Arcan Resources Ltd. (TSX VENTURE:ARN) announce its financial and operating results for the three and six month periods ended June 30, 2012.
Revenue, net income and funds from operations increased significantly from the second quarter and the first half of 2011, as production grew by over 80 percent.
"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," said Arcan President Doug Penner. "We still have further to go in bringing down our operating and G&A costs. In this regard, completing the Ethel production corridor of roads and pipelines was a significant milestone for Arcan in the second quarter and we have slowed the pace of drilling for the latter part of the year to match our capital investment with our cash flow.