Granite Oil Corp. Announces Earnings and Operating Results for the Second Quarter and Six Months Ended June 30, 2017; Provides Earnings and Production Guidance for the Full Year 2017
For the six months, oil and natural gas revenues were $28,239,000, funds from operations were $13,303,000 or $0.39 per basic and diluted share, net income was $2,384,000 or $0.07 per basic and diluted share, capital expenditures were $10,637,000 against oil and natural gas revenues were $19,854,000, funds from operations were $11,972,000 or $0.38 per basic and diluted share, net loss was $7,268,000 or $0.23 per basic and diluted share, capital expenditures were $10,053,000 a year ago.
For the quarter, the company reported total production of 2,859 boe/d against total production of 2,858 boe/d a year ago.
For the six months, the company reported 2,933 boe/d against total production of 2,867 boe/d a year ago.
For the full year 2017, the company expects to produce between 2,900 3,000 boe/d, funds from operations between $26,000 - $27,000, capital Expenditures development to be $142,000, capital expenditures exploration to be $3,000 and year end net debt to be $37,000.