Tuktu Resources Ltd (TUK) Q1 2025 earnings summary

Executive summary

• Q1 2025 production averaged 705 boe/d, up 91% year-over-year, with 51% crude oil and 49% natural gas.

• A new light oil discovery well in southern Alberta Deep Basin contributed 247 bbl/d, despite being shut-in for 13 days for safety during offsetting drilling.

• The company placed a new horizontal well on production in April 2025, with ongoing interventions to address emulsion blockages.

Financial highlights

• Petroleum and natural gas sales rose 520% to $3.27 million compared to Q1 2024.

• Cash flow from operating activities was $1.07 million, up from a loss of $97,959 year-over-year.

• Adjusted funds flow from operations reached $353,651, a 300% increase year-over-year.

• Net loss widened to $729,477 from $177,515 year-over-year.

• Capital expenditures totaled $5.8 million, including $4.6 million for drilling and $0.8 million for land and seismic acquisitions.

Outlook and guidance

• Next drilling location to be determined based on ongoing seismic reprocessing and fault identification.

• Anticipates spudding the next well in the second half of 2025.

• Monitoring and potential further chemical intervention planned for the new well if inflow from fracs does not improve.