04:35 PM EDT, 08/14/2024 (MT Newswires) -- Birchcliff Energy ( BIREF ) at the close of trade on Wednesday said its second-quarter profit rose 8.5% despite weaker revenue and lower oil and gas prices.

The Western Canadian oil and gas producer said it earned $46.38 million. or $0.17 per share, up from $42.75 million, or $0.16. Adjusted funds flow fell 23% to $53.66 million, or $0.20.

Birchcliff's revenue fell 14% to $146.98 million from $171.29 million, as its oil and gas production rose 1.1% to 78,358 barrels of oil equivalent per day, while its average price per barrel equivalent fell 15% to $20.61.

"We continued with the successful execution of our capital program in the second quarter, bringing 11 wells on production. These wells are exceeding our internal projections, with strong initial production rates," said Chief Executive Officer Chris Carlsen. "We will continue to build off this operational momentum throughout the remainder of the year as we bring the last 11 wells of our capital program on production in the fourth quarter, when natural gas prices are forecasted to be stronger."

The company also announced that its board of directors has declared a quarterly cash dividend of $0.10 per common share for the quarter ending Sept. 30.

Birchcliff shares closed up $0.08 to $6.18 on the Toronto Stock Exchange.