Thursday, May 18, 2017 12:25:43 PM
* February to April 2017 ("Q2") production came in at a total of 31,800 barrels of oil equivalent ("BOE")*, compared to 13,500 BOE for the period November 2016 to January 31, 2017 ("Q1").
* Production for the three months ended April 30, 2017 increased by 135% quarter over quarter.
* $2.3 million in gross sales during the first six months of the fiscal year. Gross oil & gas sales amounted to USD $1.03 million in Q2, compared to $530,000 in Q1.
* 70% reduction in Lease operating expenses ("LOE"). LOE were reduced from $17.86/BOE in Q1 to $10.46/BOE in Q2.
* 25% reduction in general and administrative expenses from Q1 to Q2.
1 -All numbers are in USD, Molori interest is 25%
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