Capital expenditures 2 during the first quarter totalled $0.7 million.As of the end of April 2023, we have retired 926,200 shares at an average cost of $1.95 per share. Our Normal Course Issuer Bid (“NCIB”) program retired 360,100 common shares (1.3% of basic common shares) at an average cost of $2.27 per share during the first quarter of 2023.We ended the quarter with positive adjusted working capital 2 of $18.8 million, an increase of $4.7 million over year-end 2022 as a result of the free cash flow 2 generated in Q1 2023.Q1 2023 net income was lower than net income of $3.5 million in Q1 2022, due to a $4.2 million impairment reversal which occurred in Q1 2022. Net income for Q1 2023 was $2.9 million, as compared to $0.7 million in Q4 2022, an increase that was the result of both higher operating netback 2 and higher production.The improvement was driven by contributions from both our Netherlands and Canadian assets. Free cash flow 2 in Q1 2023 was $6.6 million, compared to negative free cash flow of $1.8 million in Q4 2022.Higher 2023 funds flow from operations resulted from contributions from the new Netherlands assets. Funds flow from operations (“FFO”) 2 for the first quarter was $7.3 million, up 125% from Q4 2022 and 633% from Q1 2022.The production increase was due to the acquisition of Netherlands assets at the end of 2022 and continued organic growth in our Canadian assets.
First Quarter Operating and Financial Results
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