Quarterly / Earnings Reports | Second Quarter (2Q) Update | Key Wells | Production Rates | Capital Markets | Capital Expenditure | Drilling Program - Wells | Drilling Activity | Drilling Program
Parex Ramps Up Budget ~91%; More Wells Planned
Print
|
Parex Resources Inc. announces its unaudited financial and operating results for the three months ended June 30, 2016.
Key Points: Increased budget by ~91% to $110-120 million (up from $40-80 million previously reported) Plan to drill 5 delineation/production wells plus 2 water-flood pilot injection wells by year-end Guidance UpdateWith an expanded appraisal and exploration drilling program, we now anticipate 2016 capital expenditures to be $110-120 million (an increase from the original $40-80 million estimate).
Highlights: Quarterly oil production averaged 28,913 barrels of oil per day ("bbl/d"), a slight increase from the previous quarter and a seven percent increase year-over-year. Combined oil and natural gas production for the quarter was 29,136 barrels of oil equivalent per…- ✓ Full news archive — U.S., Canada & international coverage
- ✓ A&D transactions — asset deals, corporate M&A, assets for sale
- ✓ Permits & completions data, plus 900,000+ slides & presentations
South America News
Frontera Energy's Colombian Assets: A Contested Acquisition Emerges in Latin America's E&P Sector
Background Frontera Energy Corporation (TSX: FEC), a publicly listed Canadian holding company with upstream oil and gas operations in Colombia, has become the center of a contested acquisition…
Venezuela: Rebuild Potential vs. Stop/Start Reality — What It Means for International OFS
Venezuela: Rebuild Potential vs. Stop/Start Reality — What It Means for International OFS According to Reuters, Venezuela’s oil sector remains a high-potential but fragile opportunity: it holds massive…
Gran Tierra Energy To Step Down Activity in 2026
Gran Tierra Energy’s 2026 development plan reflects a step-down in spending and activity as the company transitions from fulfilling Ecuador exploration commitments in 2025 toward a free-cash-flow-focused program.…
Parex Advances Llanos Foothills Exploration Alliance with Ecopetrol
Parex and strategic partner Ecopetrol provided an update on their Llanos Foothills exploration program, noting that a full strategic alliance has effectively been achieved and that key Foothills…
Continental Resources to Acquire 90% Stake in Vaca Muerta Shale Concession
Continental Resources Inc. has agreed to acquire a 90% operating stake in the Los Toldos II Oeste block, a shale concession within Argentina’s Vaca Muerta formation, marking a…