Mountainview Energy Ltd. Reports Earnings and Production Results for the Third Quarter and Nine Months Ended September 30, 2014
Nov 28 14
Mountainview Energy Ltd. reported earnings and production results for the third quarter and nine months ended September 30, 2014. For the quarter, the company reported petroleum and natural gas sales of USD 5,883,000 compared to USD 5,993,000 a year ago. Funds flow from operations at negative was USD 332,000 or USD 0.00 per basic and diluted share compared to funds flow from operations of USD 3,830,000 or USD 0.02 per basic and diluted share a year ago. Net loss was USD 1,638,000 or USD 0.02 per basic and diluted share compared to USD 387,000 or USD 0.01 per basic and diluted share a year ago. Capital expenditure was USD 7,403,000 compared to USD 7,262,000 a year ago.
For the nine months, the company reported petroleum and natural gas sales of USD 19,000,000 compared to USD 13,070,000 a year ago. Funds flow from operations at negative was USD 50,000 compared to funds flow from operations of USD 4,389,000 a year ago. Net loss was USD 9,448,000 or USD 0.11 per basic and diluted share compared to USD 2,833,000 or USD 0.03 per basic and diluted share a year ago. Capital expenditure was USD 21,646,000 compared to USD 30,345,000 a year ago. Net debt excluding financial derivatives was USD 75,911,000 as on September 30, 2014 compared to USD 46,883,000 as on September 30, 2013.
For the quarter, the company’s average daily production was 807 boe/d compared to 711 boe/d a year ago. Natural gas production was 864 Mcf/d compared to 306 Mcf/d a year ago.
For the year, the company’s average daily production was 839 boe/d compared to 584 boe/d a year ago.
Mountainview Energy Ltd. Provides Operational Update
Nov 20 14
Mountainview Energy Ltd. provided operational update on its recent three-well drilling program. The company has successfully drilled the BJNJ 30-30-1H well (the "BJNJ 30 well") and the BJNJ 19-18-1H (the "BJNJ 19 well") on its BJNJ well pad on the western side of the company's 12 Gage core area in Divide County, N.D. The BJNJ 30 well was drilled to a total depth of 17,927 feet, including a horizontal lateral of 9,453 feet within the Three Forks (Torquay) formation. The second well on the pad, the BJNJ 19 well was drilled to a depth of 18,800 feet including a 10,100 foot horizontal lateral within the Three Forks (Torquay) formation. Each of these wells were drilled (spud to rig release) in less than 18 days with Nabors USA Drilling Rig #165. The BJNJ 30 well was completed with a 36 stage fracture treatment using 3.7 million pounds of proppant and an updated fracture stimulation design. The BJNJ 30 well averaged 552 barrels of oil equivalent per day ("boe/d") (348 boe/d net to the Company before royalties), 89% oil, in its first 30 days of production. Within this 30 day period, a peak 1-day rate of 700 boe/d (441 boe/d net to the Company before royalties) and a 7 day consecutive production rate of 623 boe/d (392 boe/d net to the Company before royalties) were recorded. This 7 day peak rate is a 17% increase and the 30 day rate is a 29% increase over the corresponding production rates in the direct (south) offset well in the 12 Gage Projects (Heckman 7-6-1H). The current estimated cost to drill, complete, and install surface facilities for the BJNJ 30 well is $5.8 million which is 11% below the original $6.5 million cost estimate for this well. The BJNJ 19 well is currently awaiting completions operations and is on target to meet the original $6.5 million cost estimate for the well.
Mountainview Energy Ltd., Annual General Meeting, Nov 20, 2014
Oct 7 14
Mountainview Energy Ltd., Annual General Meeting, Nov 20, 2014., at 10:00 US Mountain Standard Time. Location: at the offices of Burnet. Agenda: To receive and consider the financial statements of the Corporation for the fiscal year ended December 31, 2013; to fix the number of directors of the Corporation to be elected at the Meeting at four directors; to elect four directors of the Corporation for the ensuing year; to appoint auditors of the Corporation for the ensuing year and to authorize the directors to fix the auditors' remuneration; to consider and, if deemed advisable, to pass an ordinary resolution approving the Corporation's stock option plan; and to transact such other business as may properly be brought before the Meeting or any adjournment or adjournments thereof.