Exploration & Production | Quarterly / Earnings Reports | Capital Markets | Capital Expenditure
Twin Butte Looks to Horizontal Opportunities to Drive Growth
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Twin Butte Energy Ltd. has reported financial and operational results for the three and nine months ended September 30, 2013.
Highlights: Recorded quarterly production of 16,263 boe per day, an increase of 18 percent over the same period of 2012. Executed an organic capital program of $30.7 million at a 90 percent success rate, which included the drilling of 31 gross (31 net) wells, including 10 horizontal wells. The Company successfully divested of a net $21.7 million (350 boe per day) in non-core assets in the quarter resulting in a $9.0 million net capital program. Maintained a solid balance sheet with net debt at $179.0 million relative to the September 30 credit facility of $280 million, representing a run rate debt to cash flow of 1.3 years. CorporateThe third quarter of 2013 was…
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