Surge Energy Inc. is pleased to announce its 2013 capital budget and guidance and provide an operations update. 2013 BUDGET, GUIDANCE AND CORPORATE GOALS: Surge's board of directors has approved a capital budget of $140 million for 2013 with a balanced approach of production growth (approximately 16 percent growth in average daily production per share) and unlocking additional value in its high quality, large DPIIP1 light oil assets. Surge has allocated approximately $124 million to its [Read more]
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Hemisphere Energy Announces Positive Third Quarter Results and Operations Update
Hemisphere Energy Corporation is pleased to announce its financial and operating results for the three and nine months ended November 30, 2012. All amounts are expressed in Canadian dollars. Achievements and Highlights Increased third quarter revenue by 114% to $2.7 million compared to $1.3 million in the same quarter of the previous fiscal year. Increased revenue for the first nine months by 293% to $7.2 million compared to $1.8 million in the same period last year. Increased third [Read more]
RMP Energy Achieves Record Quarterly Production and Provides Operations Update
MP Energy Inc. is pleased to announce record fourth quarter production and provide an operations update on Ante Creek, Waskahigan, Grizzly and South Ante Creek. Operations Update: Corporate Production As a result of RMP''s successful exploration and development drilling program, the Company delivered record quarterly production for the fourth quarter 2012 of approximately 6,500 boe/d, weighted 47% light oil and 3% NGLs. RMP''s annual average daily production for fiscal 2012 is estimated at [Read more]
Angle Energy Inc. Provides Operational Update and 2013 Guidance
Angle Energy Inc. is pleased to provide shareholders with the following activity updates and corporate information. HIGHLIGHTS Angle drilled and rig released 10 gross (8.3 net) horizontal wells in the fourth quarter of 2012, with 6 gross (4.3 net) wells targeting Cardium light oil, with a 100% success rate. Currently, Angle has 3 gross (2.5 net) horizontal wells in completion operations or awaiting completion. Due to Angle's oil weighting in the fourth quarter of 2012, it is anticipated [Read more]
Strategic Oil & Gas Ltd. Announces Core Area Acquisitions, New Light Oil Resource Play, Expanded Credit Facility and Grant of Stock Options
Strategic Oil & Gas Ltd. is pleased to announce that it has entered into agreements to acquire certain assets in Strategic''s core area at Steen River, Alberta, (the "Acquisition"), for cash consideration of $23.6 million, subject to customary closing adjustments. The Acquisition will have an effective date of December 1, 2012 and is expected to close on December 21, 2012. SUMMARY OF THE ACQUISITION Strategic is acquiring a 100% working interest in 340 boe/d (83% light oil) of [Read more]
RMP Energy Announces 2013 Capital Budget and Business Plan
RMP Energy Inc. is pleased to announce that the Company's Board of Directors has approved an exploration and development expenditures program of $85 million for 2013 (the "2013 Capital Budget"). The 2013 Capital Budget is expected to be self-financed by funds from operations (refer to forecasts below). RMP possesses the financial flexibility for additional funding through the Company''s bank credit facility, which was recently expanded to $110 million, for any capital program expansions in [Read more]
Cenovus oil production anticipated to grow 14% in 2013
Cenovus Energy Inc. plans to make a significant investment in its oil assets next year as it continues to focus on growing production. The company expects to invest between $3.2 billion and $3.6 billion in 2013, building on its successful 2012 capital program. Steam generators at Cenovus's Christina Lake operation in northern Alberta “We’re in an excellent financial position with a strong balance sheet that gives us the flexibility to invest for future growth and maintain our focus on [Read more]
Surge Announces Operations Update
Surge has drilled, completed and placed on production all 22 gross (17.9 net) planned wells in the fourth quarter of 2012. As such, Surge is well positioned to meet its targeted exit production guidance of 11,000 boe per day. At Valhalla South, Surge drilled, completed and tied-in three gross (1.96 net) horizontal multi-frac wells. All wells are currently on production, and although all of the wells have not produced for an entire month, it appears that on average the wells will exceed the [Read more]
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