06:14 AM EDT, 05/13/2024 (MT Newswires) -- Questerre Energy ( QTEYF ) over the weekend reported a year-over-year decrease in first-quarter adjusted funds flow from operations as production volumes fell.

First-quarter adjusted funds flow from operations came in at $3 million, down from $4.3 million. The net loss was $0.2 million, a decrease from a net income of $0.9 million.

Production volumes decreased to 1,664 barrels of oil equivalent per day (boe/d) from 1,790 boe/d. The company expects production to continue their natural decline until the three wells drilled at Kakwa are completed and tied-in later this year.

Petroleum and natural gas revenue fell to $9 million from $10.5 million, reflecting lower production volumes and realized commodity prices.

"Carbon capture and storage is also important to our plans to build assets outside Quebec. We are exploring opportunities to develop zero-emissions projects using carbon storage with First Nations in Alberta," said Questerre President and CEO Michael Binnion.