TITAN ENERGY LTD MARCH 2013 QUARTERLY ACTIVITIES REPORT HIGHLIGHTS: • First full quarter of production from Allen Dome • Oil and gas discovery announced on Northern flank of Allen Dome • Company continues to increase its Allen Dome interest • First well inNorth Perth Basin permit DR11 spudded
FINANCIAL HIGHLIGHTS Total oil production of 6,141.1 barrels for the quarter ended March 31, 2013.
PRODUCTION All of the increased production for the quarter came via re-completed wells at the Allen Dome oil field in Texas, USA. Production rates lowered gradually throughout the quarter from approximately 100 bopd to 60 bopd due to natural decline of the historic workover wells.
Overall, nothing spectacular. Out current oil production will be sitting at ~60+250 =310 bopd as opposed to the 350 bopd which we previous estimated.
GEV Price at posting:
14.0¢ Sentiment: LT Buy Disclosure: Held
