06:19 AM EDT, 03/15/2024 (MT Newswires) -- Rubellite Energy Inc. ( RUBLF ) , a pure play Clearwater oil exploration and development company, overnight Thursday reported fourth-quarter 2023 net income of $9.5 million, or $0.15 per share, down from $18.7 million, or $0.34 per share, in the year-ago quarter.

Fourth-quarter 2023 oil revenue increased to $27.2 million from $14.3 million in the prior-year period.

Adjusted funds flow also rose to $16.9 million, or $0.27 per share, from $8.1 million, or $0.15 per share, in the year-ago quarter.

The company achieved fourth-quarter 2023 conventional heavy crude oil sales production of 4,209 barrels per day, a 93% year-over-year increase.

Exploration and development capital spending in the first quarter of 2024 was forecast at $12 million to $13 million.

For the full year 2024, Rubellite expects to spend $70 million to $75 million.

Production sales volumes are projected to increase about 6% to 7% from the fourth quarter of 2023 to average between 4,450-4,500 b/d in the first quarter of 2024.

For the full year 2024, produciton sales volumes are forecast to grow 39% to 48% year over year to average 4,600-4,900 barrels of oil equivalent per day.