Spyglass Resources Corp. announced unaudited consolidated earnings and production results for the first quarter ended March 31, 2015. For the quarter, capital expenditures were $5.576 million against $17.847 million a year ago. Funds flow from operations was $4.838 million or $0.04 per share against $16.026 million or $0.13 per share a year ago. Net loss was $79,963,000 or $0.63 per share against $11,697,000 or $0.09 per share a year ago. Net debt was $195,677,000 against $307,150,000 a year ago. The increase in net loss is primarily due to non-cash deferred tax expenses recognized in the first quarter of 2015 as a result of the write down of deferred tax assets.

Production for the first quarter of 2015 exceeded expectations averaging 11,058 boe/d, a decrease from 14,560 boe/d in the first quarter of 2014, partially offset by the light oil and natural gas drilling and optimization program completed in 2014.
The company anticipates that the 2015 capital program coupled with the company's relatively low 21% decline rate is expected to result in average production of approximately 9,000 boe/d for the year.