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
- Capital to ramp up to 8 operated rigs by May 2011
- Enough liquidity to ramp up beyond 8 operated rigs
- Conference call to follow
- 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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