Tuktu Resources Ltd (TUK) Q4 2024 earnings summary

Executive summary

• Achieved 80% year-over-year production growth to 506 boe/d, driven by acquisitions and new well completions.

• Closed acquisition of southern Alberta oil assets and brought a new Deep Basin light oil well online, both contributing significantly to volumes.

• Realized sales price increased to $32.94/boe for 2024, reflecting higher oil production and strong crude prices.

Financial highlights

• Petroleum and natural gas sales rose 355% in Q4 2024 to $2.44 million and 284% year-over-year to $6.10 million.

• Adjusted funds flow from operations was $282,000 in Q4 2024, up 573% from Q4 2023.

• Net income for Q4 2024 was $397,000, compared to a net loss in the prior year.

• Adjusted working capital at year-end was $8.8 million, following a successful equity offering.

Outlook and guidance

• Board approved a $6.85 million initial 2025 capital program, enabled by strengthened liquidity.

• New horizontal well in the Deep Basin began production in April 2025; production update pending stabilization.