Also in the Company's core producing area in Drumheller Alberta, the Company announced the successful drilling of ten Coal Bed Methane wells in the 4th Quarter with an industry partner and averaged 28.8% W.I. Test rates of the wells that have been tested average 150 mcf/d and the program is in the early tie-in phase. Also in the 4th Quarter, the Company drilled eight operated wells for various Cretaceous targets with an average W.I. of over 90%. Seven of these wells were cased, of which three are on production, three are waiting on completion or tie-in, and one is suspended and waiting on further evaluation. Average rates for the wells that have been tested is around 500 mcf/d.
The Company expects to achieve total oil and gas revenues in 2004 of $38.0 million, up 20.2% from $31.6 million achieved in 2003, cash flow from operations in 2004 is expected to reach $19.0 million, up 42.4% from 2003 cash flow of $13.3 million. Average production volumes for 2004 are estimated to be 2,450 boe/d, up 7.2% from an average 2003 volume of 2,285 boe/d. Actual results are expected to be reported by March 31, 2005.
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