Quattro Exploration and Production Ltd. (TSX-V:QXP) (‘Quattro’ or the ‘Company’) announces its financial results for the quarter ended June 30th, 2016, reporting a loss of $0.02 per share for the 6 month period ended June 30, 2016. Despite these challenges Quattro is pleased to report that in the first half of 2016 production averaged 1,593 boe per day, representing a year-over-year increase of 15% from the average production of 1,390 boe per day recorded during the same per period in 2015.
In the second quarter oil and natural gas production at Quattro was limited to 1,540 boe/d due to a decision to limit capital investments to only oil production, during a period of extremely low commodity prices. Quattro continues to believe that a diversified production base of oil and natural gas is a fundamental requirement within the industry, and for the foreseeable future Quattro intends to increase oil production to where it will represent a sustainable 60% of its daily production, with this transformation being accelerated with the completion of its divestiture plan previously announced on August 2, 2016. Over the past 12 months the Company’s oil production continues to increasingly offset natural gas prices that in the 2nd quarter briefly reached lows of $0.60 per mcf. The Company’s decision in the 4th quarter of 2015 to more aggressively increase oil reserves and production through acquisitions has proven to be timely as natural gas prices are only now recovering to a more seasonally adjusted price range of $2.50 to $3.50 per mcf from prices not seen in over 20 years.
石油圈
