TriStar breaks production record
Calgary intermediate TriStar reported an unrealized loss of C$21.4 million
(US$21.3 million) in the first quarter of this year while increasing
production 372%.
The loss was recorded on TriStar’s derivative contracts.
The company’s production for the quarter was 19,431 barrels of oil per day,
up from 4,121 boepd in the first quarter of 2007, representing the company’s
eighth consecutive quarter of production growth.
The company drilled 52 gross (34.9 net) wells in the first quarter with a 90
percent success rate, representing its most active drilling quarter to date.
In the same quarter, TriStar completed acquisitions of Kinwest, Arista and
Bulldog, adding 15.6 million barrels of oil equivalent of proven plus
probable reserves.
The bulk of TriStar’s drilling was in the Bakken play, the company’s core
project in south-east Saskatchewan.
08 May 2008 22:28 GMT
| last updated:
08 May 2008 22:31 GMT
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