Twin Butte Energy Ltd. reported earnings and production results for the first quarter ended March 31, 2016. For the quarter, the company reported petroleum and natural gas sales of $27,847,000 compared with $61,713,000 for the same period last year. Funds outflow was $2,980,000 or $0.01 basic and diluted per share compared with funds inflow of $55,367,000 or $0.16 basic and diluted per share for the same period last year. Net loss was $28,440,000 or $0.08 basic and diluted per share compared with $22,447,000 or $0.06 basic and diluted per share for the same period last year. Capital expenditures were $2,763,000 compared with $25,042,000 for the same period last year. Net debt as at March 31, 2016 was $293,987,000 compared with $333,916,000 as at March 31, 2015. The company realized negative funds flow of $3 million in the first quarter as compared to positive funds flow of $55.4 million one year ago. The major factors impacting the decrease in funds flow were the reduction in hedge gains from $43 million in first quarter 2015 down to $4 million in first quarter 2016 and a 39% reduction in the average realized price per boe.

The company reported Medium & light crude oil of 7,105 bbl per day compared with 8,480 bbl per day for the same period last year. Heavy crude oil was 5,006 bbl per day compared with 8,480 bbl per day for the same period last year. Natural gas was 10,075 Mcf per day compared with 12,141 Mcf per day for the same period last year. Natural gas liquids of 154 Mcf per day compared with 174 Mcf per day for the same period last year. Barrels of oil equivalent were 13,944 boe per day compared with 19,158 boe per day for the same period last year.