Exploration & Production | Quarterly / Earnings Reports | Third Quarter (3Q) Update | Production Rates
RedWater Energy Corp Announces Third Quarter Results
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RedWater Energy Corp. has reported financial and operating results for the three and nine month periods ended September 30, 2014.
Highlights
- Total production averaged 273 boe/d in the third quarter of 2014, an increase of 3.8% from 263 boe/d of production in the third quarter of 2013
- Oil production averaged 158 bod in the third quarter of 2014, an increase of 15.3% from 137 bod of production in the third quarter of 2013
- Gross revenue (net of royalties) increased to $1,186,393 in the third quarter of 2014, an increase of 7.5% from $1,103,756 in the third quarter of 2013
- Operating netback were $1,515,462 in first nine months of 2014
Operational Review
RedWater continues to assess its opportunities in the market. Management's outlook is cautious given recent international developments and is evaluating the impact of changes in commodity prices and its impact on RedWater and other producers. Production for Q3 average 273 boepd with an oil-weighting of 58%. Management will continue to explore ways to reduce operating costs with the goal of increasing net backs and lowering the leverage on its balance sheet.
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