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Online Energy Inc. (TSXV:ONL) announced that its crude oil production for the first half and second quarter of 2012 was higher than in those periods last year, although crude prices declined.
Online Energy Inc. (TSXV:ONL) announced that its crude oil production for the first half and second quarter of 2012 was higher than in those periods last year, although crude prices declined.
As quoted in the press release:
Crude oil prices received by the Company for the Quarter and the First Half declined 27% and 18%, respectively from the comparable periods in 2011. The decline was a result of lower WTI prices combined with increased differentials on Canadian oil due primarily to refinery outages and upgrades, oil production growth in both Canada and the United States and pipeline infrastructure bottlenecks in the mid-western region of the United States.
Crude oil netbacks for the Quarter and the First Half increased 96% and 118%, respectively, from the comparable periods in 2011. The increases were a result of the inclusion of netbacks of approximately $30.00 from the Company’s initial Ostracod horizontal oil well that commenced production in February 2012.
Click here to read the full Online Energy Inc. (TSXV:ONL) press release.