Overwiew
(...)Our net oil production was 63,750 barrels of oil for the quarter ended March 31, 2015, compared to 29,074 barrels of oil for the quarter ended March 31, 2014. The increase in oil production was due to thirteen new wells commencing production in our North Stockyard project since December 2013. Three wells commenced production during the quarter ended March 31, 2015, one new well commenced production during the quarter ended September 30, 2014 with an additional nine commencing production during the quarter ended December 31, 2014. Our net gas production was 71,188 Mcf for the quarter ended March 31, 2015, compared to 48,762 Mcf for the quarter ended March 31, 2014.
Our net oil production was 142,272 barrels of oil for the nine months ended March 31, 2015 compared to 54,498 barrels of oil for the nine months ended March 31, 2014. Our net gas production was 159,466 Mcf for the nine months ended March 31, 2015 compared to 129,734 for the nine months ended March 31, 2014. The increase in both oil and gas production is largely due to the thirteen new wells that commenced production in our North Stockyard project in North Dakota since December 2013.
For the nine months ended March 31, 2015 and March 31, 2014, we reported a net loss of $16.9 million and a net loss of $0.9 million, respectively. The loss in the current period reflects a $11.2 million in write off of previously capitalized exploration expenditure and impairment expense of $4.7 million while the loss in the prior period reflects a $2.7 million gain from the sale of oil and gas properties. See “Results of Operations” below.
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If they get a re-evaluation of their borrowing base till october (an increase to 25 million or so f.e.) they will have enough cash to go on drilling without a capital raise. Maybe sell some land also....imho...
...and maybe the BLUFF will show some oil till mid september (120 days)...what we need is luck now...
May production numbers could highlight peek production...then decline...June july august could stay above 1000 bopd...enough time for new ideas and tough decisions imho...c
SSN Price at posting:
0.9¢ Sentiment: Buy Disclosure: Held
