Interra continues strong production in Q3

HIGHER sales of shareable production continued to boost earnings at oil and gas firm Interra Resources in the third quarter.

Net profit rose nearly five times to US$4.99 million, from US$1.09 million a year ago. This translated into earnings per share of 1.118 cents, against 0.368 cent a year earlier.

Revenue for the quarter ended Sept 30 increased 79 per cent to US$14.03 million, as sales of shareable oil almost doubled to 181,611 barrels, from 97,570 barrels last year.

This was despite lower transacted oil prices of US$105.57 per barrel, compared with US$110.31 per barre…