Operational Updates | Capital Markets | Private Equity Activity
Terra Energy Details Financials, Peace River Activity
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Terra Energy Corp. has reported its financial and operating results for the three and nine month periods ended September 30, 2012.
During the third quarter of 2012, the industry witnessed a measure of relief from the natural gas price lows which hit a ten year bottom in late April, when AECO spot prices traded below $1.50 per mcf. The Company realized an average natural gas sales price for the third quarter of $2.31 per mcf compared to $1.84 per mcf in the second quarter and $2.15 per mcf in the first quarter of 2012.
The strengthening in natural gas prices has resulted in gross revenues of $10,783,000 and cash flows from operating activities of $61,000 from 4,873 boe/d of production, which production rate was affected by both sales of non-core assets and shut-ins of certain gas wells…
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