Net income in the third quarter was $57.5 million or 44 cents per share, ahead of the 31 cents per share analysts polled by Thomson Reuters had on average been expecting.
Funds from operations were $68.7 million, or 53 cents per share.
Revenues were $87.7 million.
During the quarter PrairieSky brought in $7.4 million in "compliance revenue."
"Although these revenues will be irregular, the success of our forensic accounting work during the third quarter showcases the benefit from actively monitoring lease terms and contractual provisions," the company said in a release.
In its quarterly report, PrairieSky acknowledged weakness in oil prices was a challenge.
"The recent decline in commodity prices is expected to impact 2015 budgets as producers establish conservative capital programs for at least the first half of the year," it said.
"We will continue to seek new operators on unleased lands while maintaining our successful compliance efforts."
As part of a sweeping new strategy unveiled a year ago, Calgary-based Encana decided to separate a big chunk of its royalty lands into a new publicly traded company. PrairieSky makes money by allowing other energy companies to develop oil and gas on its land, which spans 5.2 million acres in southern and central Alberta.
Encana raised about $1.67 billion from the initial public offering of PrairieSky in May. In September, Encana raised a further $2.6 billion by selling its remaining stake in Prairie Sky.