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Emerald's 1Q Production Up 88%; New Bakken Plug-N-Perf Design
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Emerald Oil, Inc. announced financial and operational results for the quarter ended March 31, 2015.
Highlights: First quarter production of 424,318 BOE increased 88% as compared to 225,905 BOE in the first quarter of 2014. Daily production averaged 4,715 BOEPD, 14% above the midpoint and 10% above the high end of Emerald's first quarter 2015 guidance range; Completed semi-annual borrowing base redetermination resulting in an elected commitment of $200 million; Semi-annual redetermination includes an expanded total debt to EBITDA covenant of 5.0x and a new senior secured debt to EBITDA covenant of 2.5x; Hedging update: Recently initiated 2015 crude oil floors at $55.00 for 4,000 Bbl/d and 2016 crude oil floors at $60.00 for 3,000 Bbl/d while retaining all upside to future crude oil price…- ✓ Full news archive — U.S., Canada & international coverage
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