Divergent Energy (TSXV:DVG) has released its financial results for the three-months ended March 31, 2016.
As quoted in the press release:
Q1 2016 FINANCIAL AND OPERATING HIGHLIGHTS
Divergent’s submersible pump business in Gillette, WY set record sales of USD$2.1million for that division, beating the previous record quarter of USD$1.9MM set in Q3 2010. The Gillette business also increased gross profit to USD$441k in Q1 2016 as compared to USD$411k in Q1 2015 and USD$321k in Q4 2015.
The Corporation’s success in the submersible pump business continues and set an all time quarterly revenue record for the Gillette, WY operation. Our business is focused on production optimization and reducing operating expenses in mature fields (existing wells), and is therefore not directly affected by fluctuations in drilling activity. For 2016, we anticipate continued growth from our Gillette, WY operation and the commercialization of the Corporation’s Linear Electric Submersible Pump (the “Linear Pump”).
The most recent shipment of Linear Pumps arrived on May 12, 2016 and one of the Pumps was successfully installed on May 17, 2016 and is currently operating in a client well in SE Saskatchewan. This shipment of Linear Pumps represents many years of engineering and testing, and is expected to be the final commercial version of the Pump. Additional installations are expected to follow with other interested clients.
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