Pinecrest Energy Inc. (PRY.V) on Tuesday reported a profit for the first quarter, aided by a surge in production.
The company reported net income of C$5.95 million or C$0.03 per share for the quarter compared to a net loss of C$326,621 or C$0.00 per share last year.
Funds flow from operations, a non-GAAP measure, improved to C$20.27 million or C$0.09 per share from C$3.59 million or C$0.02 per share in the previous year.
Petroleum and natural gas sales climbed to C$28.19 million from C$6.1 million in the prior year.
Average daily production increased to 3,358 barrels of oil equivalent per day or boe/d from 2,225 boe/d in the previous quarter and 753 boe/d in the year-ago period.
The company said it remains committed to its previous guidance of achieving year-end production of 5,000 - 5,200 barrels of light oil per day.
For comments and feedback contact: editorial@rttnews.com
Business News
June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.