Arsenal Energy Inc. (TSX:AEI) announced its 2011 third quarter results.
As quoted in the press release:
Good production results from two new Bakken wells in North Dakota and a large hedge realization contributed to very strong Q3 cash flow. Looking forward, Arsenal anticipates closing the previously announced acquisition of 1,500 boe/d of production for $40.25 million on November 15th. With the acquisition and additional Bakken production gains in Q4, Arsenal anticipates strong cash flow growth to continue in Q4 and through 2012.
Get Our Expert Guide to Oil Investing FREE!Download this FREE Special Report, Oil Investing: Oil Price Forecast and Oil Deposits Around the World