RE:Q2 is out "Wet spring weather closed roads in the Simonette area which resulted in shut-down or
restricted production from the Cequence operated 5-7-62-25 oil battery for 76 days (84%) of the second quarter. To mitigate these issues, in mid-July, Cequence commissioned a more reliable long term tie-in solution for the 5-7 oil facility. Production from the 5-7 facility averaged 162 bbl/d of oil (278 boe/d) net to Cequence in the second quarter while net production the last 14 days of July increased to 394 bbls/d oil and 966 boe/d net to Cequence.
Began pipeline work to tie-in the Dunvegan oil wells to minimize road ban truck out
restrictions, with full operation commencing in mid-July."
It's no wonder why they only averaged 224 barrels of oil for Q2,for Q1 it was 481.
"The two Dunvegan oil wells (50% WI) brought on stream in January of 2017 continue their strong performance, with the 9-11-62-26W5 well having produced 75,000 bbls gross in 155 operating days."
That well produced as much oil in 5 months as their norm does in a year ?????????
These wells normally produce as much gas as oil (220 bopd,455 boepd, average for year 1).Production efficiency for their Dunvegan oil wells ($/boed-365days) is only $9,000 per flowing.Now that's low finding costs and the kicker is you're replacing production that's 20% liquids with new production that's around 50%.
"Two net Dunvegan oil wells are planned to be spud in December 2017 with production expected to be achieved in Q1 2018."
They had decent cash flow with a lousy 224 bopd for Q2,now that they're finally concentrating on their oil property things are looking up.