Skope Energy Inc. (SKL.TO: Quote) reported late Friday that its first-quarter funds from operations declined slightly to C$3.64 million or C$0.45 per share from last year's C$3.72 million or C$0.46 per share.
Including an impairment loss of C$16.91 million, net loss was C$23.37 million or C$2.89 per share, significantly wider than last year's loss of C$1.21 million or C$0.15 per share.
Petroleum and natural gas revenues plunged to C$3.72 million from C$8.24 million a year ago.
Production for the three months averaged 22,930 mcf per day or 3,822 boe per day, representing a 8 percent decline from last year, due to normal decline and the impact of reduced capital spending.
The company said its most significant challenge is the ongoing management of its bank debt due to the onset of low natural gas prices.
Skope also said it has decided to change its fiscal year end from March 31st to December 31st in order to remain consistent with its operating partner Spur Resources Ltd.
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by RTT Staff Writer
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