Raging River Exploration Inc. announces its operating and financial results for the three months ended March 31, 2015.
First Quarter 2015 Highlights
•Achieved another quarterly production record with average production of 13,310 boe/d (97% oil) representing an increase of 36% over the comparable period in 2014 and a 25% production per share increase from the comparable period of 2014.
•Total capital expenditures for the quarter were $84.1 million consisting of $48.4 million of development capital to drill 60 (53.3 net) Viking horizontal oil wells at a 100% success rate. The additional capital incurred of $35.7 million was to fund the previously announced property acquisition in the Dodsland area of southwest Saskatchewan.
•Despite WTI oil prices averaging US$48.60/bbl which was less than 50% of the average prices in the comparable period in 2014, RRX was still able to generate top decile operating netbacks of $29.97/boe and funds flow netbacks of $27.95/boe in addition to positive earnings of $0.64 per boe.
•Achieved our seventh consecutive quarterly decrease in operating and transportation costs to $12.71/boe.
•Attained top decile general and administrative costs of $1.37/boe, a 7% decrease from the comparable period in 2014.
•Maintained balance sheet strength with first quarter exit net debt of $115.8 million representing 0.9 times debt to the first quarter annualized cash flow.
•Completed a bought deal financing for gross proceeds of $88.3 million, issuing 13.8 million common shares at a price of $6.40 per share.