CALGARY – Petro-Reef Resources Ltd. (TSXV:PER) turned around a net loss to a second-quarter profit of $1.4 million, as it recorded an unrealized gain on risk management contracts.
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The results are contrasted from a loss of $905,505 in the same quarter a year before. Gross revenue was nearly flat at $2.25 billion, versus $2.24 billion.
Petro-Reef recorded $394 million in unrealized gains on risk management contracts, versus a loss of $370 million in the same quarter last year. It also recorded 20 per cent lower depletion and depreciation charges.
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