Bonavista Energy Corporation reported unaudited consolidated earnings and operating results for the fourth quarter and year ended December 31, 2017. For the quarter, the company's production revenues, net of royalties were $139,122,000 against $129,075,000 a year ago. Loss from operating activities was $198,082,000 against income from operating activities of $15,605,000 a year ago. Loss before taxes was $214,809,000 against $11,273,000 a year ago. Net loss and comprehensive loss was $159,149,000 or $0.62 per basic and diluted share against $12,021,000 or $0.05 per basic and diluted share a year ago. Cash flow from operating activities was $94,515,000 against $70,761,000 a year ago. Property acquisitions were $2,961,000 against $2,555,000 a year ago. Adjusted funds flow was $86,108,000 or $0.33 per share against $78,742,000 or $0.31 per share a year ago. Adjusted net income was $4,727,000 or $0.02 per share against $60,855,000 or $0.24 per share a year ago. Capital expenditures: Exploration and development was $59,722,000 against $58,574,000 a year ago.

For the year, the company's production revenues, net of royalties were $511,325,000 against $408,531,000 a year ago. Loss from operating activities was $22,972,000 against $90,670,000 a year ago. Loss before taxes was $44,181,000 against $134,927,000 a year ago. Net loss and comprehensive loss was $27,930,000 or $0.11 per basic and diluted share against $95,998,000 or $0.40 per basic and diluted share a year ago. Cash flow from operating activities was $325,619,000 against $260,792,000 a year ago. Property acquisitions were $13,736,000 against $12,166,000 a year ago. Improved adjusted funds flow to $302.0 million, representing growth of 14% over 2016. Adjusted funds flow was $301,988,000 or $1.18 per share against $264,391,000 or $1.11 per share a year ago. Adjusted net income was $50,646,000 or $0.20 per share against $22,259,000 or $0.09 per share a year ago. Capital expenditures: Exploration and development was $289,029,000 against $153,871,000 a year ago.

For the quarter, the company reported production of natural gas of 318 mmcf/day compared to 278 mmcf/day a year ago. Natural gas liquid production was 19,284 bbls/day compared to 19,941 bbls/day a year ago. Oil production was 2,463 bbls/day compared to 3,069 bbls/day a year ago. Total oil equivalent was 74,799 boe/day compared to 69,339 boe/day a year ago.

For the year, the company reported production of natural gas of 306 mmcf/day compared to 280 mmcf/day a year ago. Natural gas liquid production was 18,794 bbls/day compared to 18,247 bbls/day a year ago. Oil production was 2,415 bbls/day compared to 3,708 bbls/day a year ago. Total oil equivalent was 72,156 boe/day compared to 68,550 boe/day a year ago.

The company has also elected to reduce 2018 capital spending program to between $135 and $155 million intended to generate annual production rates between 69,000 boe per day and 71,000 boe per day. The company remains focused on improving financial flexibility, as such the company is targeting a total payout ratio of 60% to 70% and will apply the excess adjusted funds flow of between $60 and $80 million to reduce total debt.