05:31 PM EDT, 05/13/2024 (MT Newswires) -- Stampede Drilling ( STPDF ) Monday said its first-quarter profit rose to a record on higher revenue.

The oilfield-services company said it earned $4.9 million or C$0.02 per share, in the period, up 31% from $3.77 million, or C$0.02, in the year-prior quarter. The increase was primarily related to increased operating days and revenue per day, reduction in general and administrative expenses and increase in gross margin percentage.

Revenue rose 7% to $27.5 million from $25.7 million.

With 17 out of its 19 rig fleet operational during this period, the company said it anticipates maintaining positive momentum following spring break-up and into the back half of the year.

Stampede said it has an optimistic outlook for Western Canada, driven by rising global demand and increased tidewater access for Canadian produces from the startup of the Trans Mountain pipeline expansion and the launch of the LNG Canada facility planned for 2025.

The company's shares closed unchanged at C$0.23 on the TSX Venture Exchange.