Delphi Energy Corp.
TSX-V: DEE
November 13, 2013
Delphi Energy Corp. Reports Third Quarter Results
CALGARY, ALBERTA � November 13, 2013 � Delphi Energy Corp. (�Delphi� or the �Company�) s pleased to announce its financial and operational results for the quarter ended September 30, 2013 and provide an update on its Montney development program at East Bigstone.
Third Quarter 2013 Highlights
� Produced an average of 8,797 barrels of oil equivalent per day (�boe/d�) during the three months ended September 30, 2013, a seven percent increase over the comparative quarter of 2012 and a 15 percent increase over the second quarter of 2013;
� Increased the Company�s field condensate production 174 percent to 705 bbls/d and natural gas liquids (�NGL�) production 21 percent to 1,294 bbls/d for the three months ended September 30, 2013 compared to the third quarter of 2012. The combined corporate field condensate and NGL yield increased 49 percent to 52 barrels per million cubic feet (�bbls/mmcf�);
� Increased production from the Bigstone Montney project for the three months ended September 30, 2013 to 3,528 boe/d, a 77 percent increase over the comparative quarter of 2012. The Bigstone Montney project contributed 40 percent of the Company�s production during the third quarter of 2013 compared to 24 percent during the comparative quarter of 2012;
� Increased the combined Montney field condensate and NGL yield 52 percent to 95 bbls/mmcf for the three months ended September 30, 2013, compared to 63 bbls/mmcf during the third quarter of 2012. Field and plant condensate yield was 56 bbls/mmcf or 59 percent of the total 95 bbls/mmcf;
� Increased funds from operations to $10.0 million, a 27 percent increase over the comparative quarter of 2012 and a 19 percent increase over the second quarter of 2013. Corporate cash netbacks increased 19 percent over the comparative quarter of 2012;
� Recorded net earnings of $1.2 million for the three months ended September 30, 2013 versus a net loss of $9.2 million in the comparative quarter of 2012;
� Drilled one net Montney well in East Bigstone which has been completed and tied-in during the fourth quarter of 2013. Drilling times for the Company�s Montney wells have decreased 35 percent and drilling costs have been reduced by 25 percent. The most recent well at 15-30 was drilled to a total depth of 5,834 metres with a record horizontal lateral length of 3,014 metres drilled across two sections in 30 days and set a record low Montney well cost for Delphi of $4.85 million;
� Completed drilling operations of the Duvernay vertical stratigraphic (�strat�) test well with a subsequent Montney horizontal whipstock as part of a farm-in agreement to earn additional Montney and Nordegg petroleum and natural gas rights; and
� Increased the Company�s Montney land position by 13 percent to a current total of 107 net (122 gross) sections through an industry farm-in and recent Crown land sale activity.
To view the full news release, please visit: http://www.delphienergy.ca/invest_news.htm
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Delphi Energy Corp.
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CODE : DEE.TO |
ISIN : CA2471281014 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Delphi is a exploration company based in Canada. Delphi is listed in Canada and in United States of America. Its market capitalisation is CA$ 54.9 millions as of today (US$ 39.5 millions, € 36.0 millions). Its stock quote reached its highest recent level on December 30, 2005 at CA$ 6.15, and its lowest recent point on November 29, 2019 at CA$ 0.05. Delphi has 156 900 000 shares outstanding. |