Matra Petroleum Ab announced consolidated earnings and production results for the first quarter ended March 31, 2017. For the quarter, the company reported revenue of $2,664,000 against $988,000 a year ago. Operating profit was $117,000 against loss of $968,000 a year ago. Loss before tax was $1,303,000 against $2,290,000 a year ago. Loss attributable to shareholders of the parent company was $1,303,000 or $0.04 per basic and diluted share against $2,290,000 or $0.07 per basic and diluted share a year ago. Total cash flows from operating activities was $626,000 against total cash flows used in operating activities of $1,030,000 a year ago. Investment in oil and gas properties was $1,626,000 against $1,211,000 a year ago. EBITDA was $117,000 against loss of $968,000 a year ago. The increase in revenue was primarily due to higher production and crude oil and gas prices. The improvement in Operating result and EBITDA was explained by increased sales resulting from higher production and prices in the first quarter 2017.

For the quarter, the company sold crude oil production of 25,670 bbl against 14,174 bbl a year ago. Sold gas and natural gas liquids production was 130,147 mcf against 122,030 mcf a year ago. Produced oil volume, net was 24,534 bbl against 13,851 bbl a year ago. Produced gas volume, net was 130,147 mcf against 122,030 mcf a year ago. The production increase resulted from drilling and completing new wells in 2016 and workovers on existing wells.

For the period from October 26, 2016 to March 31, 2017, the parent company reported operating loss of SEK 376,000, net loss of SEK 376,000.