Northern Blizzard Resources Inc. (TSX: NBZ) is a Calgary, Canada-based crude oil production and development company focused on maximizing oil recovery from its heavy oil resource base. The company’s properties include Cactus Lake, Winter, Court, Smiley, Coleville, Cuthberth, Thermal, Westhazel, Hearts Hill, Mantario and Senlac.
NBZ shares have risen sharply in trading today after the company announced a dividend for the month of May. At last check, NBZ shares were trading 4.38% higher at $4.29 on volume of 172,736.
NBZ announced a dividend of $0.04 per common share for the month of May 2016. The dividend will be payable on June 15, 2016 to shareholders of record on May 31, 2016. NBZ currently offers a dividend yield of 11.19%.
Recently, NBZ also announced its financial results for the first quarter of its fiscal 2016. For the quarter, the company’s production was 19,388 barrels of oil equivalent per day or boe/d, which represents an 8% decrease over the same period in 2015. The company’s funds from operations totaled $26.8 million, compared to $60.1 million reported for the same period in the previous year. The significant decrease was mainly due to lower oil prices. More important, the company ended the quarter in a strong financial position.
