Business
Tourmaline Oil Corp. Announces Q3 Results
CALGARY, Nov. 8, 2011 /CNW/ - Tourmaline Oil Corp. (TSX: TOU) (" Tourmaline " or the " Compan...
About this update from Tourmaline Oil Corp.
[{"type":"text","content":"\n\n\n\n\n\nCALGARY, Nov. 8, 2011 /CNW/ - Tourmaline Oil Corp. (TSX: TOU) (\"Tourmaline\" or the \"Company\") is pleased to announce record results for the three months ended\n September 30, 2011 and provide an update on its 2011 financial outlook\n and EP program.  The results will be discussed on a conference call to\n be held Thursday, November 10th at 10:00 am MST.  Dial-in numbers are (416) 340-8530 or (877) 240-9772.\n\n\nQ3 2011 Highlights\n\n\nRecord quarterly average production of 34,347 boepd, an 82% increase\n over the same quarter in 2010.\n\n\n2011 Exit Production Guidance of 44,500 boepd.\n\n\n2012 Production Guidance increased to 47,000 boepd.\n\n\n2011 EP Capital Program increased to $600.0 million.\n\n\nHigh deliverability Deep Basin Wilrich horizontal well results and\n disclosure of a 1,500 well Wilrich horizontal inventory.\n\n\nStrong Q3 Operating Costs of $5.77/boe.\n\n\nStrong quarterly earnings of $8.7 million with corresponding\n year-to-date earnings of $26.7 million despite a 7% drop in natural gas\n prices.\n\n\nDrilled 28 wells, bringing 19 on-stream adding over 7,000 boepd of new\n net production.\n\n\nClosed the Cinch Energy Corp. acquisition on attractive reserve and\n production metrics.\n\n\nProduction\n\n\nThird quarter 2011 average production was 34,347 boepd, an 82% increase\n over third quarter 2010 production of 18,823 boepd and a 22% increase\n over second quarter 2011.  Third quarter 2011 oil and liquids\n production of 3,444 boepd was 114% higher than third quarter of 2010. \n Production down time related to unscheduled third party outages,\n primarily at Spirit River, reduced third quarter average production by\n approximately 575 boepd.  Current daily production is ranging between\n 38,000 and 39,000 boepd and the Company remains on track to achieve the\n upwards-revised full year 2011 average production of 31,125 boepd.  The\n Company has approximately 50.0 mmcfpd of production awaiting tie-in;\n the majority of this production will come on-stream through the\n Sunrise, B.C. and Musreau, Alberta facility projects.  Construction of\n these two facilities is underway with an early December completion date\n anticipated for both plants.  Start-up of these two facility projects\n coupled with on-going tie-ins in the Alberta Deep Basin and Spirit\n R...