Tamarack Valley Energy Ltd.(TVE.V), a Calgary, Canada-based junior oil and gas company Thursday reported a increase in net income for its second quarter from the same year-ago quarter, echoing improved production and sales from last year. The company reaffirmed its full-year production guidance.
Second quarter net income for Tamarack Valley totaled $565 thousand or $0.02 per share from $235 thousand or $0.01 per share.
Total revenue for the quarter increased to $7.86 million from $3.4 million last year, while production increased by 152 percent to 2,193 barrel of oil equivalent or boe per day from 869 boe per day last year, helped by its acquisition of Viking oil asset in Redwater, said Tamarack.
For the quarter, the company's Funds from operations also increased to $4.49 million from $2.90 million last year.
Looking ahead, the company maintained its 2012 production between 2,000 and 2,200 boe per day.
Tamarack Valley is currently trading at C$1.90, up C$0.05 or 2.70 percent on a volume of 930 shares.
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