CALGARY, AB, May 30, 2024 /CNW/ - Clearview Resources Ltd. ("Clearview" or the "Company") is pleased to announce its financial and operational results for the three months ended March 31, 2024. FINANCIAL and OPERATIONAL RESULTS Production for the three months ended March 31, 2024 was down 9% to average 1,634 barrels of equivalent per day ("boe/d") versus the comparative quarter of 2023 at 1,801 boe/d.  The decrease was due to lower oil production of 18% as a result of the dispositions in the first quarter of 2023, which were primarily oil producing wells, natural production declines of approximately 12% and production downtime in the quarter of approximately 105 boe/d primarily due to severe cold temperatures in January.  The decrease was partially offset by production from the oil well drilled in Wilson Creek which has been producing since late in the third quarter of 2023.  Natural gas liquids production, generally associated with natural gas production, increased by 7%, primarily due to the natural gas production from the new oil well being produced through third party natural gas processing facilities which extract a high percentage of natural gas liquids from the gas stream.  Natural gas production for the three months ended March 31, 2024, decreased by 12%.  These declines were partially offset by natural gas production volumes associated with the new oil well at Wilson Creek. Adjusted funds flow(1) for the three months ended March 31, 2024 was $1.2 million ($0.10 per share(3)), a decrease of 37% compared to 2023, primarily due to lower realized sales prices for all of the Company's production and lower production volumes, resulting in a decrease in revenue of $1.6 million.  The decrease in revenue for 2024 was offset by lower royalties due to the sliding scale nature of Crown royalties, realized gains on financial instruments, additional processing income and lower operating costs due to dispositions undertaken in 2022 and in the first quarter of 2023 as well as reduced spending on workovers and spending efficiencies on repairs and maintenance.  Capital expenditures(2) for the three months ended March 31, 2024 were $0.8 million and were primarily incurred in Windfall on a waterflood expansion project and an associated well reactivation. Clearview had net debt(1) outstanding of $3.3 million at March 31, 2024, which included bank debt of $1.1 million, a working capital deficit of $1.0 million and the Company's convertible debentures of $1.2 million. Notes (1) "Adjusted funds flow" and "net debt" are capital management measures that do not have any standardized meaning as prescribed by International Financial Reporting Standards and therefore may not be comparable with the calculations of similar measures of other entities.  See "Non-IFRS Measures" contained within this press release. (2) Non-IFRS measure or ratio that does not have any standardized meaning as prescribed by International Financial Reporting Standards and therefore may not be comparable with the calculations of similar measures or ratios of other entities.  See "Non-IFRS Measures" contained within this press release. (3) Supplementary financial measure that does not have any standardized meaning as prescribed by International Financial Reporting Standards and therefore may not be comparable with the calculations of similar measures of other entities.  See "Non-IFRS Measures" contained within this press release. FINANCIAL and OPERATING HIGHLIGHTS Financial        Three months ended ($ thousands except per share amounts) March 31 2024 March 31, 2023 % Change Oil and natural gas sales 5,530 7,134 (22) Adjusted funds flow (1) 1,179 1,530 (23) Per share – basic (2) 0.10 0.13 (23) Per share – diluted (2) 0.10 0.13 (23) Cash provided by operating activities 1,198 1,910 (37) Per share – basic 0.10 0.16 (37) Per share - diluted 0.10 0.16 (37) Net earnings (loss) (1,092) (753) 45 Per share – basic (0.09) (0.06) 50 Per share - diluted (0.09) (0.06) 50 Net debt (surplus) (1) 3,339 (973) 343 Average shares outstanding 11,763 11,700 1 (1) Capital management measure that does not have any standardized meaning as prescribed by International Financial Reporting Standards and therefore may not be comparable with the calculations of similar measures of other entities.  See "Non-IFRS Measures" contained within this press release. (2) Supplementary financial measure that does not have any standardized meaning as prescribed by International Financial Reporting Standards and therefore may not be comparable with the calculations of similar measures of other entities.  See "Non-IFRS Measures" contained within this press release. Production        Three months ended March 31 2024 March 31 2023 % Change Oil – bbl/d 361 438 (18) Natural gas liquids – bbl/d 431 402 7 Total liquids – bbl/d 792 840 (6) Natural gas – mcf/d 5,048 5,764 (12) Total – boe/d 1,634 1,801 (9) Realized sales prices (1)        Three months ended March 31 2024 March 31 2023 % Change Oil – $/bbl 88.80 93.06 (5) NGLs – $/bbl