Financials and MD&A out on SEDAR Now we need a follow up with a hot news release, like
'NGY reports revenue up 58% over 2019'
NOTES: Averaged 52 bbls/day in the last quarter at , no gas, vs. 41 bbls/d and 54 mcf/d of gas in 2019. Gross sales realized $52.74 /bbl this quarter, vs $64.34 last year. - had negative cash flows used in operations of $210,892....
In response to the low commodity prices brought about by the Covid19 pandemic, the Company added additional storage tanks on certain leases and, on most leases, the Company has the ability to continue to produce and store oil for up to six months without having to shut wells in. Additionally, the Company has the resources in place to efficiently maintain operations, even in the unlikely scenario that the Company does not sell any oil in a given month.
...contracted premium rates of West Texas Intermediate plus $2.25 to $6 per barrel.
...The Huebinger well will be drilled to the top of the Austin Chalk formation where oil production is coming from a water drive system with low decline rates. The company is currently producing approximately 25 barrels of oil per day (bopd) from this formation in the Kuhn wells and the company anticipates significantly better results from the updip location chosen for the Huebinger well.
The Company will continue to pursue a carefully designed capital expenditure program at the Company’s Stockdale Prospect, La Vernia assets, and Wooden Horse Kuhn Wells, as well as opportunities similar to the API Horizon JV, HugoCellR, and MarPat partnerships. Additionally, the Company will pursue acquisitions and dispositions which would allow usto add production, reserves, and cash flow in a cost effective manner while maintaining a level of flexibility in our balance sheet.