Waldron Energy Corporation announces operational update
Thursday, Jan 10, 2013Waldron Energy Corporation (TSX:WDN) ("Waldron" or the "Corporation") is pleased to provide an operational update regarding the fourth quarter 2012 production estimate of approximately 2,475 boe/d consisting of 650 bbls/day of oil and natural gas liquids and 11 mmscf/d of natural gas. This compares to a third quarter 2012 production of 2,235 boe/d.
The Corporation currently estimates production at 2,400 boe/d based on 600 bbls/day of oil and natural gas liquids and 10.8 mmscf/d of natural gas.
The Corporation has engaged Macquarie Capital Markets to divest the Corporation's Crystal property as well as its undeveloped Duvernay petroleum and natural gas rights. Crystal is currently producing 550 boe/d consisting of 180 bbls/day of natural gas liquids and 2.2 mmscf/d of natural gas. The Duvernay assets include 25 sections of Duvernay rights. Bids are due in early February 2013.
Waldron will announce its 2013 capital budget in mid February 2013. Year end 2012 net debt is forecast to be approximately $35 million.
Waldron also announces the promotion of Jeff Kearl, CA, to the position of VP Finance and CFO. The Corporation wishes to thank Ms. Pam Orr, CA for her efforts and contribution over the past four months and wishes her well in her future endeavors.
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