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Lightstream's Production Dips 22% in 2015
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Lightstream Resources Ltd. reported fourth quarter and year-end 2015 financial and operating results.
Annual average production was 31,392 boepd (72% light oil and liquids weighted), a decrease of 22% from our average 2014 production level of 40,420 boepd (78% light oil and liquids weighted).
4Q 2015 Highlights:Fourth quarter average production was 28,260 boepd (70% light oil and liquids weighted), a decrease of 7% from the previous quarter. Our operating netback was $18.80/boe, prior to commodity hedges, a 15% decrease from the previous quarter, primarily due to lower realized oil prices. Including realized gains on commodity hedging contracts, our netback was $27.09/boe. Funds flow from operations was $30 million ($0.15 per basic share), 33% below the third quarter of 2015, primarily…
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