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TORC Achieves Record Production of 20,775 BOEPD; Increases Production Guidance
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TORC Oil & Gas released its Q2 results. Highlights include:
- Produced a company quarterly record of average daily production of 20,775 boe/d, which is an increase of 4.9% from 19,806 boe/d in Q1 and 14.1% from 18,205 boe/d in Q2 2016
- Drilled 3 (1.9 net) wells and completed 7 (5 net) wells
- Spent $17.2 million on exploration and development capital in Q2
In Q2 2017, TORC achieved an average daily production of 20,775 boe/d, the company's record during a quarter. This is an increase of 4.9% from Q1 when daily production averaged 19,806 boe/d and 14.1% from Q2 2016 when daily production averaged 18,205 boe/d. As a response to this record quarterly production, TORC increased its 2017 average production guidance from 20,400 boe/d to 20,600 boe/d.
The company drilled 3 (1.9 net) wells and completed 7 (5 net) wells in Q2. In Southeast Saskatchewan, the company drilled 2 (1.5 net) development wells in Torquay/Three Forks in Q2. Additionally, the company drilled the company completed 5 (3.5 net) wells that were drilled in Q1. Moving forward, TORC plans to drill 7 wells during 2H 2017, bringing the total number to 15 (12.5 net) for 2017. Turning to Cardium, the company drilled 5 (3.7 net) wells in Q1. While no wells were drilled in Q2, the company plans to drill 7 wells and complete 1 well drilled in Q1.
In the first half of the year, TORC spent $49.4 million, with $17.2 million spent in Q2. The first half spending is about 38% of the total planned budget of $130 million in 2017. The company plans to spend the remaining 62% in the second half of 2017.
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