New Stratus Energy Inc., a corporation based in Calgary, Alberta, is pleased to announce the consolidated financial and operating results for the three and six months ended June 30, 2024. The results have been filed on the SEDAR+ platform.
In the second quarter of 2024, the highlights include adjusted working capital of $33,106,553 ($0.23 per common share), a net loss of $161,500 ($0.00 per common share), and income from an investment in a joint venture amounting to $3,621,733. The Corporation’s average production for the second quarter of 2024 was 1,106 boepd, with an exit combined production of 1,281 boepd as of June 30, 2024.
New Stratus Energy Inc. continues to demonstrate strong financial performance with adjusted working capital of $33,106,553 and basic working capital of $26,592,550 as of June 30, 2024. The Corporation is also expecting a correction factor adjustment of $6.8 million from the Government of Ecuador in 2024.
The Corporation has promoted Mr. Javier Silva to the position of Vice President, Finance for Latin America. Additionally, incentive stock options to acquire a total of 1,800,000 common shares of the Corporation will be granted to various directors and officers, subject to regulatory approval.
Forward-looking information and advisory regarding oil and gas operations have been provided by the Corporation in its news release. Adjusted EBITDA and Adjusted Working Capital are used as non-GAAP financial measures to analyze profitability and liquidity, respectively.
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