Masters Energy reports Q2 profit of $2 million, up from $553,000 a year ago

Published Tuesday July 29th, 2008

THE CANADIAN PRESS

CALGARY - Masters Energy Inc. (TSX:MSY) a second-quarter profit of $2 million, up from $553,000 a year ago, as higher prices offset lower production, the junior energy company said.

The Calgary-based firm said Tuesday the profit amounted to 13 cents per share compared with a profit of four cents per share a year ago.

Revenue in the quarter was $10.2 million, up from $6.9 million.

Total production in the quarter averaged 1,393 barrels of oil equivalent per day, down from 1,576 boepd a year ago.

Shares in the company, which released its results after the close of markets, were down a penny at $3.34 on the Toronto Stock Exchange.

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