Altura Energy Inc. (“Altura” or the “Corporation”) (TSX Venture: ATU) is pleased to announce its financial and operating results for the three months and year ended December 31, 2016.
As quoted in the press release:
Altura achieved fourth quarter production of 988 boe per day, up 414 boe per day (72 percent per share) from the third quarter of 2016 due to incremental production from the Corporation’s 2016 drilling program in the third and fourth quarters of 2016 as well as a full quarter of production from the Killam Acquisition.
Altura invested $6.9 million on capital expenditures in the fourth quarter of 2016 including: $4.0 million on drilling, completing, workovers, equipping and facilities; and $2.9 million on land. The Corporation drilled four gross (3.5 net) wells, including one Sparky oil well at Eyehill, two gross (1.5 net) Sparky oil wells at Wildmere and one Dina oil well in the Provost area. Altura incurred $0.5 million upgrading its multi-well battery at Eyehill related to the initiation of a waterflood, which is planned to commence water injection in the second quarter of 2017. An additional $1.5 million is estimated for the first quarter of 2017 to complete the facility upgrade. Land costs in the quarter included $1.7 million related to Crown land sales and land acquisitions in the Leduc-Woodbend area, and $1.2 million for 6.5 sections of land in a Sparky oil prospect in the Macklin area on the Alberta/Saskatchewan border.