PetroShale Inc. (TSX-Venture:PSH) announced exciting quarterly results Wednesday, which translated into a much higher stock price.
The Calgary-based PetroShale boasted production (of which 80% is operated), which achieved a record level in the third quarter, averaging 11,467 barrels of oil equivalent per day ("Boe/d") (87% liquids), 93% higher than the second quarter of 2019.
Moreover, adjusted EBITDA was $30.0 million in the third quarter, an increase of 84% relative to the second quarter of 2019, reflecting increased production volumes.
Cash flow from operating activities of $32.3 million ($0.16 per diluted share) was generated in the third quarter, $33.9 million higher than the second quarter of 2019, representing the highest cash flow generated in the Company's history.
Net income was $5.0 million ($0.03 per diluted share) in the third quarter, 194% higher than $1.7 million ($0.02 per diluted share) recorded in the previous quarter.
Said CEO David Rain, “We expect production to average between 11,000 and 12,000 Boe/d during the fourth quarter of 2019 and exit the year at a rate in excess of 12,000 Boe/d. Our previous guidance to shareholders forecast production to average between 10,000 to 11,000 Boe/d during the second half of 2019 and an expectation to exit 2019 at approximately 11,000 Boe/d.”
Shares added five cents, or 12.5%, to 45 cents, on volume of 1.2 million shares.
