06:35 AM EDT, 05/16/2024 (MT Newswires) -- Condor Energies Inc. ( CNPRF ) , a Canadian-based energy transition company, that saw its shares drop 6.7% yesterday, overnight Wednesday said that it swung to first-quarter earnings of $91,000, or $0.02 per share, from a loss of $838,000, or $0.01 per share, a year earlier.

Sales for the quarter ended March 31 were $7.4 million, up from $411,000 a year earlier.

Among highlights, the company said it executed a "production enhancement services contract" in January 2024 to increase natural gas production and overall recovery rates from eight conventional natural gas-condensate fields in Uzbekistan and the company commenced operations on March 1, 2024. March 2024 production from Uzbekistan was 11,167 boe/d comprised of 65,416 Mcf/d (10,903 boe/d) of natural gas and 264 bopd of condensate. March 2024 sales from Uzbekistan production was $7.2 million.

Of other highlights, the company said it received a natural gas allocation in January 2024 in Kazakhstan to be used as feed gas for the company's first modular liquefied natural gas production facility. On March 22, 2024, the company issued three-year term convertible debentures bearing 9% interest per annum and convertible into 2,950,336 common shares for gross proceeds of US$4.8 million (C$6.5 million).