Arcan Resources Slightly Lower Even with Record Q3 2011 Results
Arcan Resources Ltd. (ARN.V) is now trading just 2 cents above day low $4.70 and is off by nearly 1% even after announcing that it has achieved record results in third quarter 2011.
The company said it had a net income of $776 thousand during the quarter, erasing year-ago loss of $1.9 million. Funds from operations rose to $10.5 million from $7.7 million, representing an increase of 36%. Production was up 34% to 3,684 BOE per day from 2,740 BOE per day for the three months ended September 30, 2010.
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