RE:RE:Dividend supsended 2019 FIRST QUARTER FINANCIAL AND OPERATING HIGHLIGHTS
Sustained production at 66,937 boe per day within two percent of prior quarter production rates while spending only 75% of adjusted funds flow;
Executed an E&D capital program of $49.0 million, drilling ten gross (9.6 net) wells while completing eight gross (7.6 net) wells. Our focus remains on drilling liquids rich prospects, with seven of our ten wells drilled in our West Central area;
Divested of a sour natural gas non-core asset producing 442 boe per day at closing for net proceeds of $5.4 million;
Generated $58.2 million ($0.22 per share) in adjusted funds flow, six percent ahead of forecast;
Recorded cash costs of $9.55 per boe, slightly below forecast but in excess of prior quarter resulting from a modest increase in operating expenses due to the cold weather experienced in February and March;
Strengthened our position in the emerging Duvernay play by acquiring land in the Pembina area bringing our total prospective lands to over 121,000 acres within our core areas; and
Protected 2019 adjusted funds flow through the summer period, when NGTL maintenance activities escalate, with 75% of our forecasted 2019 natural gas production hedged at an average price of $2.11 per mcf.