Highlights:
- A first quarter 2012 production average of 1,118 boe per day a 7 percent increase over the same quarter in 2011 (first quarter 2012 productive capability of 1,831 boepd),
- Drilled 5.0 gross (3.28 net wells) during the first quarter of 2012,
- Successfully completed, and placed on production, at a combined (restricted) rate of 737 BOEPD (517 BOEPD net) three wells drilled during the first quarter of 2012,
- Â Completed a $9.4 million 56 section 3D seismic program in the Mitsue area in the first quarter of 2012, with preliminary interpretation expected by June 2012,
- Four enhanced recovery applications submitted to the ERCB in 2012 with three approved to date and one active effective April 1, 2012,
- Exall’s closest offsetting producer, to the first approved enhanced recovery project, has increased production from 50 boe per day to 150 boe per day in response to water injection over a period of 5 weeks,
- An 800 hp electric drive compressor has been installed at the Marten Mountain Battery and will be operational by June 2012, which is expected to lower operating costs,
- Acquired additional rights in 25,600 gross (20,851 net) acres of undeveloped land in the Mitsue area,
- Completed a $20.0 million convertible debenture private placement with the $3.0 million over allotment being exercised in April 2012. The debentures are convertible at a price of $2.15 per share.
