Seven Generations Energy Ltd. achieved record production of 60,600 barrels of oil equivalent per day (boe/d) in the third quarter of 2015, up 69 percent compared to the same period in 2014.
Third quarter 2015 oil and condensate production increased 80 percent to 22,606 barrels per day (bbls/d) compared to a year earlier. Third quarter natural gas production was 143 MMcf/d, up 59 percent from a year earlier. Despite a 45 percent year-over-year drop in commodity prices, third quarter funds from operations remained strong at $94.9 million, down just 11 percent compared to the third quarter of 2014.
'We continue to achieve strong financial and operating performance, and are on track with our 2015 plans for facility construction, drilling and completions activity while achieving both cost reductions and improved well performance. Our focused and disciplined capital investment in 2015 is setting the stage for continued low-cost production growth in 2016,' said Marty Proctor, 7G's President and Chief Operating Officer.