Exploration & Production | Quarterly / Earnings Reports | First Quarter (1Q) Update | Capital Markets | Capital Expenditure | Private Equity Activity
Long Run Planning 39 Net Wells, $190MM for Montney, Redwater
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Long Run Exploration Ltd. has announced our first quarter financial and operational results.
For 2014, we expect capital expenditures and dividend payments to be fully funded using funds flow from operations.
First Quarter 2014 Highlights Generated funds flow from operations of $70.1 million ($0.56/share), a 44% increase from $48.6 million ($0.39/share) in the first quarter of 2013. Production averaged 25,613 BOE/d, an 8% increase from 23,611 BOE/d in the first quarter of 2013. Executed an oil focused drilling program of 47.5 net wells, with a 100% success rate. Capital expenditures totaled $101 million, concentrated on growing our core Peace River Montney and Redwater Viking areas. Issued $75 million of convertible debentures to strengthen our balance sheet by providing Long Run with…- ✓ Full news archive — U.S., Canada & international coverage
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