This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Penn West Exploration Announces Its Financial Results For The Second Quarter Ended June 30, 2013

Cardium

In the first half of 2013, we completed a selective drilling program in the Cardium focusing on program capital efficiencies and advancement of slick water fracture stimulation techniques. In the Alder Flats area, drilling and completion costs in the first half of 2013 improved by more than 30 percent from 2012. Based upon these results and extensive study by our teams, we are confident that comparable savings can be repeated in the Willesden Green and Lodgepole areas of the Cardium. The Cardium represents an opportunity to create repeatable and sustainable value creative investment programs and we will be reallocating $40 million of capital to the play in the second half of 2013. As a result of this shift, we anticipate drilling 14 additional wells. We expect that a continuous, even flow drilling approach will allow us to further improve our performance in the future.

Viking

The results of our drilling program in early 2013 remain encouraging and we have achieved significant improvements in well performance and cost. Drilling cost and cycle times of our program are competitive with other industry players. Our completion costs in the Viking trend higher than most of our competitors due to our use of nitrogen in our completion technique, however, first year well productivity is more than 25 percent higher than those of our competitors, more than justifying the additional cost. We believe further cost improvements are possible with pad drilling, continued refinement of our completion techniques and continuous improvement in our drilling performance. Based upon our results to date in the first half of 2013, we will reallocate $47 million to this opportunity in the second half with the expectation of drilling and completing 32 new wells. In addition, we are evaluating down spacing in the core of the play for 2014 drilling and are pursuing the implementation of waterflood schemes to increase the recoveries and value from this play.

Spearfish

4 of 9

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,080.14 +21.45 0.12%
S&P 500 2,117.69 +4.76 0.23%
NASDAQ 5,092.0850 +36.0220 0.71%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs