To: Goose94 who wrote (9889 ) 10/27/2014 11:57:27 AM From: Goose94 Read Replies (2) | Respond to Delphi Energy (DEE-T) Despite volubly touting its Bigstone Montney operations in Alberta's Deep basin. These produced about 700 barrels of oil equivalent a day a year and a half ago. In September of this year, they jumped to 7,700 barrels a day (out of total corporate production of 11,000 barrels a day). In 2018, Delphi hopes they will make up the bulk of production of 28,000 barrels a day. It attributes the fast increase to a new fracking technique it started using early last year, resulting in production rates and condensate yields about three times better than before. Delphi spent a good chunk of its press release talking up its type curves for these wells. It also provided a few housekeeping items: It has closed a handful of previously announced, relatively minor deals, including a Bigstone land acquisition from Blackbird Energy (BBI-V) and a sale of part of its Hythe property. More interestingly, it has cancelled the sale of its Wapiti property. This was Delphi's third core property after Bigstone and Hythe. It produces 1,375 barrels a day and includes interests in three gas plants. Last spring, it was put up for sale so Delphi could improve its balance sheet (net debt was $157-million as of June 30) as well as add a second rig to its winter program at Bigstone, said management in a conference call in May. This meant the company would be able to speed up its 2018 goal of 28,000 barrels a day. Delphi later said it received "multiple" bids for Wapiti and signed a non-binding deal with a potential buyer. Hints of a problem came in September, when Delphi said the buyer needed a deadline extension. Their revised deal expired two weeks ago, and Delphi is not interested in further negotiations, with that purchaser or anyone else. It has decided to keep Wapiti as one of its core areas.
