Reliable Energy Ltd. has posted a second-quarter profit of $272,335, turning around a year-ago loss despite unseasonably wet weather in June.
The Alberta-based oil and gas junior said earnings were equal to less than a cent per share in the quarter ended June 30.
The results were an improvement over a loss of $745,528 at the same time last year, amounting to a loss of less than a cent.
Revenues for the junior oil and gas company were $2.1 million, up from $411,581 in the same period in 2009.
"The normal spring breakup plus an exceptionally wet start to the summer in the Kirkella region significantly curtailed the company's operations with field activities being shut down for much of June," Reliable said in a news release.
The company said it's focusing on developing its Bakken oil play in its core area of Kirkella located along the Manitoba-Saskatchewan boundary.
Earlier this month, Reliable Energy pulled back its full-year production guidance after the unseasonably wet weather. The company has said it expects to produce 480 barrels of oil equivalent per day, down from 560 barrels.
Reliable has said as a result it was only able to drill three wells during the second quarter, two of them exploration wells of which one was abandoned and one was placed into production.
For the three-month period, average daily production was 308 barrels per day, a decrease from 306 barrels in the first quarter.
Shares of the company lost a penny to 36 cents on the TSX Venture Exchange.
Source: The Canadian Press