Victoria Oil & Gas (VOG) revealed Thursday that it almost tripled its daily gas production in 2Q 2015, compared to the first quarter of the year.
The company stated that average gas production for the three month period ended June 30, 2015 was 12.6 million cubic feet per day, which represented a significant increase from the daily gas production rate in 1Q 2015 of 4.5 million cubic feet. VOG’s 2Q average daily gas production was also higher than 4Q 2014, which was 4.1 million cubic feet, 3Q 2014, which was 4 million cubic feet, and 2Q 2014, which was 2.6 million cubic feet.
VOG Chairman Kevin Foo commented in a company statement:
“VOG continues to make excellent operational and financial progress. 2Q was outstanding with a 178 percent increase in production to a seven day week monthly average of 12.6 million cubic feet per day. We almost doubled cash received from sales in 2Q to $9.8 million. We now have the financial strength to pursue the next phase of our growth, which is to bring more gas online to meet the massive customer demands. We plan to fund this development program from existing and projected cash flows and local lines of credit. The quarterly reporting format we are committing to demonstrates the progress we have made operationally and in generating significant cash flow from gas and condensate sales. This report provides shareholders with a reliable format to demonstrate our performance in a consistent and clear manner.”
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