- Estimated second quarter 2011 net production of 92 – 97 MMcfe/d including net production of 3,000 – 3,120 Bbls/d of liquids, which represents an increase of 13% and 58% compared to the first quarter of 2011, respectively.
- Drilled 17 gross (17 net) horizontal wells targeting the Slave Point light oil resource in the Evi field with a 100% success rate.
- Drilled 4 gross (3.5 net) wells in the Nikanassin resource play at Narraway with a 100% success rate including the drilling of 1 gross (1 net) horizontal well.
- Recently resumed drilling and completion operations at Evi and Narraway following spring break-up.
- Completed initial public offering on June 1, 2011 at a price of US$13.00 per common share raising total gross proceeds of US$195 million. Following the offering, Forest Oil Corporation (“Forest”) owns 82.3% of the outstanding common shares of Lone Pine. To our knowledge, Forest currently intends to distribute, or spin-off, to Forest’s shareholders its remaining ownership in Lone Pine approximately four months following the offering.
Lone Pine Resources Announces Financial And Operations Update, Second Half 2011 Guidance And Executive Appointments
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