Good Q Spartan Oil Corp. Announces Current Production in Excess of 4,000 boepd and Record Third Quarter Cash Flow of $12.9 Million
| 14 Nov 2012 07:30 ET |
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Marketwire Canada
Spartan Oil Corp. ("Spartan" or the "Company") (TSX:STO), is pleased to report its financial and operating results for the three and nine months ended September 30, 2012 along with this operational update. Selected financial and operational information is outlined below and should be read in conjunction with Spartan's interim financial statements and the related management discussion and analysis which are available for review at www.sedar.com or on the Company's website at www.spartanoil.ca.
CURRENT OPERATIONAL HIGHLIGHTS
-- Current production is in excess of 4,000 barrels of oil equivalent ("boepd"), based on field estimates.-- An additional 13.9 net wells are expected to be brought on production prior to the end of the calendar year, all of which are already drilled and behind pipe.-- Spartan expects to drill another 4.9 net wells prior to the end of 2012.-- The Company has continued to reduce its drilling costs at Keystone. The average on-stream costs for the Company's Cardium horizontal wells is approximately $2.3 million ($2.0 million drill and complete).
THIRD QUARTER FINANCIAL AND OPERATIONAL HIGHLIGHTS
Highlights for the third quarter include:
-- Achieved average daily production of 2,505 boepd (80% oil and liquids), an increase of 277% from an average of 664 boepd in the third quarter of 2011.-- Drilled 20 (18.4 net) wells in Spartan's Keystone core area, with a 100% success rate.-- Achieved record quarterly cash flow from operations of $12.9 million, an increase of 486% from $2.2 million in the third quarter of 2011.-- Achieved net earnings of $4.7 million; Spartan's sixth consecutive quarter of positive earnings.