12:56 PM EDT, 04/29/2024 (MT Newswires) -- NG Energy International ( GASXF ) on Monday said its fourth-quarter revenue rose to a record.

The Colombian natural-gas producer said fourth-quarter revenue rose to US$4.6 million from US$1.8 million in the year-prior quarter.

It did not disclose any profit or loss for the period.

Fourth-quarter production rose to 10.0 million cubic feet of gas per day, up 136% increase from 4.2 MMcf/d.

The company achieved record annual revenue of US$12 million versus US$1.8 million in the fiscal year ended Dec. 31, 2022; and exited the year with average gross production of 15.1 MMcf/d in Dec. 2023 versus 4.9 MMcf/d in December 2022.

The company reported a 241% increase in proved reserves to a gross 51.7 Bcf versus 21.5 Bcf in the fiscal year ended Dec. 31, 2022; and a 314% increase in Proved + Probable (2P) reserves to company gross 161.6 Bcf versus 39.0 Bcf in the fiscal year ending Dec. 31, 2022.

At the Maria Conchita Block,, the company drilled, completed and tied-in the Aruchara-3 well allowing it to ramp up production to 18.0 MMcf/d in Dec. 2023. The company expects to maintain gross production levels of approximately 20 MMcf/d throughout 2024.

NG Energy ( GASXF ) shares were last seen were last seen up C$0.01 to C$0.84 on the TSX Venture Exchange.

Price: 0.84, Change: +0.01, Percent Change: +1.20