Arcan Resources Q2 Profit Rises to 8 Cents/Shr From Year-Earlier 5 Cents; Shares Extend Gains

Arcan Resources Ltd. (ARN.V) reported net income per share of 8cents in its second quarter, improving from 5 cents a year ago. Cash flow from operations improved to $16.4 million from $10.1million, as production rose to 5,254 barrels of oil equivalent perday from 2,695 barrels.Investors are reacting positively to the news, with the stock up1.4% at $1.45 at the start of Toronto trading. Shares