Storm Resources Ltd. Announces Operating Results for the Third Quarter and Nine Months Ended September 30, 2019; Provides Production Guidance for the Fourth Quarter and Full Year of 2019; Provides Production Guidance for the Full Year 2020
For the nine months, revenue from product sales per BOE was CAD 23.50 compared to CAD 27.88 a year ago. Production per BOE was CAD 5.96 compared to CAD 5.52 a year ago. Funds from operations per BOE were CAD 7.74 compared to CAD 12.72 a year ago. Barrels of oil equivalent per day were 19,443 compared to CAD 19,900 a year ago. Natural gas production was 95,013 thousand cubic feet per day compared to 98,154 thousand cubic feet per day a year ago. NGL production was 1,563 thousand cubic feet per day compared to 1,506 thousand cubic feet per day a year ago. Condensate production was 2,044 barrels per day compared to 2,035 barrels per day a year ago.
For the fourth quarter of 2019, Production is forecasted to be average 22,000 to 24,000 Boe per day with capital investment estimated to be CAD 32 to CAD 37 million (approximately 73% allocated to the Nig Gas Plant project). Production is below previous guidance mainly because of shut-ins during October due to the low natural gas price at Station 2 (CAD 0.36 per GJ).
For the full year of 2019. Production is forecasted to be average 20,000 to 22,000 Boe per day.
For the full year of 2020, Average annual production in 2020 is forecast to be 24,000 to 26,000 Boe per day which represents an increase of approximately 25% from 2019 with liquids production increasing by approximately 45%.