- 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 Inc. (“Lone Pine” or the “Company”) (NYSE:LPR; TSX:LPR) today announced guidance for the second half of 2011, certain financial and operational information for the first six months of 2011 and executive appointments to the finance group. The following are highlights from the first six months of 2011: