Greenfields Petroleum Corporation announced earnings and operating results for the first quarter ended March 31, 2018. For the quarter, the company reported revenues from crude oil and natural gas of $7,046,000 compared to $9,238,000 a year ago. Net loss was $2,591,000 or $0.01 per basic and diluted share compared to $1,368,000 or $0.01 per basic and diluted share a year ago. Capital expenditures were $1.4 million, 30% lower when compared to expenditures of $2.0 million in first quarter 2017.

For the quarter, gross production volumes with respect to the offshore block known as the Bahar Project averaged 838 bbl/d for crude oil and 17,299 mcf/d for natural gas, or a total of 3,720 boe/d. In comparison to the first quarter 2017, gross production volumes decreased 3% for crude oil (862 bbl/d), decreased 20% for natural gas (21,587 mcf/d) and decreased 17% (4,460 boe/d) for boe/d. Realized oil price averaged $63.11/bbl, an increase of 34% in comparison to $47.24/bbl realized in the first quarter 2017. In the fourth quarter of 2017, the Company realized average prices of $56.04/bbl.