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Strong oil and gas prices boost Equity Oil’s income

SHARE Strong oil and gas prices boost Equity Oil’s income

Salt Lake-based Equity Oil Co. said Tuesday that it had net income of $1.5 million, or 12 cents per share, for the quarter ended June 30. That compares with net income of $1.1 million, or 9 cents per share, for the same period a year ago.

The company said revenues totaled more than $6.5 million, up 11 percent from the $5.8 million figure a year ago.

Net income for the first six months was $3.4 million, or 27 cents per share, up from $2.4 million, or 19 cents per share, for the prior-year period. Revenues were up 14 percent year-over-year, climbing from $12 million to $13.7 million.

The company said strong oil and gas prices boosted earnings and revenues.

Equity is an independent oil and gas exploration and production company, with operations in the Rocky Mountains, California and Alberta, Canada.

The company's stock was trading at $3 at Tuesday's close, unchanged during the day. In the past year, it has ranged from $2.12 to $4.31.