Delphi Energy Corp. announced earnings and production results for the second quarter and six months ended June 30, 2016. For the quarter, the company's crude oil and natural gas sales were $10,942,000 compared to $22,790,000 a year ago. Funds from operations were $4,152,000 or $0.03 per basic and diluted share compared to $8,725,000 or $0.06 per basic and diluted share a year ago. Net loss was $18,638,000 or $0.12 per basic and diluted share compared to $32,106,000 or $0.21 per diluted share a year ago. Net debt at the end of the second quarter was $117,959,000. Total capital expenditures of approximately $41.9 million ($28.1 million net of GORR disposition proceeds) to bring on-stream 5.0 net horizontal Montney wells.

For the six months, the company's crude oil and natural gas sales were $28,258,000 compared to $45,440,000 a year ago. Funds from operations were $12,342,000 or $0.08 per diluted share compared to $19,506,000 or $0.12 per diluted share a year ago. Net loss was $13,379,000 or $0.09 per basic and diluted share compared to $30,111,000 or $0.19 per basic and diluted share a year ago.

For the quarter, total production was 5,802 boe/d compared to 10,210 boe/d a year ago. Crude oil production was 5 bbls/d compared to 86 bbls/d a year ago. Increased Bigstone Montney production capability to approximately 7,500 boe/d in the second quarter of 2016, a 15% increase from the second quarter of 2015. Field condensate production capability has increased 20% over the same comparative periods;

For the six months, total production was 7,099 boe/d compared to 10,604 boe/d a year ago. Crude oil production was 5 bbls/d compared to 47 bbls/d a year ago.

For the second half of 2016, the company expected average production of 8,500 to 9,000 boe/d, Natural Gas Liquids Price of CAD 18.00 to $20.00 per bbl, exit production rate of 9,000 to 10,000 boe/d.

For the full year of 2016, the company expected average production of 7,700 to 8,000 boe/d, Natural Gas Liquids Price of CAD 17.00 to $19.00 per bbl, exit production rate of 9,000 to 10,000 boe/d.

For 2016, the company expects funds from operations of $31.0 million to $34.0 million.