American Eagle Energy Corporation today -- March 4, 2014 -- announced December 31, 2013 estimated proved reserves, reaffirmed first quarter 2014 production guidance and issued an operational update.
- American Eagle's year-end proved reserves engineered by Ryder Scott Company, L.P. of 13.6 million barrels of oil equivalent (88% oil) with an associated pre-tax PV-10 of $308 million. Long laterals in the Three Forks formation, for which the company is targeting a majority of its drilling capital for 2014, had estimated ultimate recoveries (EURs) of 449 MBoe, with a pre-tax PV-10 of $7.9 million based on completed well costs of $6.4 million.
- Increased 4Q13 average daily production 38% quarter-over-quarter to approximately 1,879 barrels of oil equivalent per day.
- Completed and placed on production four gross wells during 4Q13 with an additional five gross wells waiting on completion at year-end.
- Estimated drilling seven gross wells and completing nine gross wells in 1Q14.
- Reaffirmed 1Q14 production guidance of 1,850 to 1,950 boepd.
- Reduced average well costs by approximately $0.5 million or 8% from previous guidance during 2H13.