Rubellite Energy Inc (TSE:RBY) has released an update.
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Rubellite Energy Inc. has reported a significant first quarter with heavy oil sales production rising 51% compared to the same period last year, reaching 4,514 barrels per day and surpassing their own Q1 guidance. Adjusted funds flow surged to $18.5 million, a notable increase from last year’s $9.7 million, despite a net loss of $4.2 million due to unrealized losses on risk management contracts. The company also reduced its net debt to $45.5 million, thanks to strong free funds flow.
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