31, 2017. For the quarter, the company reported petroleum and natural gas revenue of $16,962,000 compared to $9,074,000 reported in the same period last year. Funds from operations was $1,942,000 or $0.01 per basic and diluted share against $13,035,000 or $0.08 per basic and diluted share reported last year. Net loss was $3,826,000 or $0.01 per basic and diluted share against net income of $3,602,000 or $0.02 per basic and diluted share reported last year. Capital expenditures, net of divestitures was $2,207,000 against $6,166,000 reported last year. Net debt was $75,976,000 against $59,595,000 reported last year.

Average production in the quarter increased by 43% to 6,300 boe/d (37% light oil and liquids) as compared to 4,407 boe/d (46% light oil and liquids) in the first quarter of 2016.