The average realised price for its oil and liquids significantly increased to US$46.82/bbl in 1Q17 versus 1Q16 when the average realised price was at the lowest since the company’s establishment at US$20.85/bbl.
In line with lower production, operating costs fell 35.7% to US$12.4 million and depreciation, depletion and amortisation fell 45% to US$15.3 million.
Other operating income, which was all non-cash in nature, rose to US$77.5 million from US$71,800 due to a net fair value gain of US$73.9 million relating to the exchange of 2017 notes and 2018 notes to 2022 notes and 2023 notes.
Shares of KrisEnergy closed 3.9% lower at 14.9 cents.
