Calvalley Petroleum Inc. Provides Drilling Update on Al Hedba Prospect Well
Nov 19 13
Calvalley Petroleum Inc. provided an update on the drilling of the Al Hedba prospect well. Drilling operations encountered faults at various depths during the drilling of the Al Hedba prospect and the well has been plugged and suspended, without reaching the target depth, due to the significant risks to both staff and equipment of continuing drilling operations. The target depth of the well was 1,681 meters and drilling operations were suspended at a depth of 1,274 meters. Due to the highly faulted nature of area the Company has suspended the wellbore and plans to drill the prospective structure from a new surface location. The company plans to utilize the drilling rig for two appraisal wells, one at Ras Nowmah and one at Ras Nowmah South.
Calvalley Petroleum Inc. Reports Unaudited Consolidated Earnings and Operating Results for the Third Quarter and Nine Months Ended September 30, 2013; Plans to Drill Several Injection Wells in 2014
Nov 6 13
Calvalley Petroleum Inc. reported unaudited consolidated earnings and operating results for the third quarter and nine months ended September 30, 2013. For the quarter, the company reported earnings of $5.3 million or $0.07 per share compared to $4.5 million $0.05 per share in the third quarter of 2012. Funds flow from operations were $7.1 million or $0.09 per share compared to $5.9 million or $0.06 per share in the prior year period. Capital expenditures in the third quarter of $2.8 million include the costs of equipment and services for the current year drilling program and are up slightly from $2.1 million in the third quarter of 2012. Revenue (gross) was $22,143,000 compared to $17,511,000 for the same period of last year. EBITDA was $8,341,000 compared to $6,850,000 for the same period of last year. Operating income was $6,595,000 compared to $5,646,000 for the same period of last year. Cash flow from operating activities was $7,019,000 compared to $10,819,000 for the same period of last year.
For the nine months, earnings were $17.2 million or $0.21 per share compared to $19.6 million $0.21 per share for the nine month period in 2012. Funds flow from operations were $23.1 million or $0.28 per share compared to $25.2 million or $0.27 per share in the prior year period. Capital expenditures of $6.8 million are up 39% from capital expenditures of $4.9 million for the comparable period of 2012. Revenue (gross) was $67,895,000 compared to $69,187,000 for the same period of last year. EBITDA was $27,026,000 compared to $29,169,000 for the same period of last year. Operating income was $21,539,000 compared to $24,577,000 for the same period of last year. Cash flow from operating activities was $24,092,000 compared to $27,089,000 for the same period of last year.
For the quarter, the company's production volumes were 2,495 barrels per day compared to 2,378 barrels per day in the prior period of 2012.
The company's working interest share of production volumes before royalties and taxes averaged 2,558 barrels per day in the first nine months of 2013 representing a 12% increase over the 2,280 barrels per day for the first nine months of 2012.
The company is planning to drill several injection wells in 2014 which represents the next step in implementation of the waterflood project. The response to the increased volume of water being injected into the Hiswah field is expected to take several months from the start of water injection. The company is planning to drill several producing wells in the Al Roidhat field in 2014 as part of the plan to optimize recoveries of crude oil from the Al Roidhat field. The results of the simulations are subject to various risks and uncertainties and are based upon certain plans and assumptions, the company cannot assure that results determined by the simulations will be consistent with results of the company's future plans and activities.
Calvalley Petroleum Inc. Provides Drilling Update on Sueda Prospect
Sep 5 13
Calvalley Petroleum Inc. recently completed the drilling of the Sueda prospect. The well was drilled to a total depth of 1,970 meters targeting the Qishn, Saar, and Basement formations. The well encountered oil shows in the primary objective - Qishn Clastics. Based on the drilling results and independent petrophysical evaluation, the well will not produce commercial volumes of hydrocarbons, accordingly, the well is being suspended for future use as a water injection well. Although the well did not encounter commercial reserves of crude oil, the results confirm the presence of a high quality reservoir in the Qishn Clastics formation. The company will continue to target potential structures that exhibit trap, migration and seal characteristics. The Sueda prospect was the fourth of five prospects identified on the plateau. The company is currently planning to move the drilling rig to the fifth prospect identified on the plateau at Al Hedba.