Tuktu Resources Ltd (TUK) Q2 2025 earnings summary

Executive summary

• Achieved petroleum and natural gas sales of $2.4 million in Q2 2025, up 291% year-over-year, and $5.7 million for the first half, up 396% year-over-year.

• Production averaged 622 boe/d in Q2 2025, a 55% increase from Q2 2024, with a shift to 52% natural gas and 48% crude oil.

• Operating netback improved to $9.66/boe from $(3.63)/boe year-over-year, driven by higher realized sales prices and oil production growth.

Financial highlights

• Adjusted funds flow used in operations was $(81,126) in Q2 2025, a 95% improvement from Q2 2024.

• Net loss narrowed to $(71,370) in Q2 2025 from $(992,419) in Q2 2024; six-month net loss was $(800,847), a 32% improvement year-over-year.

• Adjusted working capital rose to $2.9 million at June 30, 2025, up 683% from a deficit of $(504,177) a year earlier.

• Total capital expenditures were $787,477 in Q2 2025.

Outlook and guidance

• Board approved an incremental $1.0 million capital budget for the remainder of 2025, focused on a four-well optimization program and a recompletion targeting the Big Valley formation.

• Plans to leverage expertise in targeting fracture systems for future drilling in the Penny light oil asset.