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Point Loma Resources reports 84% boost in 3Q petroleum and natural gas revenue

Average daily production rose to 977 barrels of oil equivalent per day, up more than 60% from a year earlier, according to the Calgary-based company
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Point Loma reported that average daily production rose more than 60% in the third quarter from a year earlier

Point Loma Resources Ltd (CVE:PLX, OTCMKTS:FMTNF) said Friday that third-quarter petroleum and natural gas revenue increased 84% as average daily production advanced.

The Calgary-based company reported that average daily production rose to 977 barrels of oil equivalent per day, up more than 60% from a year earlier. Oil and natural gas liquid (NGL) production climbed to 272 barrels per day, up 72% from a year earlier.

READ: Point Loma Resources acquisition increases oil and liquid production by 70%

For the quarter ended September 30, the company posted petroleum and natural gas revenue of almost C$1.9 million, up from C$1 million a year earlier.

Point Loma’s net loss narrowed to C$1.1 million, or C$0.02 per share, from C$2.8 million, or C$0.07 per share.

Separately, the company said Chief Financial Officer Randy Boyd has stepped down from his role and has been replaced on an interim basis by Thomas Love, who has worked at several publicly traded companies including Madalena Energy Inc (CVE:MVN, OTCMKTS:MDLNF).

Last spring, Point Loma reported acquiring oil and natural gas liquid assets in the West Central area of Alberta, bolstering potential drilling opportunities.

Shares of Point Loma eased 4.55%  to $0.21 in Toronto.

Contact Dennis Fitzgerald at [email protected]

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