Wow. They absolutely killed it in Q4Q4 exit production of 15,128 16% higher than Q4 2023
2023 average of 14,204 - blew through guidance by 5-700 boe while reducing debt and drilling a monster exploration well in the MNTN.
Net debt down to 140 million at year end
total cash flow from operations of 147 million
spent 9.1 million on ARO - way above budget I think?
The half cycle economic of the CL play at 10-11,000 boe probably lead to this statement :
With the addition of the Charlie Lake asset, the Company’s previous focus on M&A activity will be re-directed to the efficient deployment of capital and ongoing operational execution to optimally develop the expanded inventory within Bonterra’s three core areas.
The company wanted to increase production to around 20,000 boe/d - drilling out the CL has better economics than completing an acquisition at current prices.
And/or it puts them in a much better bargaining position.
Nothing to dislike here but put gas prices. Good thing they have such a high oil weighting.