ERF Reports Earnings
Link here.
Enerplus Corporation is pleased to announce the results for the first quarter of 2012. Highlights of the quarter were as follows:
- Production increased during the first quarter by 3% over the fourth
quarter of 2011, averaging 79,190 BOE/day. We continued to see positive
growth in our oil and liquids volumes which were up approximately 9%
from the previous quarter primarily due to our successful drilling and
completion activities in North Dakota.
- we realized higher activity levels on our operated leases and more
non-operated spending than anticipated in North Dakota. Approximately
half of our spending was on our tight oil assets. We expect spending
will moderate through the remainder of the year as the majority of our
delineation activity is now complete and we have also reduced our rig
count in North Dakota from four to three rigs.
- We also believe that
inflation is stabilizing in the Fort Berthold region and costs appear
to be in line with expectations across our other plays. Capital spending was higher than anticipated on both our operated
leases and by our non-operated partners in the area. We expect this to
moderate through the remainder of the year as we are dropping our rig
count to three rigs from four as was originally planned. We continue
to work to reduce our well costs through changes in completion and frac
design and we are also seeing evidence of costs beginning to stabilize
in the region.
Another operator in the Bakken that will decrease rig count. This seems to be a common theme. Note the reason given.
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.