Conacher-a xmas review
Connacher Gas and Oil released it's third quarter operational update as well as it's financial results.The operational update was quite different than it's financial results. The operational update showed actual production being up 2% over the last quarter and another 1%in September.They were steaming 4 new well pairs at Pad 104(one of their best properties) and starting to use 80 car unit trains.
The financial results refer to the Montana refinery and their conventional gas and oil assets which have been reported as sold earlier.This is irresponsible and they even show that earnings from what is called "discontinued operations" was more than in 2011.They also show that the capital budget was $95 million for 2013;this is ridiculously referred to as funds to "fill the plants".
2014 Production at Great Divide
They intend to have 10 well pairs at pad 104;there are four pairs now and three more in early 2014 and later another three pairs.There will be a new well pair at Algar another of their sites.These are both heavy oil installations near Fort McMurray.They had approval in July for a 24,000 barrels a day production at their Great Divide operation but only produce 12,500 barrels now.
If they had their Montana refinery and their conventional oil and gas assets their production and net income would be a lot greater now.It was larger than their heavy oil net income and increasing every quarter.N ow they are on track to increase gradually their production at Great Divide from the present 12,250 barrels a day up to 24,000 barrels.2014 could have been a year of positive cash flow with heavy oil and conventional oil and gas properties.Too bad that Connacher sold it's refinery and oil and gas assets.
The financial results refer to the Montana refinery and their conventional gas and oil assets which have been reported as sold earlier.This is irresponsible and they even show that earnings from what is called "discontinued operations" was more than in 2011.They also show that the capital budget was $95 million for 2013;this is ridiculously referred to as funds to "fill the plants".
2014 Production at Great Divide
They intend to have 10 well pairs at pad 104;there are four pairs now and three more in early 2014 and later another three pairs.There will be a new well pair at Algar another of their sites.These are both heavy oil installations near Fort McMurray.They had approval in July for a 24,000 barrels a day production at their Great Divide operation but only produce 12,500 barrels now.
If they had their Montana refinery and their conventional oil and gas assets their production and net income would be a lot greater now.It was larger than their heavy oil net income and increasing every quarter.N ow they are on track to increase gradually their production at Great Divide from the present 12,250 barrels a day up to 24,000 barrels.2014 could have been a year of positive cash flow with heavy oil and conventional oil and gas properties.Too bad that Connacher sold it's refinery and oil and gas assets.
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