Production Increase
Production increased by 23% over the first quarter of 2024, reaching 4,077 BOE per day compared to 3,305 BOE per day in the prior year.
Net Income Growth
Net income increased by 72% to $5.8 million with basic EPS of $0.16 per share compared to $3.3 million and $0.09 per share in the prior year quarter.
Adjusted EBITDA Increase
Adjusted EBITDA rose by 24% to $12.8 million from $10.4 million in the prior year quarter.
Operating Expense Reduction
Operating expenses decreased by 15% to $7.07 per BOE, down from $8.36 per BOE in the prior year first quarter.
Drilling Efficiency Improvements
Drilling times were reduced by 25% for the latest 1.5-mile lateral wells, resulting in cost savings and improved internal rates of return.
Capital Return to Shareholders
The company plans to continue returning capital to shareholders through share buybacks.