Junior Oil and Gas Stocks Snapshot : (TSX:DEE ),(OTCBB:OEDV), (TSX:TNP) (TSX:WFE)
Oil Prices Close in On $100 Barrel
Delphi Energy Corp. (Toronto: DEE.TO ) announced its results for the quarter ended September 30, 2011 this week with the following Highlights:
- achieved record production in the third quarter with average daily volumes of 8,967 barrels of oil equivalent per day (boe/d), an increase of 11 percent compared to the third quarter of 2010;
- increased oil and natural gas liquids production by 60 percent to 2,469 bbls/d compared to 1,541 bbls/d in the third quarter of 2010, changing the production mix to approximately 28 percent crude oil and natural gas liquids in the third quarter of 2011;
- generated funds from operations (cash flow) of $17.2 million, an increase of 15 percent from the comparative quarter of 2010;
- reduced operating costs by eight percent to $6.85 per boe in the third quarter of 2011 from $7.44 per boe in the third quarter of 2010.
Osage Exploration and Development, Inc. (OTCBB: OEDV) is preparing the drilling location area east of the Nemaha Ridge in the Oklahoma
Slawson Exploration Company is the Operator of the project and owns 45%, U.S. Energy Development Corporation owns 30%, and Osage Exploration own 25%.
According to the company website, “We have targeted the eastern side of the Nemaha Ridge because the rock quality is excellent, and the Mississippian has not been pressure depleted because of far less historical drilling.”
TransAtlantic Petroleum Ltd. (TSX: TNP.TO ) (AMEX: TAT) reported results for the quarter ended September 30, 2011 this week and provided an operations update.
Selected 3Q11 Highlights:
•Daily average sales in the third quarter of 2011 increased 74% over the same period in 2010 and 25% over the second quarter of 2011;
•Third quarter 2011 adjusted EBITDAX from continuing operations totaled $20.3 million (EBITDAX is a non-GAAP measure and is defined and reconciled later in this press release);
•Year-end 2011 production target reiterated at 7,000-7,500 boe per day;
•Executed a farm out agreement with LNG Energy covering a portion of TransAtlantic's leasehold in Bulgaria
•TransAtlantic announced its intent to sell its oilfield services business, the engagement of PPHB as its financial advisor, and the extension of the maturity date of the Dalea credit agreement
WestFire Energy Ltd. (TSX: WFE.TO) announced record financial and operating results Thursday, for the three and nine month period ended September 30, 2011.
WestFire closed its strategic merger with Orion Oil and Gas Corporation ("Orion") effective June 30, 2011, which doubled the size of the Company. Consequently, the three months ended September 30, 2011 represent the first reporting period where results of the combined entity are presented. Since the merger was funded by issuing WestFire shares, comparative financial and operating results on a per share basis are of particular significance.
Highlights: Completed its most active quarter in history by drilling 53 (47.7 net) wells with a 100 percent success rate. -- Production for the quarter reached 8,460 barrels of oil equivalent per day ("boepd") or 37 percent higher on a per share basis than in the second quarter of 2011. For the nine month reporting period, production was 32 percent per share higher than in the previous year. -- Production from the Viking resource play accounted for 2,397 boepd of the third quarter total compared to 993 boepd in January, 2011 as results from recent drilling exceeded expectations. -- Funds flow from operations for the third quarter grew to $27.4 million ($0.33 per share). This was 38 percent higher on a per share basis than in the preceding quarter. For the nine month reporting period, the year- over-year increase was 114 percent per share. -- Net income for the third quarter was $11.4 million ($0.14 per share). On a per share basis net income was 40 percent higher than in the previous quarter and for the nine month reporting period five times that of the previous year. -- Net debt at September 30, 2011 was $88 million. With a bank line of $200 million, this leaves $112 million in borrowing capacity.
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