OTCQX:GXOCF - Post by User
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TheHammyburgleron Jan 15, 2015 5:12pm
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Nice mini overview of DeeThree
Nice mini overview of DeeThree
| STOCKWATCH ARTICLES Energy Summary for Jan. 14, 2015 2015-01-14 19:07 ET - Market Summary By Stockwatch Business Reporter |
| | | Henry Hamm's DeeThree Exploration Ltd. (DTX) added 48 cents to $4.99 on 1.65 million shares, after releasing its outlook for 2015 and an operations update for late 2014. The company has set a 2015 budget of $160-million, based on $60 (U.S.) WTI. This is down from $290-million to $295-million in 2014. Last year's plan involved drilling 45 wells, 18 (or 40 per cent) in the Lethbridge Bakken and 27 (or 60 per cent) in the Brazeau Belly River, both in Alberta. This year, although there will be fewer wells -- 29 -- an even greater proportion will be in the Belly River, at 26 (nearly 90 per cent). DeeThree was one of the first companies in the Belly River when it entered in 2011. It increased production rapidly, particularly over the last year; output roughly tripled between year-end 2013 and year-end 2014. The Belly River production officially overtook the Bakken as of the second quarter of 2014, when DeeThree produced about 10,750 barrels of oil equivalent a day. DeeThree was so optimistic about its assets that it set a fourth quarter target of 13,000 barrels a day. It did not quite accomplish this. Today it said fourth quarter production came to 12,700 barrels a day. Fortunately, the year-end target was a forgiving 13,000 to 13,500 barrels a day and the company squeaked in with 13,000, so 2014 was still a success. In 2015, DeeThree is aiming for a full-year average of 13,300 barrels a day, with the goal of increasing production in the Belly River and maintaining production in the Bakken. It reckons its spending will be close to cash flow. | |