Altura Energy Reports Q2 Results, Offers Operational Update

Altura Energy (TSXV:ATU) has released its financial and operating results for the three and six months ended June 30, 2018 and an operational update on its eight-well drilling program in the corporation’s upper Mannville oil play at Leduc-Woodbend.

In addition, the corporation has closed an agreement  to acquire highly prospective Upper Mannville lands at LWB including a 40 percent working interest in the LWB Glauconitic D Unit No.1 for C$2.7 million and has signed an agreement with a second party to purchase an additional 20 percent WI in the assets for C$1.1 million.

As quoted from the press release:

SECOND QUARTER 2018 HIGHLIGHTS

Corporate

• Closed the sale of the corporation’s east central Alberta and Saskatchewan assets for C$28.4 million (C$27.7 million net of post-closing adjustments) on May 31, 2018. The second quarter includes operational and financial contribution from the disposition up to the closing date of May 31, 2018.
• Corporate netback was C$25.35 per Boe, up 11 percent from the second quarter of 2017 and up 28 percent from the first quarter of 2018.
• Net income was C$2.8 million, which includes a gain on disposition of assets of C$2.2 million, net of deferred tax expense.
• Ended the quarter with a C$14.8 million working capital surplus and no debt.

OPERATIONAL UPDATE

Since acquiring its initial lands in 2015, the corporation has accumulated a total of 69 net sections of land in the Upper Mannville oil pool in the LWB area. Altura commenced its eight-well summer drilling program on June 9, 2018. Six of the eight wells are now drilled, bringing the total horizontal well count in this Upper Mannville oil pool to 11. One well commenced production on July 15th and five wells are in various stages of completion and frac fluid clean-up.

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