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Whitecap Increases Production 12% Over Year

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Whitecap Increases Production 12% Over Year

Whitecap Resources Inc. reported its operating and unaudited financial results for the three months ended March 31, 2016.

Highlights

Increased average production by 12% to a record 43,024 boe/d in Q1/2016 compared to 38,351 boe/d in Q1/2015 and 2% higher than Q4/2015 production of 42,067 boe/d. Generated strong operating netbacks of $21.16/boe and cash netbacks of $17.36/boe despite WTI averaging US$33.45/bbl in Q1/2016. This was achieved by an effective risk management program and our focus on reducing controllable costs. Cost optimization and reduction initiatives have resulted in a 17% reduction to operating and transportation costs to $9.97/boe in Q1/2016 compared to$12.07/boe in Q1/2015. Executed successful drilling program in Q1/2016 spending $45.2 million in the quarter drilling 24…
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