JED Oil Inc. (JDO), an oil and natural gas company, on Friday announced that its loss in the first quarter narrowed compared to a year ago, helped by 68 percent increase in average production.
The shares gained nearly 22 percent in the pre-market session.
Net loss for the quarter was $0.9 million, or $0.04 per share, compared to $3.5 million, or $0.23 per share, in the same period last year.
Funds from operations rose more than five times to $1.46 million, or $0.07 per share for the quarter, compared to $292 thousand, or $0.02 per share, a year ago.
The Didsbury, Canada-based company's revenues more than doubled to $9.7 million for the quarter from $3.33 million reported in the prior year period, as a result of improved oil production.
Oil production rose to 1,068 billion barrels per day or Bbls during the quarter from $257 Bbls in the corresponding period last year. Gas production declined 29% to 2,817 million cubic feet or mcf per day from 3,942 mcf per day last year.
The company extended again the maturity date for the redemption of $40.24 million principal amount of 10% Senior Subordinated Convertible Notes.
JED appointed its senior geologist Jeff Huckle Vice-President, Operations. Huckle has worked with the company since its inception and was appointed Exploration Manager during JED's management restructuring in October 2006.
JDO gained $0.29 or 22.32% at $1.59 on a volume of 2,000 shares.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.