ALBERTA

Crocotta Energy logs $3.6 million in net earnings in second quarter

08/13/2013 06:19 EDT | Updated 10/13/2013 05:12 EDT
CALGARY - Crocotta Energy Inc. (TSX:CTA) says it made $3.6 million in the second quarter, or four cents per share, compared to $1.06 million or a penny a share in the same period a year ago.

The Calgary company says it has experienced "significant growth" in oil and natural gas sales and funds from operations during the first six months of the year compared to the first half of 2012.

Successful capital activity during the past year, at Edson, Alta., and Northeast B.C., resulted in a significant increase in production which, combined with higher natural gas prices, led to increased revenue and funds from operations.

Crocotta says wet weather in late May and early June contributed to delays in getting two new wells on production as well as pushing back the start of the summer drilling program into late June.

Since the end of the quarter on June 30, Crocotta says it has added a second rig at Edson and is on schedule to meet its production exit target of 10,500 barrels of oil equivalent.

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