Crocotta announced drilling success at Edson and increased guidance.
Since mid-June, Crocotta has successfully drilled and completed an additional 4 (3.2 net) Bluesky horizontal wells at Edson resulting in 1.0 net Bluesky oil well and 3 (2.2 net) Bluesky liquids-rich gas wells in Canada. In addition, Crocotta has drilled an additional 2 (1.6 net) Bluesky horizontals and 2 (2.0 net) vertical step-out Bluesky wells that have not been completed as of the date hereof.
Current production is estimated at over 5,000 boepd with an additional 1,000 boepd restricted due to infrastructure constraints. Crocotta is currently constructing additional pipelines and facilities to accommodate the additional production with a projected completion date of mid-December.
Due to the successful capital program, Crocotta is increasing 2011 exit guidance from 4,500 boepd to a range of 5,500 -6,100 boepd and net capital expenditures from $51 million to $79 million. Net debt as of the end of 3Q11 is estimated at $34 million compared to a bank credit facility of $80 million.
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