05:06 PM EDT, 04/30/2024 (MT Newswires) -- Yangarra Resources ( YGRAF ) on Tuesday said its first-quarter profit fell 39% on lower oil and gas prices and weaker production.

The Western Canadian producer said it earned C$9.03 million, or C$0.09 per share, in the period, down from C$14.91 million, or C$0.16, in the year-prior quarter.

Revenue fell 18% to C$40.42 million from C$49.06 million as its oil and gas production dropped 9.9% to 11,183 barrels of oil equivalent per day while oil and natural-gas prices weakened.

Funds flow from operations funds fell 19% to C$24.3 million, or C$0.24 per share.

Yangarra said it is sticking with a place to cut its bank debt to C$80 million and has completed its annual borrowing base review, and the syndicated senior credit facility has been confirmed at C$130 million. The term out date has been extended to May 30, 2025, and the maturity date has been extended to May 30, 2026. The mandatory quarterly repayments of $5 million have been removed.

Yangarra shares closed down C$0.05 to C$1.17 on the Toronto Stock Exchange.