RBY beat EPS estimates of 13c coming in at 19c. Revenue beat estimates of $34M coming in at $35.8M and displayed growth of 85% year-over-year. Heavy oil sales production was relatively unchanged from the prior quarter but increased 54% from the prior year. Adjusted funds flow was $20.7M increasing 12% from Q1 and 72% year-over-year. RBY announced it had acquired Buffalo Mission Energy, a closely held heavy-oil producer, for approximately $97.5M. The deal increases Rubellite's current conventional heavy oil production base by about 56% and its adjusted funds flow by about 38% on an annualized basis. RBY will need to use some debt to finance this deal, but overall it was a good quarter and the acquisition should help RBY continue to see growth..
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