Exploration & Production | Quarterly / Earnings Reports | First Quarter (1Q) Update | Capital Markets | Capital Expenditure | Private Equity Activity
Terra Energy Announces First Quarter Production
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Terra Energy Corp. has announced its financial and operating results for the three month period ended March 31, 2014.
First Quarter 2014 Results Production averaged 3,539 boe/d and consisted of 83% natural gas with 17% oil and liquids. The Company generated revenues of $13.2 million compared to revenues of $11.5 million during the same period last year. Cash flow from operations increased to $1.9 million as compared to $1.1 million for the first quarter of 2013 despite of a hedging loss for the first quarter of 2014 of $1.6 million. The Company's continued efforts to reduce operating expenditures coupled with improved commodity pricing has resulted in a 53% increase per boe in operating netbacks to $5.3 million or $16.53/boe, as compared to $4.4 million and $10.83/boe for the first…Finish this article — free account or subscription
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