Business
Valeura announces third quarter 2013 financial and operating results
CALGARY , Nov. 13, 2013 /CNW/ - (" Valeura " or the " Corporation ") (TSX: VLE) is pleased...
About this update from Valeura Energy Inc.
[{"type":"text","content":"\n\n\nCALGARY, Nov. 13, 2013 /CNW/ - (\"Valeura\" or the \"Corporation\") (TSX: VLE) is pleased to report highlights of its unaudited financial\n and operating results for the three and nine month periods ended\n September 30, 2013 and to provide an update on subsequent developments.\n The complete quarterly reporting package for the Corporation, including\n the unaudited financial statements and associated management's\n discussion and analysis, has been filed on SEDAR at www.sedar.com and posted on the Corporation's website at www.valeuraenergy.com.\n\n\nQ3 2013 RESULTS AT A GLANCE\n\n\n\nSales up 17% to 1,011 boe/d (net)\n\n\n\n\nFunds flow from operations up 73% to $3.1million\n\n\n\n\nOperating netback $45.07 per boe\n\n\n\n\n10 additional re-entry fracs completed in new Mezardere slope fan play \n\n\n\nTwo-well horizontal drilling/multi-stage fracing pilot completed in\n Teslimkoy/Kesan\n\n\n\n(See below for definitions and advisories)\n\n\nOPERATIONAL HIGHLIGHTS\n\n\n\nCorporate petroleum and natural gas sales in the third quarter of 2013\n averaged 1,011 barrels of oil equivalent per day (\"boe/d\") (net), which was 17% higher than sales in the second quarter of 2013\n of 862 boe/d. Turkish net production in the third quarter averaged 967\n boe/d, including 5.7 million cubic feet per day (\"MMcf/d\") of natural gas and 16 barrels of oil per day (\"bopd\"). Canadian production averaged 44 boe/d.\n\n\n\n\nThe exit rate for the quarter, as measured by corporate petroleum and\n natural gas sales in September 2013, was 1,022 boe/d (net). Corporate\n sales to date in the fourth quarter have averaged approximately 1,140\n boe/d (net) reflecting continued growth in Turkish gas production from\n the Thrace Basin.\n\n\n\nThrace Basin - TBNG-PTI Joint Venture Lands (Valeura 40%)\n\n\n\nDrilled and frac'd the second horizontal well BTD-4H in a two-well\n horizontal drilling pilot in the Tekirdag area on joint venture lands\n acquired from Thrace Basin Natural Gas (Turkiye) Corporation (\"TBNG\") and Pinnacle Turkey Inc. (\"PTI\") (Valeura 40%). The well was drilled to a depth of approximately 1,000\n metres into the Teslimkoy Formation with a horizontal section of 617\n metres and was completed with a 10-stage frac. Over the first 30 days\n since tie-in, the well has flowed at an average rate of 3.0 MMcf/d\n through a 34/64\" choke....