Northern Oil & Gas announces 4Q2013 production is expected to average ~ 13,900 barrels of oil equivalent (Boe) per day, up 28% y/y: Co is providing a production and operations update for the quarter ended December 31, 2013.
Production and operations update
Q4 2013 production is expected to average ~13,900 barrels of oil
equivalent (Boe) per day. This represents an increase of 28% compared
to Q4 of 2012, and a sequential increase of 6.5% compared to the third
quarter of 2013. Total production for 2013 was ~4.47 million barrels of
oil equivalent, an increase of ~ 19% compared to 2012.
Q4 of 2013, Northern added 173 gross (12.6 net) wells to production,
with an additional 245 gross (15.2 net) wells that were drilling or
awaiting completion as of Dec 31, 2013. During 2013, Northern added 531
gross (40.0 net) wells to production. As of Dec 31, 2013, Northern's
total producing well count was 1,758 gross (146.2 net) wells.
expects its Q4 2013 realized price per barrel of oil equivalent,
including the effect of settled derivatives (hedges), to be in a range
of $74.50 - $75.00. The expected realized price per Boe reflects an
approximate crude oil differential to WTI of $15.00 per barrel and an
~$3.00 per barrel loss on settled crude oil derivatives during the
Northern expects its fourth quarter 2013 lease operating
expense (LOE) per barrel of oil equivalent to be in a range of $8.75 -
$9.00, a reduction of ~7% compared to Q3 of 2013.