CALGARY, AB, May 16, 2024 /CNW/ - Lucero Energy Corp. ("Lucero" or the "Company") (TSXV:LOU) (OTCQB:PSHIF) is pleased to announce financial and operating results for the three months ended March 31, 2024.  The associated Management's Discussion and Analysis ("MD&A") and unaudited financial statements as at and for the three months ended March 31, 2024 can be found at www.sedarplus.ca or www.lucerocorp.com. All dollar amounts in this news release are stated in Canadian dollars unless otherwise noted. Highlights Three months ended (in thousands, except per share data) March 31 2024 December 31 2023 March 31 2023 Financial     Funds flow1 $28,700 $33,976 $39,894         Per share basic $0.04 $0.05 $0.06         Per share diluted $0.04 $0.05 $0.06     Adjusted EBITDA1 $27,051 $33,552 $41,481         Per share basic $0.04 $0.05 $0.06         Per share diluted $0.04 $0.05 $0.06     Cash provided by operating activities $24,603 $32,235 $34,918     Net income $9,239 $16,882 $18,469         Per share basic $0.01 $0.03 $0.03         Per share diluted $0.01 $0.03 $0.03     Exploration and development expenditures1 $36,715 $3,731 $31,315     Property acquisitions $2,031 - -     Property dispositions - $4,227 -     Working capital (net debt)1 $71,462 $82,591 ($69,608)     Common shares         Shares outstanding, end of period 646,314 648,671 662,411         Weighted average shares (basic) 647,002 649,984 662,411         Weighted average shares (diluted) 661,881 674,271 671,484 Operations     Production         Tight oil (Bbls per day) 5,160 5,630 6,904         Shale gas (Mcf per day) 13,363 11,980 12,719         NGL (Bbls per day) 2,628 2,382 2,235         Barrels of oil equivalent (Boepd, 6:1) 10,015 10,009 11,259     Average realized price