Exploration & Production | Quarterly / Earnings Reports
Anderson Brings Six Cardium Wells On-Line in Q1; Touts Frac Technology
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Anderson Energy Ltd. has reported its operating and financial results for the first quarter ended March 31, 2013.
Highlights:In the first quarter of 2013, the Company completed its Cardium horizontal light oil winter drilling program. Initial production rates using slick water frac technology were vastly superior to previously used fracture stimulation techniques. The 30 day average initial production rate was 455 BOED for the wells that have used this technology to date.
Funds from operations in the first quarter of 2013 were $5.5 million. Production was 4,191 BOED. Oil and NGL production averaged 1,732 bpd in the first quarter of 2013. Oil represented 1,529 bpd of total production.
The Company's average oil price was $84.83 per bbl in the first quarter of 2013. The Cardium oil…
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