Quattro Exploration and Production (TSX-V:QXP, StockForum), engaged in the exploration and development of oil and natural gas reserves in Western Canada, announced today the results from their 2013 third quarter with revenues for the quarter climbing over 500% to $11.34 million from $2.10 million reported in the matching 2012 quarter.
According to the company's news release, “For the nine months ending September 30th, 2013, largely as a result of the acquisition of producing oil and gas properties by Quattro announced on November 5, 2013, effective January 1, 2013, the Company has achieved production levels greater than 1072 boe/d, with the Company's current efforts providing a clear path towards daily average production rates of 1,100 boe/d for the full year ending December 2013 and an exit production rate of approximately 1,200 boe/d by the end of the 4th quarter of 2013.”
Leonard Van Betuw, president and CEO of Quattro, commented, “The third quarter 2013 marks the evolution of Quattro from an emerging company to a full cycle oil and gas producer in Western Canada."
Betuw went on to explain, “The Company continues to grow its cash flow in Western Canada based on a foundation of conservative cash management and a strong capital structure.”
He then summed up, “Quattro continues to evaluate additional acquisitions and divestitures, taking aim on increasing cash flows to levels in Western Canada that are harmonized with our international activities in 2014.”
Quattro made headlines recently when the company closed the acquisition of 950 boe/d of oil & gas production in Western Canada.
Shares climbed 68.75% on the news to $0.135 per share.
Currently there are 34,994,778 shares outstanding with a market cap of $4.72 million.