05:29 PM EDT, 05/16/2024 (MT Newswires) -- Lucero Energy ( PSHIF ) on Thursday said its first-quarter profit fell by half on lower oil and gas prices.

The company said it C$9.24 million, or C$0.01 per share, in the period, down from C$18.47 million, or C$0.03, in the year prior quarter.

Revenue was not disclosed.

The oil and gas producer said it averaged output of 10,015 barrels of oil equivalent per day, down 11% from 11,259 boepd in the year-prior quarter while its average price per barrel equivalent fell 24% to C$55.44.

"Building on the success and results Lucero delivered during 2023, the Company continued to demonstrate operating momentum in the first quarter of 2024. During the period, Lucero commenced the Company's 2024 drilling and development program designed to drive disciplined production growth through 2024, while also securing further financial flexibility to pursue future opportunities for shareholder value creation," the company said.

Lucero shares closed up C$0.01 to C$0.65 on the TSX Venture Exchange.

$36.7 million was directed to exploration and development expenditures, which included drilling four (3.0 net) wells, completing two (1.7 net) wells, continuing to upgrade infrastructure and the acquisition of incremental core acreage. Capital expenditures in the period represent approximately 40% of Lucero's 2024 budgeted capital program, setting the stage to generate meaningful free funds flow in the second half of the year.