06:50 AM EDT, 03/11/2025 (MT Newswires) -- Rubellite Energy ( RUBLF ) late on Monday reported that fourth-quarter net income surged as it delivered record conventional heavy oil sales production in the period that exceeded guidance.

Net income and comprehensive income jumped to $26.7 million, or $0.30 per share, from $9.5 million, or $0.15 per share. That beat the $0.23 consensus estimate compiled by FactSet.

Oil revenue surged to $59.1 million from $27.2 million, but missed $60.6 million consensus estimate compiled by FactSet. Adjusted funds flow after transaction costs rose to $31.6 million, or $0.36 per share, from $16.9 million, or $0.27 per share.

Daily average sales production, including natural gas and natural gas liquids, was 10,386 barrels of oil equivalent per day, an increase from 4,209 boe/d. Rubellite posted record fourth-quarter conventional heavy oil sales production of 7,754 barrels per day, up from 4,209 b/d.

Rubellite expects sales production of 12,000 to 12,200 boe/d in the first quarter and 12,200 to 12,400 boe/d in 2025. Heavy oil production is forecast at 8,000 to 8,200 b/d in the first quarter and 8,200 to 8,400 b/d in 2025.