Operational Updates
Crocotta Energy Ups Cardium, Montney Production 74%
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Crocotta Energy Inc. has reported its financial and operating results for the three and nine months ended September 30, 2012. All dollar figures are Canadian dollars unless otherwise noted.
Highlights:
• Increased production 74% in Q3 2012 to 6,945 boe/d from 4,002 boe/d in Q3 2011
• Reduced operating costs 19% in Q3 2012 to $5.72/boe from $7.06/boe in Q3 2011
• Continued successful drilling of Crocotta’s Cardium oil pool at Edson
• Maintained conservative balance sheet with net debt at less than 55% of bank credit facility
• Continued to maintain a low debt to cash flow ratio (1.25 based on Q3 annualized cash flow and Q3 exit net debt)
Cardium UpdateIn Q3/12, Crocotta anticipated reduced revenue and cash flow due to decreasing natural gas prices and increased differentials on a portion…
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