The Q2 numbers are outstanding! They have beaten everyone's forecasts including their own.
$115.3 million of AFF and $108.2 million of Free AFF was generated in Q2/22 - Freakin Fantastic!
89% reduction in bank debt relative to year end 2021, with only $8.1 million drawn on a $185 million credit facility at the end of June. - Amazing Progress on reducing Debt.
$288.2 million of net debt at quarter-end, a 29% reduction from year-end 2021.
0.6 times net debt to annualized Q2/22 EBITDA measure1 at quarter-end. - Looking Good!
Suprise jump in Condensate rates! Condensate production increased 84% in the quarter to 5,570 bbls per day and natural gas liquids ("NGLs") increased 16% to 3,108 bbls per day over Q2/21.
They finally reported production on the Montney "C" which looks amazing! Crew's best upper Montney "C" zone UCR well to date with average (IP60) rates of 1,896 mcf per day of natural gas and 607 bbls per day of condensate.
I am guessing that Crew's reponse to this additional condensate potential is why they plan to invest in condensate stabilization infrastructure project at the Septimus gas plant to increase condensate capacity from 1,000 bbls per day to 4,700 bbls per day;
This is a game changer for Crew. A new condensate rich zone underlying their lands. YeeHaw!
I can't wait to take a deeper dive into the report.
GLTA
BTO