Resolute Energy Corporation (REN) swung to a net profit for the quarter ended Mar. 31, 2017. The company has made a net profit of $1.47 million, or $ 0.01 a share in the quarter, against a net loss of $85.31 million, or $5.65 a share in the last year period.

Revenue during the quarter surged 243.26 percent to $65.23 million from $19 million in the previous year period. Gross margin for the quarter expanded 5098 basis points over the previous year period to 61.73 percent.

Operating income for the quarter was $8.39 million, compared with an operating loss of $76.08 million in the previous year period.

However, the adjusted EBITDA for the quarter stood at $28.92 million compared with $23.15 million in the prior year period.

Rick Betz, Resolute's chief executive officer, said: "In the first quarter of 2017, Resolute made significant advancements toward bolstering its position as a leading operator in the core of the Delaware Basin. With the addition of a second drilling rig in January and a dedicated frac spread from our primary completions vendor, we have significantly increased the pace of our development operations. While these accomplishments point toward a very promising 2017 for Resolute, as we explained in prior communications, we did not expect to realize the benefits of this activity in our first quarter results. Our second quarter, however, is starting out with impressive results. Everything we accomplished in the first quarter has positioned us to deliver the industry leading performance you have come to expect from Resolute."