Paramount Resources raised its target for full-year sales volumes on the back of what it said has been an outperformance in natural gas well performance, a faster than expected ramp-up in the second phase of its Alhambra plant and an increase in forecast runtime at Willesden Green operation in Alberta.

The Canadian energy company recorded net income for the second quarter of 68.3 million Canadian dollars (US$48.7 million), or C$0.46 a share, up sharply from C$4.2 million, or C$0.03 a share, a year earlier.

Revenue for the quarter increased 13% to C$317.3 million.

Sales volumes in the second quarter averaged 47,279 barrels of oil equivalent a day, down 2% on the prior quarter but up 49% on the same period last year. The year-over-year-rise included a 40% lift in natural gas volumes and 53% jump in condensate and oil.

For the year, Paramount said it now expects sales volumes to average between 51,000 and 53,000 oil-equivalent barrels daily, where it previously was aiming for 48,000 to 52,000 barrels.

For the third quarter, it said it anticipates 50,000 to 53,000 barrels a day and in the fourth quarter between 60,000 and 63,000. That compares with earlier guidance for 46,500 to 51,500 and between 59,000 and 64,000 barrels a day, respectively.

The company said it continues to expect sales volumes will be between 60,000 and 65,000 barrels of oil equivalent a day next year, with a 2027 exit rate of production of more than 100,000 barrels a day.

Paramount's shares jumped 8.3% in early trading to C$30.38, widening the year-to-date advance to 28%.