Bonavista Energy Corporation reported unaudited consolidated earnings and production results for the third quarter and nine months ended September 30, 2018. For the quarter, the company's production revenues were CAD 131,175,000 against CAD 121,901,000 a year ago. Net loss was 17,811,000 or CAD 0.07 per share against CAD 1,699,000 or CAD 0.01 per share a year ago. Cash flow from operating activities was CAD 73,720,000 or CAD 0.28 per share against CAD 75,268,000 or CAD 0.29 per share a year ago. Adjusted funds flow was CAD 63,688,000 or CAD 0.25 per share against CAD 68,459,000 or CAD 2.7 per share a year ago. Capital expenditures on exploration and development were CAD 42,317,000 against CAD 77,213,000 a year ago.

For the nine months, the company's production revenues were CAD 390,665,000 against CAD 405,814,000 a year ago. Net loss was 69,412,000 or CAD 0.27 per share against income CAD 131,219,000 or CAD 0.51 per share a year ago. Cash flow from operating activities was CAD 213,610,000 or CAD 0.83 per share against CAD 231,104,000 or CAD 0.91 per share a year ago. Adjusted funds flow was CAD 198,520,000 or CAD 0.77 per share against CAD 215,880,000 or CAD 0.85 per share a year ago. Capital expenditures on exploration and development were CAD 119,320,000 against CAD 229,307,000 a year ago.

For the quarter, the company's production of natural gas was 287 mmcf/day against 301 mmcf/day a year ago. Natural gas liquids production were 17,868 bbls/day against 18,639 bbls/day a year ago. Oil production was 2,358 bbls/day against 2,350 bbls/day a year ago. Total oil equivalent production was 68,036 boe/day against 71,191 boe/day a year ago.

For the nine months, the company's natural gas production was 303 mmcf/day against 301 mmcf/day a year ago. Natural gas liquids production were 16,771 bbls/day against 18,630 bbls/day a year ago. Oil production was 2,259 bbls/day against 2,399 bbls/day a year ago. Total oil equivalent production was 69,540 boe/day against 71,265 boe/day a year ago.

For the remainder of the year, the company will spend approximately CAD 16 million to drill four (3.1 net) wells targeting high-rate Spirit River natural gas that will feed low-cost Ansell facility. The company expects to generate a total of CAD 90 million to CAD 100 million of surplus funds flow in 2018, as it spends CAD 155 to CAD 165 million, inclusive of acquisitions and divestitures, to maintain production and exit the year at approximately 70,000 boe per day.