Crocotta Energy provides 2013 guidance and operational update
Friday, Feb 01, 2013Crocotta 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.
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