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Tourmaline Plans to Lower Rig Count in 2018; Will Drill 22.3% Fewer Wells in 2018
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Tourmaline Oil reported its Q3 results and outlined its 2018 operational and spending plans. Highlights include:
Tourmaline averaged 236,905 boe/d in Q3, which was about a 40% increase from Q3 2016. The company expects to exit 2017 producing between of 270,000 to 280,000 boe/d with an average between 240,000 to 250,000 boe/d. Tourmaline expects to drill ~300 wells in 2017. At the end of Q3, Tourmaline was operating 15 rigs and will further reduce the rig count to 14 in Q4. Operational Update Peace River HighDuring Q3, Tourmaline added a 4th rig to its Peace River High development. Before the end of 2017, the company expects to bring on production 10 new Montney oil wells and three Lower Charlie Lake oil wells that are currently being completed. The wells in the Upper Charlie have a…
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