Traverse Energy Ltd. Reports Unaudited Earnings and Production Results for the First Quarter Ended March 31, 2018
Traverse Energy Ltd. reported unaudited earnings and production results for the first quarter ended March 31, 2018. For the quarter, the company reported petroleum and natural gas revenue of $1,979,000 against $3,025,000 a year ago. Cash provided by operations was $1,144,000 against $1,102,000 a year ago. Funds from operations were $614,000 or $0.01per basic and diluted share against $1,441,000 or $0.02 per basic and diluted share a year ago. Net loss was $447,000 or $0.00 per basic and diluted share against $371,000 or $0.01 per basic and diluted share a year ago. Capital expenditures, net of dispositions were $825,000 against $3,890,000 a year ago.
For the quarter, the company reported natural gas production of 2,252 Mcf per day against 2,426 Mcf per day a year ago. Oil and NGL production was 298 bbls per day against 467 bbls per day a year ago. Total production was 673 BOEper day against 871 BOE per day a year ago.