08:21 AM EST, 03/07/2024 (MT Newswires) -- Kiwetinohk Energy Corp. ( KWTEF ) reported overnight Wednesday a diluted EPS of $1.09 in the fourth quarter of 2023, sliding year over year from $2.57.

Commodity sales from production sank to $114.0 million from $159.5 million while adjusted funds flow from operations dropped to $1.44 per diluted share from $2.26 per diluted share.

Total production slipped to 24,707 barrels of oil equivalent per day (boe/d) from 24,745 boe/d.

For full-year 2023, Kiwetinohk's diluted EPS declined to $2.52 from $4.28 in 2022 while sales fell to $411.8 million from $499.9 million.

Adjusted funds flow from operations was down to $5.43 per diluted share from $5.92 per diluted share. Total production rose to a record 22,587 boe/d from 17,852 boe/d.

"I am extremely pleased with the team's performance throughout 2023. Kiwetinohk delivered robust financial and operational results, meeting or exceeding corporate expectations," CEO Pat Carlson said.

Kiwetinohk also outlined a yearend reserves update. Proved reserves totaled 123.2 million barrels of oil equivalent (Mmboe), compared to 125.5 MMboe a year ago.

Proved plus probable reserves increased to 224.5 Mmboe from 214.5 Mmboe.

The company reaffirmed its 2024 guidance.