CALGARY , Oct. 7, 2015 /CNW/ - ArPetrol Ltd. ("ArPetrol" or the "Company") (RPT.V) provides an operating update on activities.
In the third week of August 2015 an operational difficulty at a third party owned and operated production facility reduced gas deliveries to ArPetrol's Faro plant to approximately 35 million cubic feet per day (MMcf/d). The problem was fixed by the end of September and volumes delivered for processing were 77 MMcf/d at the end of September. This reduction in volumes for processing lead to a corresponding reduction in third-party processing revenues. Processing volumes for the third quarter are estimated to be 60 MMcf/d, down from the 78 MMcf/d processed during the second quarter of 2015.
In mid September 2015 , compressor failure at ArPetrol's Faro field shut-in production for 17 days until the compressor was replaced at the beginning of October. Production for the third quarter of 2015 is estimated to be 160 barrels of oil equivalent per day (boe/d), down from the 218 boe/d produced during the second quarter of 2015.
Further information on third quarter 2015 operations will be provided when ArPetrol releases its third quarter results.
About ArPetrol Ltd. ArPetrol is a Calgary -based publicly traded company engaged in oil and natural gas exploration, development and production and third-party natural gas processing in Argentina , where it owns and operates a gas processing facility with capacity of 85 MMcf per day. The Company's common shares are listed on the TSX Venture Exchange ("TSXV") under the symbol "RPT".
Forward-Looking Information This news release contains certain forwardlooking information relating, but not limited to, processing revenue and cash flow, estimated production volumes and processing volumes. Forwardlooking information typically contains statements with words such as "anticipate", "believe", "forecast", expect", "plan", "intend", "estimate", "propose", "project", or similar words suggesting future outcomes. The Company cautions readers and prospective investors in the Company's securities not to place undue reliance on forwardlooking information as, by its nature, it is based on current expectations regarding future events that involve a number of assumptions, inherent risks and uncertainties, which could cause actual results to differ materially from those anticipated by the Company. Forward-looking information is based on management's current expectations and assumptions regarding, among other things, the ability to sustain consistent processing and production volumes, future production and processing revenue, future economic conditions, future currency and exchange rates, the ability to repatriate funds from Argentina , future pricing, continued political stability in the areas in which the Company is operating, and the Company's continued ability to obtain and retain qualified management and staff and equipment in a timely and cost-efficient manner. A number of factors could cause actual results to differ materially from those anticipated by the Company, including but not limited to risks associated with the oil and natural gas industry (e.g., operational risks; the ability to retain staff and equipment; and health, safety and environmental risks), weather delays and natural disasters, union activities, change in government policies, currency fluctuations and controls, a change in the manner and rates at which the Company is exchanging its currency, the risk of disruptions at the gas plant, increased maintenance costs or other expenditures at the gas plant, interruptions to production and processing revenue, production declines, changes in commodity prices and revenues, increased costs, unavailability of funding, and other risks associated with international activity and Argentina . ArPetrol operates outside of Canada and as such, is subject to a number of political risks over which it has no control. The forwardlooking information included herein is expressly qualified in its entirety by this cautionary statement. The forwardlooking information included herein is made as of the date hereof and the Company assumes no obligation to update or revise any forwardlooking information to reflect new events or circumstances, except as required by law.
BOE Presentation. Production information is commonly reported in units of barrels of oil equivalent. For purposes of computing such units, natural gas is converted to equivalent barrels of oil using a conversion factor of six thousand cubic feet to one barrel. The 6:1 conversion ratio represents energy equivalency, which is primarily applicable at the burner tip, and does not represent a value equivalency at the wellhead. Such disclosure of boe may be misleading, particularly if used in isolation.
Additional information relating to the Company is also available on SEDAR at www.sedar.com.
Neither the TSXV nor its Regulation Services Provider (as defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
SOURCE ArPetrol Ltd.