Freehold Royalties Ltd. (FRU.TO) announced first quarter results
for the period ended March 31, 2013, reporting net income of $10.5
million, which was 20% lower than the first quarter last year,
mainly as a result of lower realized prices.
Average production for the first quarter rose 4%, while average
price realizations fell 10%, resulting in an 8% decline in gross
revenue compared to Q1 2012.
Production increases were mainly the result of last year's
drilling activities and acquisitions. Oil and natural gas liquids
production increased 8% in the quarter, while natural gas
production declined 4%.
The board of directors has declared a May dividend of $0.14 per
share, which will be paid on June 17, 2013 to shareholders of
record on May 31, 2013.
FRU shares were up six cents at $24.23.
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