We ended the quarter with positive adjusted working capital 2 of $18.8 million, an increase of $4.7 million over year-end 2022 as a result of the free cash flow 2 generated in Q1 2023.Q1 2023 net income was lower than net income of $3.5 million in Q1 2022, due to a $4.2 million impairment reversal which occurred in Q1 2022. Net income for Q1 2023 was $2.9 million, as compared to $0.7 million in Q4 2022, an increase that was the result of both higher operating netback 2 and higher production.The improvement was driven by contributions from both our Netherlands and Canadian assets. Free cash flow 2 in Q1 2023 was $6.6 million, compared to negative free cash flow of $1.8 million in Q4 2022.Higher 2023 funds flow from operations resulted from contributions from the new Netherlands assets. Funds flow from operations (“FFO”) 2 for the first quarter was $7.3 million, up 125% from Q4 2022 and 633% from Q1 2022.The production increase was due to the acquisition of Netherlands assets at the end of 2022 and continued organic growth in our Canadian assets. ![]() ![]() First Quarter Operating and Financial Results
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