Thursday, April 29, 2010

BEXP First Quarter 2010

Financials
Operations
  • Avg daily production: 5,420 boe, up 1% from first quarter 2009
  • Avg daily crude oil production: up 84% from first quarter 2009
  • Average price for crude oil first quarter: $72.39/bbl
  • 305,400 net acres in North Dakota and Montana
    • Rough Rider: 123,000  acres
    • Ross Area: 98,800 acres
    • Eastern Montana: 83,600 acres
Drilling operations
  • Capital to ramp up to 8 operated rigs by May 2011
  • Enough liquidity to ramp up beyond 8 operated rigs
  • Conference call to follow
Comments:
  • Wow: at first glance that measly increase in daily production volumes from one year ago has to be concerning: up only 1% from a year ago. But there's a very good reason for it: it was all due to less natural gas being produced. Crude oil production jumped 84%; natural gas production dropped by almost half. 
  • Crude oil production increased  by 84% from first quarter 2009. 
  • There were 46 million shares outstanding a year ago; this year, 101 million 
  • Overall, this has to be a very good report by any measure; curious what others have to say
  • BEXP has five (5) active rigs according to NDIC today (April 29, 2010). Next month, there could be three more BEXP rigs in North Dakota/Montana
  • Compare BEXP's 221,800 net acres in North Dakota compared to Newfield's 400,000 net acres

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