Earnings out Highlights belowOil production increased 15% from 108 BBL/D in the three months ended June 30, 2017 to 125 BBL/D in the three months ended June 30, 2018. The associated natural gas production increased 22% from 151 MCF/D in 2017 to 184 MCF/D in 2018. Oil and NGL production as a percentage of total production was 75%.
A 20% increase in the realized price for crude oil from $41.44 per BBL during the quarter ended June 30, 2017 to $49.68 per BBL for the same quarter of 2018 resulted in a 38% increase in oil and NGL sales. The realized price for an MCF of natural gas was $2.47 in 2017. The realized price for an MCF of natural gas for the same period in 2018 was $0.97.
WTI crude traded up 31% from an average price of $49.95 (US$/BBL) during 2017 to an average price of $65.36 ($US/BBL) during 2018. WCS crude traded up 9% from an average price of $49.85 ($CDN/BBL) during 2017 to an average price of $54.32 ($CDN/BBL) during 2018. The average realized price for AECO natural gas decreased 61% from $2.70/MCF during 2017 to $1.10/MCF during 2018.
Operating costs increased 39% due to the re-activation of four shut-in wells; netbacks per BOE were essentially the same from $17.15/BOE in 2017 to $16.80/BOE in 2018.
At June 30, 2018, the Company has convertible loans owing to unrelated parties in the amount of $849,552 including accrued interest.