Granite Oil Reports Improved Balance Sheet for 2015

Granite Oil (TSX:GXO) reported its 2015 financial results, highlighting an improved balance sheet for the year. The company finished 2015 with $39.6 million of net debt, with a $1.8 million reduction relative to third quarter results. The company also increased its dividend by 17 percent to $0.42.
As quoted in the press release, additional highlights from the year included:

• Improved the balance sheet, exiting 2015 with $39.6 million of net debt, a $1.8 million reduction relative to third quarter results.
• Drilled two horizontal production wells and averaged 3,334 bbl/d of oil production and 3,476 boe/d. Natural gas volumes decreased relative to the Third Quarter of 2015 as the Company continues to increase injection of its produced gas.
• Drilled a vertical test well on the western portion of the Bakken pool, Granite’s final commitment well.
• Granite’s operating netback for the fourth quarter was $22.25 per boe prior to hedge gains, with funds flow of $13.3 million, including hedge gains.
• Achieved operating costs of $5.91 per boe.
• Capital expenditures totaled $8.6 million including $1.7 million for equipment related to the expansion of the EOR scheme.

Click here for the full press release.