Exploration & Production | Quarterly / Earnings Reports
Tamarack Preps to Spud Viking, Cardium Wells
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Tamarack Valley Energy Ltd. has reported its first quarter 2013 financial and operational results in regard to its Viking and Cardium operations.
Highlights: Achieved record quarter production average of 2,701 boe/d, up 5% from Q4/12 of 2,561 boe/d. Crude oil and natural gas liquids production weighting increased to 54% in Q1/13 from 51% in Q4/12. Production increased by 117% to 2,701 boe/d in Q1/13 from 1,242 boe/d in Q1/12. Funds from operations were $7.0 million for Q1/13 compared to $1.68 million for Q1/12. Operating netbacks increased by 8% to $34.34/boe in Q1/13 from $31.83/boe in Q4/12. Drilled 5 (4.7 net) Redwater Viking wells in Q1/13 and commenced its 3 Cardium well spring drilling program.During the first quarter of 2013, Tamarack achieved record production, cash flow from…
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