Business
Valeura announces second quarter 2013 financial and operating results
CALGARY , Aug. 13, 2013 /CNW/ - Valeura Energy Inc. (" Valeura " or the " Corporation ")...
About this update from Valeura Energy Inc.
[{"type":"text","content":"\n\n\nCALGARY, Aug. 13, 2013 /CNW/ - Valeura Energy Inc. (\"Valeura\" or the \"Corporation\") (TSX: VLE) is pleased to report highlights of its unaudited financial\n and operating results for the three and six month periods ended June\n 30, 2013 and to provide an update on subsequent developments. The\n complete quarterly reporting package for the Corporation, including the\n unaudited financial statements and associated management's discussion\n and analysis, has been filed on SEDAR at www.sedar.com and posted on the Corporation's website at www.valeuraenergy.com.\n\n\nSTRATEGIC DEVELOPMENTS\n\n\n\"The next phase of our program to de-risk and prove-up the most cost\n effective tight gas development program in the Thrace Basin has\n commenced with the completion of the first horizontal well in a planned\n two-well horizontal pilot in the Tekirdag area,\" said Jim McFarland,\n Valeura's President and CEO. \"The first well has been fracture\n stimulated and is being production tested. The second horizontal well\n is drilling. With success in this pioneering pilot, we anticipate\n drilling up to two follow-up horizontal wells in 2013 to further\n delineate and high-grade the formations and intervals most amenable for\n horizontal well development.\"\n\n\n\"In another new development, a laminated sand/shale play in the\n Mezardere Formation is also being pursued through a well re-completion\n and fracture stimulation program, which has added sales volumes already\n and has expanded our exploitation and development portfolio.\"\n\n\n\"We are also pleased that the fracture stimulation program in the Thrace\n Basin has been successful in offsetting natural production declines\n since the start of the year and achieving a modest turnaround in\n volumes, which helped to boost funds flow from operations by 12% in the\n second quarter compared to the first quarter.\"\n\n\nOPERATIONAL HIGHLIGHTS\n\n\nCorporate petroleum and natural gas sales in the second quarter of 2013\n averaged 862 barrels of oil equivalent per day (\"boe/d\") (net), which was ahead of sales in the first quarter of 2013 of 852\n boe/d. Turkish net production in the second quarter averaged 815 boe/d,\n including 4.8 million cubic feet per day (\"MMcf/d\") of natural gas and 17 barrels of oil per day (\"bopd\") of crude oil. Canadian production averaged 47 boe/d.\n\nThe e...