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Petroshale Prepping First Operated Well in ND
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PetroShale Inc. has announced its financial and operating results for the second quarter ended June 30, 2016.
Currency figures presented herein are reflected in Canadian dollars, unless otherwise noted.
Q2 2016 Highlights:
- Quarterly production of 1,700 boe/d, an increase of 20% from the previous quarter and 27% over the same quarter in 2015.
- Participated in 49 gross (0.5 net) wells, of which nine gross (0.26 net) wells were brought onto production during the quarter for total drilling and completions capital expenditures of $1.9 million.
- Acquired additional acreage within PetroShale's operated unit in our core focus area for $5.1 million.
- US$20 million increase to our subordinated loan facility, resulting in total borrowing capacity of US$80 million, and re-affirmed the borrowing base of the Company's existing senior loan facility at US$22.5 million.
- Subsequent to the end of the quarter, commenced drilling activities on our first operated well located within the heart of our North Dakota Bakken acreage.
- Commenced drilling activities on our first operated well, in which we have a 73% working interest, situated in the prolific Antelope area. We anticipate completing the well, installing production equipment and bringing the well into production in the fourth quarter.
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