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Production Falls for Strategic Oil and Gas in Q2
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Strategic Oil & Gas Ltd. has reported financial and operating results for the three months ended June 30, 2015.
Highlights Funds from operations totaled $3.5 million, consistent with the second quarter of 2014. Significantly lower commodity prices were offset by the Company's continued focus on lowering operating and transportation costs at Marlowe, as well as a realized gain on risk management contracts of $1.3 million and reduced royalty rates. Operating netbacks decreased by 30 percent to $19.76/boe for the three months ended June 30, 2015 from $28.25/boe for the comparative period in 2014. The 33% drop in oil & gas revenues per boe was partially mitigated by lower royalty rates and transportation expenses. Current quarter operating costs were negatively impacted by a $0.5 million…- ✓ Full news archive — U.S., Canada & international coverage
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