07:24 AM EDT, 03/28/2024 (MT Newswires) -- Tenaz Energy Corp. ( ATUUF ) reported Thursday a net income of $3.5 million, or $0.12 per diluted share, in the fourth quarter of 2023, jumping from a net income of $747,000, or $0.03 per diluted share, posted in the year-ago quarter.

Petroleum and natural gas sales increased to $21.3 million from $10.9 million in the year-ago quarter.

Average daily production climbed to a record 3,135 barrels of oil equivalent per day (boe/d) from 1,520 boe/d a year ago.

The company said its production guidance for 2024 remained unchanged at 2,700-2,900 boe/d.

"We had our strongest operating results since the inception of Tenaz, again reporting very strong reserve replacement and capital efficiencies," President and CEO Anthony Marino said.

The company gained 2.3% yesterday.