Last C$0.31 CAD
Change Today 0.00 / 0.00%
Volume 131.6K
As of 4:00 PM 04/17/14 All times are local (Market data is delayed by at least 15 minutes).

condor petroleum inc (CPI) Snapshot

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05/28/13 - C$0.62
52 Week Low
03/17/14 - C$0.25
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condor petroleum inc (CPI) Details

Condor Petroleum Inc. engages in the acquisition, exploration, development, and production of oil and natural gas in Kazakhstan and Canada. The company owns a 100% interest in the Zharkamys West 1 territory that covers an area of approximately 2,610 square kilometers located in PreCaspian basin in western Kazakhstan; and a 66% interest in the Marsel territory, which covers an area of approximately 18,500 square kilometers located in Chu-Sarysu basin in south eastern Kazakhstan. It also operates and holds non-operated working interests in various oil and gas properties in Alberta, Canada. The company was incorporated in 2006 and is based in Calgary, Canada.

148 Employees
Last Reported Date: 03/26/14
Founded in 2006

condor petroleum inc (CPI) Top Compensated Officers

Chief Executive Officer, President, Director ...
Total Annual Compensation: C$375.0K
Chief Financial Officer, Vice-President of Fi...
Total Annual Compensation: C$325.0K
Chief Operating Officer
Total Annual Compensation: $288.3K
Vice President of Exploration & New Ventures
Total Annual Compensation: C$275.0K
Manager of Geosciences
Total Annual Compensation: C$250.0K
Compensation as of Fiscal Year 2012.

condor petroleum inc (CPI) Key Developments

Condor Petroleum, Inc. Announces Unaudited Consolidated Revenue and Operating Results for the Nine Months Ended September 30, 2013

Condor Petroleum, Inc. announced unaudited consolidated revenue and operating results for the nine months ended September 30, 2013. For the nine months, the company announced production increased to an average of 318 bopd compared to 98 bopd for the same period of 2012, due mainly to Shoba trial production. For the nine months, the company announced mainly due to Shoba trial production company revenues increased 231% to $3.3 million from $1.0 million year on year.

Condor Petroleum, Inc. Announces Closing of $15,000,000 Senior Unsecured Note Financing

Condor Petroleum, Inc. announced the issuance of a senior unsecured note in the principal amount of CAD 15,000,000. The Note shall bear interest at 16% per annum with 1% payable on closing and the remaining 15% accruing daily and payable quarterly in arrears. These funds allow the company to accelerate exploration and development activities at the Zharkamys Territory during the interim period until the Marsel Transaction is completed. The note is due on the earlier of September 15, 2014 and on receipt of the proceeds from the disposition of the company's 66% participating interest in and certain indebtedness of Marsel Petroleum LLP. The note includes customary covenants, representations, warranties and default provisions for a senior unsecured note of a similar nature, including restrictions on incurring additional debt.

Condor Petroleum, Inc. Begins Production Testing on KN-E-201

Condor Petroleum Inc. provided an update on the testing operations on the KN-E-201 Primary Basin discovery well. The production test has commenced on KN-E-201 with the well averaging production of 84 barrels of oil per day based on eleven production days. Production to date has been on a 4 millimeter choke and flow rates have been hampered by salt plugs forming in the tubing string. The salt plugs dissolve when exposed to fresh water and steps are being taken to mitigate this issue. The oil gravity is 40 degree API and water cuts have averaged 33%. The water cuts are believed to relate to the returns of the injected fresh water and a deeper water zone that has not been totally isolated to date. The ninety day production test is expected to continue until November 2013. The KN-E-201 well confirms that the Primary Basin reservoirs are capable of oil production, which is significant as this is the first well in a newly developing play concept for the region. KN-E-201 also validates that salt-encapsulated reservoirs can successfully be identified using the Company's high resolution 3D seismic. The company's current Primary Basin portfolio includes 6 matured prospects which have 304 million barrels of Prospective Resources (unrisked) and additional potential exists in the recently announced expanded acreage. The KN-E-201 well results greatly reduce the geologic risks associated with this portfolio. Completion activities for the KN-E-202 appraisal well are expected to begin in September 2013.


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