04:35 PM EDT, 05/01/2024 (MT Newswires) -- Gear Energy ( GENGF ) reported higher net income for its Q1, on higher funds from operations.

The Western Canadian oil and gas producer posted net income of C$2.6 million, or C$0.01 per share, was higher than the C$2 million, or C$0.01 per share, for the prior year quarter.

Funds from operations were C$15.2 million, 17% higher than the C$13 million, for Q1 2023, due to higher commodity prices.

However, cash flows from operating activities fell to C$10.5 million, from C$15 million, last year.

First quarter production was 5,714 boe per day, 4% lower than the 5,952 boe per day in Q1 2023. The decrease in production was due to the extreme cold snap in January that temporarily froze off 25% of production, the company said.