Exploration & Production | Top Story | Quarterly / Earnings Reports
Crocotta Ups HZ Cardium Inventory from 30 to 50 Net
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Crocotta Energy Inc. has reported its financial and operating results for the three and six months ended June 30, 2013.
Highlights: Entered into rich gas premium agreements which are anticipated to increase net revenues and reduce costs Drilled Cardium step-out wells and acquired additional lands to increase Cardium horizontal inventory to 71 gross (50 net) from 30 net at year-end Increased funds from operations 16% to $14.3 million in Q2 2013 from $12.3 million in Q2 2012 Raised gross proceeds of $22.0 million through the issuance of 6.0 million common shares on a flow-through basis Subsequent to Q2 2013, entered into a $145 million syndicated credit facility Operations UpdateIn Q2 2013, Crocotta focused its efforts on completing its rich-gas premium agreements with Aux Sable and…
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