Posted on their website at:
https://www.westfireenergy.com/documents/Pressrelease2011-Q2Financials-Aug112011final.pdf
Highlights from news release:
Highlights
- Produced a quarterly record of 3,308 barrels of oil equivalent per day (boepd) for Q2 2011, compared to 2,374 boepd during Q2 2010, an increase of 39%. This also represents an increase of 19% over the Q1 2011 average volumes of 2,773 boepd. Production per share increased 14% from Q2 2010 and 10% from Q1 2011 in spite of abnormally wet weather during the quarter;
- Oil production averaged 2,243 barrels of oil per day ("bopd") during Q2 2011 (an increase of 121% from Q2 2010 and an increase of 34% from Q1 2011. Oil production per share in Q2 2011 increased 81% over Q2 2010 and 23% over Q1 2011;
- Generated a record quarterly funds flow from operations ("FFO") of $10.6 million (
.24 per share basic) in Q2 2011, despite $3.3 million of one-time general and administration and finance charges associated with the merger with Orion and the new bank facilities. Excluding these one-time items, FFO would have been $13.9 million or
.31 per share basic;
- Reduced operating and transportation costs from $16.69 per boe in Q2 2010 to $15.04 per boe in Q2 2011, a 10% decrease. Operating and transportation costs in Q2 2011 were $13.89 per boe and $1.15 per boe respectively;
- Increased bank line to $200 million; and
- Drilled 17 (16.5 net) wells in the second quarter of 2011, all successful oil wells.