Raging River Exploration Inc. report that estimated daily production reached a record of 9,000 boe/d (96% oil) during the second half of December 2013. Further, based on field estimates the Company's fourth quarter 2013 average production increased 37% from the third quarter average to 7,700 boe/d (96% oil) which is 5% ahead of our previous fourth quarter guidance of 7,300-7,400 boe/d.
Raging River exited 2013 with 16 net wells awaiting completion and is off to a solid start in the first quarter with 17 gross (15.5 net) wells drilled since January 1, 2014. With production averaging above 9,000 boe/d in the first two weeks of January, we anticipate achieving our 2014 average production level of 9,500 boe/d in early February. Production is expected to be strong through the first quarter followed by a modest reduction in the second quarter due to breakup and we are reaffirming our average 2014 production guidance of 9,500 boe/d.