05:13 PM EDT, 05/13/2024 (MT Newswires) -- Rubellite Energy ( RUBLF ) on Monday said it swung to a loss in the first-quarter despite a rise in oil production and revenue.

The Western Canadian oil and gas producer said it lost C$4.15 million, or C$0.07 per share, in the period, compared with a profit of C$C$1.7 million, or C$0.03, in the year-prior quarter.

Revenue rose 74% to C$29.82 million from C$17.104 million, as its oil production rose to 4,514 barrels per day from 2,990 bpd, while its average price per barrel rose 14% to C$72.60.

The company said it will spend between C$70 million and C$75 million on capital programs this year and expects average production of 4,600 bpd to 4,900 bpd, ending the year with output of around 5,100 bpd.

Rubellite shares last traded Friday, closing at C$2.62 on the Toronto Stock Exchange.