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Hyperion Exploration Corp. (TSXV:HYX) announced achievement of 2011 Production and Capital Expenditure Guidance and operations highlights in the fourth quarter of 2011.
Q4 2011 Operations Highlights:
- Achieved a production rate consistently over Hyperion’s 2011 exit guidance of 1,500 boe/d for the first two weeks of December; an increase of over 172% over 2010 exit production of 550 boe/d.
- Increased the Company’s light oil and NGL weighting to approximately 69% in December 2011 from 42% in Q1 2011.
- Completed the tie in of 2 gross (2.0 net) Pembina Cardium oil wells in early December 2011. Hyperion will release more comprehensive production data (IP30) on these two wells after production is optimized and indicative rates are available.
- Achieved more production from less capital. Exceeded all 2011 growth measures and guidance as a result of Hyperion’s second half 2011 drilling program of 5 gross (4.6 net wells) versus budget of 6 gross (5.2 net wells). Production from new Cardium oil wells has consistently exceeded the Company’s initial expectations and industry average results.
- Drilling operations to continue in Pembina with the next well (0.5 net) expected to spud in late December 2011.
- Significant financial flexibility remains with net debt of less than $10 million as of mid-December 2011.
- Hyperion currently has an $18 million unused credit facility that will be reviewed for possible increase in January 2012.
- 2012 production and capital expenditure guidance is expected to be released in late January 2012.
Click here to read the Hyperion Exploration Corp. (TSXV:HYX) press release
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