08:54 AM EDT, 05/08/2024 (MT Newswires) -- Tamarack Valley Energy ( TNEYF ) on Wednesday said it swung to a first-quarter loss despite higher revenue.

The Western Canadian oil and gas producer said it lost C$32.74 million, or C$0.06 per share basic and diluted, in the period, compared with a profit of C$2.51 million, or nil, in the year-prior quarter. The company did not offer detail on the loss.

Adjusted funds flow rose 15% to C$181.56 million, or C$0.33 basic and diluted, from C$157.27 million, or C$0.28.

Total oil and natural gas revenue rose 3.9% to C$393.34 million from C$378.55 million as oil and gas production fell 8.7% to 62,022 barrels of oil equivalent per day while its average price per barrel equivalent rose 13% to C$69.34.

"During the quarter we returned $46.4MM to investors in the form of declared dividends and share buybacks. Looking ahead, we will remain focused on our core assets. Our strategy includes continuing to increase oil weighting, reduce sustaining capital requirements, improve pricing margins, and implement projects with multiple payouts," chief executive Brian Schmidt said in a release.

Tamarack shares closed down C$0.03 to C$3.71 Tuesday on the Toronto Stock Exchange.