Enterra Energy Trust Continues to Strengthen Balance Sheet
Enterra Energy Trust announces its financial and operating results for the three and six months ended June 30, 2009.
"During the second quarter of 2009 we have continued to strengthen our balance sheet and also further reduced operational and overhead costs as we remained focused on living within our means," commented Don Klapko, Enterra's Chief Executive Officer. "We also purchased additional production of approximately 270 boe per day in our existing Hunton development operation in Oklahoma together with higher working interest in future drilling in the area which will further improve the solid economics in the area for us."
Q2 2009 Highlights
- Net debt was decreased 30% to $36.8 million at June 30, 2009 from $52.4 million at December 31, 2008 and decreased 6% from $39.1 million at March 31, 2009.
- Total bank debt decreased 18% to $78.3 million at June 30, 2009 from $95.5 million at December 31, 2008 and decreased 2% from $80.0 million at March 31, 2009.
- Production was essentially steady at 10,059 boe per day in Q2 2009 compared to 9,968 boe per day in Q1 2009. Of the Q2 2009 production of 10,059 boe per day, 48 percent, or more than 4,800 bbl per day, was oil and NGL increasing over last year as a result of our new marketing contracts that recognize more value for the NGL in the production stream.
- On July 28, 2009, Enterra acquired additional working interest in certain wells in the Oklahoma area from joint venture partners, other than Petroflow Energy Ltd. The acquired working interest produced approximately 270 boe per day upon acquisition.