(MENAFN- ProactiveInvestors - N.America) Seven Generations Energy (TSE:VII) shares rose over 4% on Wednesday after the company said it delivered record production of 88525 barrels of oil equivalent per day (boe/d) in the first quarter of 2016 up 82% from the same period one year earlier.
With the new Cutbank processing plant on-stream April production averaged more than 105000 boe/d putting 7G on track to achieve 2016 production guidance of 100000 to 110000 boe/d.
First quarter funds from operations were about $111mln up 27% compared with the same period in 2015 despite benchmark commodity prices that were about 30% lower.
First quarter capital investment was $267mln 27% lower than during the first quarter of 2015. 7G's 2016 capital investment programme is weighted towards the early part of the year and is in line with the planned investment range of $900mln to $950mln.
2016 growth is ramping up with the addition of new processing capacity the company said.
"We are continuing to execute our growth as planned. We now have sufficient liquids-rich natural gas processing to meet our Alliance Pipeline transportation volumes which increase to 500 million cubic feet per day (MMcf/d) by late 2018" said Marty Proctor 7G's President and Chief Operating Officer.
Seven Generations shares were up 4.6% at C$22.66.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.