Angle Energy (TSX: T.NGL, Stock Forum) late Monday reported that first-quarter production is estimated to be 11,200 to 11,300 boe/d (30% light oil and condensate, 24% NGLs, and 46% natural gas), with an expectation of a 3% higher light oil and condensate weighting, this according to a company news release.
The oil and gas explorer/developer added that operating cash flow netback in the quarter is estimated to be in excess of $29.00/boe, a 43% improvement over the average operating cash flow netback of $20.25/boe in 2012.
"The first quarter operational results build on the 2012 year-end reserves report and confirm our confidence in the quality of the company's assets, and in its position as the fifth largest Cardium land holder in Canada," said Angle Energy CEO Gregg Fischbuch. "While we work to realize the potential of our assets on behalf of shareholders, Angle's Board and Management continue to explore opportunities to close the gap between the trading price of the stock and its intrinsic net asset value."