Arcan Resources Ltd. (TSXV:ARN) reported a 44% surge in its funds from operations in the second quarter of 2012.
As quoted in the press release:
Funds from operations increased 44 percent to $14.6 million during the second quarter of 2012 over the second quarter of 2011. For the first six months of the year, the increase was 74 percent. This is a direct result of the additional volumes from the horizontal wells that Arcan drilled in the Swan Hills area.
Arcan’s President, Doug Penner said:
Our financial results for the quarter were solid, in spite of a significant drop in oil prices, thanks to strong production growth in our core Swan Hills area.