Quattro Exploration (TSX-V:QXP, StockForum), a Calgary-based firm engaged in exploring and producing oil and gas in Canada and select international markets, provided guidance on its current operations.
According to the news release, the company continues with the integration of the asset acquisitions completed in 2013 and is heading toward a projected average production rate of 1,250 boepd during Q1 2014.
The aforementioned gains are expected to reached through a combination of remediation work and consolidation of non-operating interests contained within Quattro's core areas.
Quattro continues to work toward achieving production rates between 1,400 and 1,500 boepd by the end of Q1 with the company on target to reach its further goal of 2,000 boepd by the start of Q3 2014.
Also in the news, the company welcomed Roberto Rodriguez, P. Eng. as Manager of Capital Projects and Sherry Crawford to Production Accounting
Leonard Van Betuw, company president and CEO, commented, “We finished 2013 by completing the initial phases of our business plan which formed the foundation and confidence for the addition of 2 accomplished professionals such as Brent and Roberto, along with 2 office staff, bringing the team in Calgary to 8 along with a further 6 field operators within the core regions of the Company.”
He went on, “The integration of this team gives us the critical mass to integrate further opportunities in an efficient and accretive manner once they have been identified.”
Then concluded, “It is now the Company's goal to inform the investment community of the milestones Quattro has achieved and the future ones we are looking to exceed. To this end, we are pleased to announce the launching of our new website at www.qxp-petro.com. Quattro and its team encourage our shareholders both current and future to explore the growing value proposition that Quattro continues to be.”
Quattro was in the news recently when the company increased quarterly revenue by 500%.
Shares climbed 14.29% on the news to $0.28 per share.
Currently there are 35.0m outstanding shares with a market cap of $9.8 million.