Operational Updates
Strategic's Light Oil Production Lifted to 2,106 BOE/d
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Strategic Oil & Gas Ltd. has reported financial and operating results for the fourth quarter and year ended December 31, 2012.
The Corporation achieved record production and funds from operations in 2012 as a result of strong drilling results, and continues to establish itself as an efficient light oil producer in northern Canada.
Highlights: Production increased by 120 percent from 956 Boed (69 percent oil and NGL) in 2011 to an average 2,106 Boed (89 percent oil and NGL) in 2012. As a result, oil and gas revenues increased 137 percent to $56.5 million in 2012 from $23.9 million in 2011. Funds from operations increased from $0.7 million in 2011 to $20.0 million in 2012. Exploration and development expenditures totaled $62.6 million for the twelve months ended December 31, 2012 as…- ✓ Full news archive — U.S., Canada & international coverage
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