HGOM went into a Chapter 7 liquidation, which meant the company lost control over all of the assets and liabilities of HGOM, resulting in a C$6.89mln gain.
Net income for the year was positive at C$5.28mln, versus a loss in 2016 of C$3.56mln.
The company had no oil production from April onwards, as a result of which revenue, net of royalties, slumped to C$36,299 from C$1.30mln the year before.
Crude oil production for the whole of 2017 plunged to 546 barrels of crude from 37,858 barrels of oil equivalent the year before.
The company recently established oil production in Canada through its well reactivation programme in Saskatchewan and is still in the development planning phase for its Saskatchewan and Alberta properties.
The company has disposed of the majority of its offshore oil interests and is actively evaluating new value-enhancing acquisitions. The company’s intention is to operate or, at a minimum, to hold a controlling working interest, in any significant growth assets acquired, to be able to direct operation activity to maximise value for the company.