Top Story | Quarterly / Earnings Reports | First Quarter (1Q) Update | Capital Markets | Capital Expenditure
Bakken Operator Doubles Production Year-over-Year
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PetroShale repoted its 1Q 2018 production average 3,315 boe/d (90% oil), after having completed 3.7 net wells in the quarter.
Capital expenditure totaled $53.7 million including the acquisition of significant undrilled acreage in our core South Berthold area for US$17.8 million.
Financing : The company also closed on a US$75 million preffered shares with a 5-year term and a 9% coupon rate. The proceeds were used to terminate the company current laon facility and senior loan.
What was truely impressive however was the company doubled its production as of end of May 2018 to 6,000 boe/d.
"The first quarter of 2018 has been a very active start to the year for PetroShale with production growing 56% quarter-over-quarter through a successful drilling program, adding new acreage within our…
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