Global Leader in International Oil and Gas Industry News

posted in:

Crocotta Energy provides 2013 guidance and operational update

Friday, Feb 01, 2013

Crocotta Energy Inc. ("Crocotta" or the "Company") (TSX:CTA) is pleased to announce 2013 Guidance and Operations Update.

Crocotta has grown organically from 2,200 boepd at the start of 2010 to over 8,500 boepd solely by drilling its current Bluesky and Cardium projects at Edson and its Montney project at Dawson. Average capital efficiency for the projects (on-stream cost divided by year #1 average production) has been less than $15,000 per boepd with finding and development costs on a corporate level averaging $12 per boe. Returns on the liquids-rich Bluesky and Montney are over 100% with paybacks of approximately 1 year and the Cardium oil project at Edson exceeds these metrics. Although these combined projects average 65% gas and 35% liquids, returns rival pure oil plays as a result of low operating costs ($5 per boe), high productivity, large recoverable reserves, and reduced on-stream costs which are, in part, a result of Crocotta's drilling and completion efficiencies gained over prior periods. Crocotta's 2013 budget will focus on these 3 development plays.

Source: Marketwire

To access over 3,000 of the latest oil projects from across the world visit Projects OGP for free trial today

posted in:

Other Oil & Gas News

FX Energy to test seventy meter gas interval at Tuchola-4K well 16-04-2014
DNV GL Oil & Gas to expand footprint in West Norway 16-04-2014
Avtodor and Gazprom Neft sign cooperation agreement on use of advanced bituminous materials 16-04-2014
Perpetual Energy Inc. provides additional information on the prior period restatement of gas over bitumen royalty adjustments 16-04-2014
Air Products and Enterprise Products Expand relationship with Hydrogen off-gas processing agreement 16-04-2014
Subsea Technologies Ltd. celebrates year of growth and move to new premises with place in the final of Scottish Business Awards 15-04-2014
SengS shortlisted for two awards in recognition of continued growth and expansion 15-04-2014
AISUS Offshore achieves turnover in excess of £1million in first year in business 15-04-2014
Trans Adriatic Pipeline (TAP) re-launches its procurement process 15-04-2014