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Tourmaline Oil Corp. Announces Q1 2012 Financial Results: Continues Record Profitable Growth
CALGARY, May 9, 2012 /CNW/ - Tourmaline Oil Corp. (TSX:TOU) ("Tourmaline" or the "Company")...
About this update from Tourmaline Oil Corp.
[{"type":"text","content":"\n\n\n\n\n\nCALGARY, May 9, 2012 /CNW/ - Tourmaline Oil Corp. (TSX:TOU)\n (\"Tourmaline\" or the \"Company\") is pleased to announce results for the\n three months ended March 31, 2012 and provide an update on its 2012 EP\n program.\n\n\nQ1 2012 Highlights\n\n\nRecord quarterly average production of 46,746 boepd - a 101% increase\n over first quarter 2011 average production of 23,308 boepd and 23%\n growth from the fourth quarter of 2011.\n\n\nRecord liquids production of 5,664 bpd - a 26% increase from fourth\n quarter of 2011.\n\n\nEarnings of $3.0 million in Q1 2012, despite significantly lower natural\n gas prices.\n\n\nOperating costs were $5.19/boe - below the forecast 2012 average of\n $5.25/boe.  The Company is targeting operating costs below $5.00/boe in\n the second quarter of 2012.\n\n\nThe Company estimates PDP Reserve additions of approximately 13.2 mmboe\n during the first quarter of 2012 - a 20% increase from year end 2011.\n\n\nTourmaline has approximately 11,500 boepd of production either awaiting\n tie-in or currently shut-in at Musreau-Kakwa and Dawson-Sunrise.\n\n\nProduction Outlook\n\n\nFirst quarter 2012 average production was 46,746 boepd - a 101% increase\n over first quarter 2011 and 23% growth from Q4 2011.  Oil and liquids\n average production of 5,664 bpd in Q1 2012 represented 135% growth over\n Q1 2011 and 26% growth from Q4 2011.  Full year 2012 average production\n guidance was increased to 50,000 boepd during Q1 2012 from the original\n 2012 guidance of 47,000 boepd.  This represents 60% year-over-year\n production growth for 2012.  Current production is approximately 53,000\n boepd, significantly ahead of the upwards revised guidance.  Oil,\n condensate and liquids production is expected to reach the 10,000 bpd\n level in the fourth quarter of 2012 and 15,000 bpd in the second half\n of 2013.  The accelerated liquids production growth is the result of\n ongoing success at Spirit River, growth in the Deep Basin liquids\n business via the Company's network of six gas plants and further\n delineation of more liquids-rich Montney turbidite lobes at Sunrise.  A\n significant portion of the new liquids production at Spirit River and\n Sunrise came on-stream in the first half of April.\n\n\nThe Company expects strong second half 2012 production growth with the\n...