Exploration & Production | Quarterly / Earnings Reports
Arsenal to Ramp Up Bakken Activity, Production by Year-End
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Arsenal Energy Inc. has reported its second quarter 2013 financial and operational results.
Cash flow for the second quarter was $10.0 million, a 40% increase from 2013 Q1 and a 53% increase compared to Q2 2012. It is anticipated that cash flow will show additional substantial growth in the third quarter due to production increases from recently drilled Bakken wells in North Dakota and higher current realized prices.
Arsenal is now producing cash flow in excess of the capital required to fund the Company's growth strategy. The Board of Directors (BOD) has, therefore, adopted a dividend policy and declared a quarterly dividend of $0.006 per common share (pre consolidation). The dividend is payable on August 30, 2013 to shareholders of record at the close of business on August 15, 2013.
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