Business
Tourmaline Oil Corp. Announces Q2 2012 Financial Results - Continues Record Production Growth
CALGARY, Aug. 2, 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, Aug. 2, 2012 /CNW/ - Tourmaline Oil Corp. (TSX: TOU)\n (\"Tourmaline\" or the \"Company\") is pleased to announce results for the\n six months ended June 30, 2012 and provide an update on its 2012 EP\n program.\n\n\nQ2 2012 Highlights\n\n\nRecord Q2 2012 production of 51,022 boepd representing 81% growth over\n Q2 2011.\n\n\nRecord operating costs of $4.83/boe, a 16% reduction from Q2 2011.\n\n\nPositive earnings maintained despite a natural gas price 49% below Q2\n 2011 and 12% below Q1 2012.\n\n\nExpansion of the Company's credit facility from $375.0 million to $575.0\n million.\n\n\nRecord liquids production of 6,560 bpd - a 16% increase from the first\n quarter of 2012 and a 119% increase over Q2 2011.\n\n\nTotal cash costs(1) of $8.64 per boe - a 16% improvement over the Q1 2012 cash costs of\n $10.29 per boe.\n\n\nProduction Outlook\n\n\nSecond quarter 2012 production was a record 51,022 boepd, an 81%\n increase over second quarter 2011 and a 9% increase from the first\n quarter of 2012.  Oil and liquid production of 6,560 bopd in the second\n quarter of 2012 represented a 119% increase over second quarter 2011\n volumes.  Full-year 2012 average production guidance was increased to\n 50,000 boepd from 47,000 boepd during the first quarter of 2012;\n production for the year is now expected to average between 50,000 and\n 51,500 boepd.  The Company is targeting a 2012 exit production level of\n between 55,000 and 57,500 boepd.  Oil and liquid production is expected\n to reach between 9,000 and 10,000 bopd by exit 2012.  Tourmaline's\n preliminary 2013 average annual production estimate has been increased\n from 63,000 to 65,000 boepd, as the strong organic growth is expected\n to continue.\n\n\nSecond half 2012 and first quarter 2013 production growth will be\n accomplished by a series of projects and EP programs including:\n\n\n\n\n\n1)     \n\n\nCompletion of the ongoing Musreau plant expansion in September 2012\n which will bring onstream approximately 25.0 - 30.0 mmcfpd of the\n estimated 47.5 mmcfpd currently behind pipe.\n\n\n2)     \n\n\nThe ongoing Deep Basin horizontal drilling program targeting high-rate\n Wilrich, Falher and Notikewin objectives.  The Company expects to have\n between 25 and 30 new horizontal wells...