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Storm Cat Energy Corporation Provides Operations Update; Announces Second Quarter 2007 Results
Storm Cat Energy Corporation Provides Operations Update; Announces Second Quarter 2007 Results.
About this update from Sama Resources Inc.
[{"type":"text","content":"\n\n\n\n-- Current Production at 10.0 Million Cubic Feet Per Day Net\n\n-- First Company operated Fayetteville Well Drilling Operations Completed\n\n-- Three Rigs running in the Powder River Basin\n\n-- Continued Strong De-Water Rates In Elk Valley\n\n\nDENVER and CALGARY, Alberta, Aug. 9 /CNW/ -- Storm Cat Energy Corporation\n(Amex: SCU; TSX: SME) today provided an operations update and announced second\nquarter 2007 financial and operating results.\n\n\nStorm Cat continued to build on its track record of production growth in\nthe second quarter of 2007. During the quarter the Company drilled 18 wells\nbringing the total number of wells drilled during the first half of 2007 to\n39. Current net production is 10.0 million cubic feet per day (MMcf/d) from\nproducing properties in Wyoming's Powder River Basin (PRB) and from the Arkoma\nBasin in Arkansas (Fayetteville Shale). Total net sales increased 12.6%\nquarter-to-quarter to 745.8 million cubic feet (MMcf) during the second\nquarter 2007 from 662.6 MMcf in the first quarter 2007. Exit rate production\nfor the quarter increased 15.3% to 9.8 Mmcf/d at June 30, 2007 from 8.5 Mmcf/d\nat March 31, 2007. Year-over-year production increased 218.2% to 745.8 MMcf\nin the second quarter 2007 from 234.4 MMcf in the second quarter 2006.\n\n\nOperations Update (all figures in U.S. Dollars)\n\n\nCurrent net production in the PRB is 9.8 MMcf/d, an increase of 15.3%\nfrom 8.5 MMcf/d at March 31, 2007. The Company drilled and completed 18 wells\nin the PRB during the second quarter of 2007 as compared to 20 in the first\nquarter of 2007. The Company reprioritized its drilling schedule during the\nquarter to drill wells that have longer de-water times to maximize sales\nvolume at year end 2007 in order to minimize the impact of weak gas prices in\nthe Rockies during the second and third quarters of 2007. Storm Cat has three\nrigs running in the PRB and expects to drill approximately 87 additional wells\nduring the remainder of 2007.\n\n\nOn the Company's Fayetteville Shale acreage the first of three 2007\nbudgeted Storm Cat operated wells reached total depth of 4,724 feet on July\n30, 2007 and production casing has been run in the wellbore. The drilling rig\nis currently being moved to the second location and drilling is expected to\ncommence within the next two weeks. Completion activities will...