Palliser Oil & Gas (PXL-V) produces 2,950 boe/d in May
June 10, 2013 - News Release
Palliser Oil & Gas Corp. has provided an operations update. Production has continued to progress favorably through the second quarter, with May average production of approximately 2,950 barrels of oil equivalent per day based on field estimates. Second-quarter to-date production is estimated at approximately 2,800 barrels of oil equivalent per day, compared with first-quarter production of 2,215 barrels of oil equivalent per day.
The second quarter has seen an improvement in heavy oil pricing compared with the first quarter, which is forecast to result in a significant improvement in funds flow in the second quarter. Production, operating and transportation costs are expected to average approximately $23 per barrel of oil equivalent for the second quarter. The company remains on track to achieve its 2013 annual average production guidance of 2,700 to 2,800 barrels of oil equivalent per day, with a budgeted capital expenditure program of $24-million and budgeted funds flow of $20-million. Palliser is preparing for an active late second quarter and third quarter capital program, which includes capital spending in excess of $12-million, out of its 2013 capital budget of $24-million, in the second and third quarter.
Palliser will be presenting at the annual EPAC Oil & Gas Investor Showcase on June 12, 2013, at 2:20 p.m. MDT, at the Metropolitan Conference Centre in Calgary. An updated version of the company's corporate presentation may be viewed on the company's website.
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