Q3....steady as she goes...Q3 Results : production average 1049 boed , field netbacks a whopping $53.00 per boe ( say a 16 to 1 ratio versus gas) and cash flow of $4.7M. All very good, and as anticipated.
Q4 is setting up to be the record breaker. We know that production was 1420 boed on August 8th, 1750 boed on October 10th and 1659 boed today. Q4 looks like it will average over 1600 boed which is a huge 50% bump over Q3 !
Exit rate lowered a little to a range of 2250 to 2500 boed from 2500 boed before.
There is still room on the credit line, and lots of monthly cash flow at 2000 boed and above - but to accelerate progress at Mountian Marten, let alone tackle all the upside at the recently announced Wabumen discovery, probably need to raise $20M + at over $2.00 in early 2012. The oil these equity funds will find is worth way more than any inital dillution.