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Arcan Resources Q2 Profit Rises to 8 Cents/Shr From Year-Earlier 5 Cents; Shares Extend Gains

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Arcan Resources Ltd. (ARN.V) reported net income per share of 8cents in its second quarter, improving from 5 cents a year ago. Cash flow from operations improved to $16.4 million from $10.1million, as production rose to 5,254 barrels of oil equivalent perday from 2,695 barrels.


Investors are reacting positively to the news, with the stock up1.4% at $1.45 at the start of Toronto trading. Shares have tradedbetween $1.06 and $6.24 over the past 52 weeks.


ARN rose nearly 3% to $1.47, extending earlier gains, on volumesof over 187,000.


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Arcan Resources Q2 Profit Rises to 8 Cents/Shr From Year-Earlier 5 Cents; Shares Extend Gains Arcan Resources Q2 Profit Rises to 8 Cents/Shr From Year-Earlier 5 Cents; Shares Extend Gains Reviewed by Crude Oil Brokers on 15:24 Rating: 5

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