Tamarack Valley Energy Ltd. Announces Unaudited Consolidated Earnings and Production Results for the Third Quarter and Nine Months Ended September 30, 2014
Nov 14 14
Tamarack Valley Energy Ltd. announced unaudited consolidated earnings and production results for the third quarter and nine months ended September 30, 2014. For the quarter, the company reported total revenue of $35,333,256 against $19,082,189 a year ago. Funds from operations were $15,808,881 or $0.25 per diluted share against $10,259,964 or $0.34 per diluted share a year ago. Net income was $6,790,587 or $0.11 per diluted share compared to $3,721,097 or $0.12 per diluted share a year ago. Capital expenditure was $196,374,750 compared to $10,691,225 a year ago.
For the nine months, the company reported total revenue of $92,153,776 against $47,834,836 a year ago. Funds from operations were $47,043,666 or $0.79 per diluted share against $26,088,724 or $0.88 per diluted share a year ago. Net income was $13,823,840 or $0.23 per diluted share compared to $3,958,358 or $0.13 per diluted share a year ago. Capital expenditure was $121,684,316 compared to $57,088,172 a year ago. Net debt as at September 30, 2014 was $121,684,316.
For the quarter, the company recorded production of 5,765 boe/d, an 11% increase from 5,203 boe/d in second quarter of 2014 and a 10% production per share increase over second quarter of 2014.
For the nine months, the company’s average daily production was 5,056 boe/d against 2,919 boe/d of prior year period.
Tamarack Valley Energy Ltd. Announces Increased Drilling Activity and Additions to Drilling Inventory
Oct 14 14
Tamarack Valley Energy Ltd. announced an operational update with the following highlights: record current production rate of 7,400 boe/d, based on field estimates, excluding 550 boe/d of shut-in production associated with TransCanada Pipeline maintenance and third party plant turnarounds. Record drilling activity in the Wilson Creek area. The company currently has three drilling rigs active with a fourth rig expected by the end of the month. A new farm-in agreement with two industry majors create a 10.5 (9.9 net) section contiguous land block in the Alder Flats area adding 26.6 net one-mile equivalent drilling locations. Non-core Queensdale property disposition for proceeds of $4.3 million. Expansion of the company's fourth core area light oil play to 40 net contiguous sections. Tamarack currently has three drilling rigs active in the Wilson Creek area of Alberta. Two operated rigs are currently drilling wells on the Wilson Creek lands acquired on September 30, 2014, from Suncor Energy. The company expects these two rigs to drill continuously in Wilson Creek on the acquired lands until late in the fourth quarter. A non-operated rig is also active drilling the first of a four well program on the same pad in Wilson Creek on 50% working interest lands. The fourth rig is expected to begin drilling late in October, focusing on the final commitment well for 2014 on the farm-in with an industry major and drilling in Alder Flats. To date in 2014, Tamarack has drilled 11 (10 net) wells in the Wilson Creek area with 6 net wells currently shut-in awaiting tie-ins to the recently purchased Suncor Energy infrastructure. Tamarack has succeeded in reducing drilling times by 25% during the recent drilling program, with a record well being drilled in 8.5 days from spud to rig release. The company is very encouraged by these drilling cost reductions and expects to be able to duplicate this result with pad program drilling on the contiguous Wilson Creek land block. Further cost reductions are also being realized by the addition of owned infrastructure acquired with the Wilson Creek asset. The company expects to reduce well equipping costs by approximately $300,000 per well, by tying in wells into existing owned infrastructure rather than equipping them as single-well batteries. All of these capital reductions will enable the company to continue to achieve 12 to 14 month payouts on Cardium drills despite the recent reduction of crude oil prices. Drilling inventory additions: subsequent to the third quarter, the company has continued to consolidate working interests in the Wilson Creek /Alder Flats area. The company agreed to terms with two industry majors and added 3 minor land parcels to assemble a contiguous 10.5 section land block in the Alder Flats area directly offsetting the 10-33 Alder Flats well brought on production in the first quarter of 2014. Through the consolidation of the Alder Flats land block, the company added 28 (26.6 net) one mile equivalent low-risk drilling locations. A development plan for this area is being assembled and will be disseminated when the company has finalized its 2015 budget. During 2014, Tamarack has entered into or agreed to terms on 20 total tuck-in deals, adding a total of 35.88 (16.93 net) sections of undeveloped land in the greater Pembina area of Alberta. These deals have resulted in the addition of 48.9 net Cardium horizontal drilling locations to its inventory which is expected to more than replace 2014's Cardium drilling activity. This is in addition to the 47.3 net Cardium locations the company recently added as a result of the Wilson Creek acquisition. Tamarack has also added 17 net sections of land to the existing 23 net sections already assembled on the company's fourth light oil resource play. Although the location of this play has not yet been disclosed for competitive reasons, the play is expected to be de-risked in 2015.
Tamarack Valley Energy Ltd Presents at Canaccord Genuity 8th Annual Global Resources Conference, Oct-15-2014
Oct 9 14
Tamarack Valley Energy Ltd Presents at Canaccord Genuity 8th Annual Global Resources Conference, Oct-15-2014 . Venue: Palace Hotel, 455 Madison Avenue, New York, New York, United States.