Artek Announces Third Quarter 2011 Financial Results and Updates Operations

- November 9th, 2011

Artek Exploration Ltd. (TSX:RTK) reported its financial and operating results for the three and nine month periods ended September 30, 2011.

Artek Exploration Ltd. (TSX:RTK) reported its financial and operating results for the three and nine month periods ended September 30, 2011.

As quoted in the press release:

Third Quarter Financial and Operating Highlights

  • Production averaged 2,498 boe/d, representing a 56% increase from the same three-month period a year ago and an 8% improvement over the second quarter of 2011 despite approximately 300 boe/d being shut-in or restricted.
  • Crude oil and NGLs average production of 1,097 bbls/d rose to 44% of total corporate production, which is up 100% from the third quarter of 2010 and up 7% from the second quarter of 2011.
  • Operating netbacks totaled $28.16/boe, a 43% increase from the same period last year.

Click here to read the Artek Exploration Ltd. (TSX:RTK) press release.

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