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Nostra Terra Oil and Gas booked a full-year loss, as expenses more than offset a rise in sales.
Pre-tax losses for the year through December amounted to $0.9m compared to losses of $1.5m on-year.
Revenue rose 56% to $2.3m after production rose 22% to 37,384 barrels of oil equivalent.
'Nostra Terra now has the enviable challenge, which successful growing companies face, of funding and managing growth,' chairman Ewen Ainsworth said.
'Having a solid foundation of producing assets and a proven track record provides multiple options.'
'A sign of this transformation is that funding is not now sought to cover overheads and the cost of the management team but directly into growing the company and seeking material step changes in value, cash flow and profit.'
At 8:01am: (LON:NTOG) Nostra Terra Oil Gas Company PLC share price was +0.08p at 1.95p