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Delphi to Ramp Up Bigstone Montney Drilling as Operating Costs Drop
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Delphi Energy Corp. reported its financial and operational results for the quarter ended March 31, 2016.
Key Points: During the first quarter of 2016, Delphi invested $16.7 million primarily on drilling and completions. Delphi drilled two gross (1.7 net) wells and performed completion operations on two gross (1.5 net) wells in its Bigstone area. With higher field condensate yields Delphi will be increasing its drilling activity to the west of the current development trend at Bigstone. The Company expects to drill 4-5 gross wells during the year. Achieved a 19 percent reduction in operating costs to $6.74 per boe in the first quarter of 2016 compared to the same period in 2015. Highlights: Generated funds from operations of $8.2 million and realized net earnings of $5.3…- ✓ Full news archive — U.S., Canada & international coverage
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