05:34 PM EDT, 04/25/2024 (MT Newswires) -- Advantage Energy ( AAVVF ). (AAV.TO) Thursday reported 2024 first-quarter financial and operating results.

2024 First Quarter financial highlights show a net income of C$23.2 million or C$0.14 per share; cash provided by operating activities of $C67.4 million; and adjusted funds flow of C$65.4 million or $0.41 per share.

Advantage continued to execute on its three-year plan in the first quarter, delivering exceptional well results and expanding their Tier 1 drilling inventory. Since exiting 2023 with net debt below the company's target range, "we were able to enhance shareholder returns in a period of weak commodity pricing with opportunistic, counter-cyclical share repurchases," reads a company statement.

Cash used in investing activities was $79.4 million while net capital expenditures were $80.1 million.

2024 Q1 Operating Highlights showed first quarter average production of 66,020 boe/d (357.4 mmcf/d natural gas, 6,452 bbls/d liquids), an increase of 14% (18% on a per-share basis) over the first quarter of 2023; and liquids production of 6,452 bbls/d (2,630 bbls/d oil, 1,231 bbls/d condensate, and 2,591 bbls/d NGLs), an increase of 12% (17% on a per-share basis) over the first quarter of 2023.

Production through the Glacier Gas Plant achieved design capacity of 425 mmcf/d for sustained periods during the quarter. Advantage's operated infrastructure remained reliable through extremely cold weather in January, though third-party outages impacted production modestly.

At Glacier, the most recent two wells delivered a total IP30 of 30.2 mmcf/d. Glacier well performance has continued to exceed expectations, and as a result, three drilled and completed wells are currently shut in due to the plant being at capacity.