Increase in Oil Production Offsets Spitfire's Losses in Gas Production
Spitfire Energy produced an average of 289 barrels of oil equivalent per day, achieving revenue of $1.3 million. Most of the production consisted of crude oil from the Company's wells in Saskatchewan.
Spitfire evaluated a portfolio of assets for potential acquisition, targeting assets that offer a predictable production base with a mixture of exploration and development upside.
The Company dedicated resources to its Fosterton, Saskatchewan optimization project. The Company is on track to have the capacity to handle the fluids for new development drilling by the end of the fiscal year.
The increase in oil production offset declines in gas production. As result, revenue increased 9% to $1.3 million. The Company continues to shift its production to take advantage of record high crude oil prices, with more than 77% of Spitfire's production now weighted to oil.
In the third quarter, the Company evaluated a portfolio of assets for acquisition. Spitfire continues to look for assets that offer a predictable production base with a mixture of exploration and development upside.
As Spitfire works to identify potential acquisitions, the Company is prepared to add additional engineering, land and exploration talent required to facilitate growth. In the meantime, Spitfire's Saskatchewan production base continues to provide steady cash flow.
- Spitfire Starts Up Production on New Pool Discovery Well in Canada (Aug 25)
- Spitfire's Q3 Cash Flow Increases 236% (Mar 03)
- Increase in Oil Production Offsets Spitfire's Losses in Gas Production (Mar 03)