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.
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