CALGARY – Paramount Resources Ltd. (TSX:POU) says it recorded net earnings of $12.2 million in the second quarter, or 16 cents per share.
In the same period a year ago, the Calgary-based company lost $17.5 million, or 24 cents per share.
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Paramount’s average sales volumes increased 27 per cent during the quarter to 16,572 barrels of oil equivalent (BOE) compared to 13,097 in the previous quarter.
The company says its 2011 annual capital spending budget (excluding land and acquisitions) remains at $450 million, with $425 million allocated to exploration and development spending in core producing areas.
Paramount is an oil and natural gas exploration, development and production company with operations focused in Western Canada.
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