Manitok Energy Inc. Reports Unaudited Consolidated Earnings and Production Results for the First Quarter Ended March 31, 2017
May 31, 2017 at 07:38 am EDT
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.