06:50 AM EDT, 08/06/2025 (MT Newswires) -- Rubellite Energy ( RUBLF ) overnight Tuesday reported an increase in earnings in the second quarter, beating analysts' expectations.

Net income rose to $16.1 million, or $0.17 per share, for the three-months ended June 30, compared with $12.4 million, or $0.20 per share, a year earlier. That beat the consensus estimate compiled by FactSet of $0.08 per share.

Oil revenue for the quarter increased to $60.5 million compared with $35.8 million, a year-ago. The results missed the consensus estimate compiled by FactSet of $62.3 million.

The company also reported Q2 conventional heavy oil sales production of 8,637 barrels per day (bbl/d), up 92% relative to 4,503 bbl/d, a year-ago. Quarterly total sales production of 12,425 barrels of oil equivalent per day (boe/d) also exceeded the high end of guidance.

The company said quarter-over-quarter production growth was driven by the successful drilling programs at Figure Lake and Frog Lake which brought eleven new wells on production during Q2.

Rubellite increased its guidance for exploration and development spending in 2025 to a range of $100 million to $110 million, compared with the previous guidance of $95 million to $110 million. The company plans to maintain its one rig drilling program at each of Figure Lake and Frog Lake for the second half of 2025, "with the ongoing volatility in oil prices."

Shares of the company closed down 1.9% to $2.03 on Tuesday on the Toronto Stock Exchange.