Canadian Overseas Petroleum Ltd on Tuesday reported it sold more oil in the second quarter of 2023 than a year ago, albeit lower prices reduced revenue.

Canadian Overseas is an oil and gas exploration, production and development company with production and development operations focused in the Converse and Natrona counties, Wyoming.

The company said petroleum sales net of royalties fell 21% to $5.6 million from $7.1 million a year before. The operating netback decreased to $20.93 per barrel from $55.72 a year ago. Operating netback is a measure of oil and gas revenue net of royalties, production and transportation costs.

However, net crude oil sales before royalties rose 15% to an average of 1,103 barrels per day from 961 a year ago.

Canadian Overseas’s cash position as at June 30 declined to $5.2 million from $11.5 million.

Canadian Overseas shares fell 3.8% to 3.92 pence each on Tuesday afternoon in London.

Copyright 2023 Alliance News Ltd. All Rights Reserved.