Perpetual Energy Releases its First Quarter 2016 Financial and Operating Results

Perpetual Energy (TSX:PMT) has reported its financial and operating results for the three months ending March 31, 2016.
As quoted in the press release:

FIRST QUARTER HIGHLIGHTS
Production and Operations

• In light of the persistent deterioration of commodity prices, Perpetual continued to restrict its capital spending programs. Exploration and development spending of $4.8 million during the first quarter of 2016 was primarily allocated to west central Alberta for drilling one (1.0 net) natural gas well at East Edson. Completion of this well has been deferred to later in 2016 subject to a recovery in natural gas prices.
• First quarter average production of 18,378 boe/d was down 19 percent compared to the first quarter of 2015, reflecting natural declines as well as reduced volumes associated with the second quarter 2015 West Edson property swap for shares in Tourmaline Oil Corp (“TOU”). Reductions were partially offset by an increase in East Edson production related to the Company’s successful 2015 drilling program and facilities expansion. East Edson production averaged 57.5 MMcfe/d in the first quarter of 2016 compared to 37.0 MMcfe/d in the first quarter of 2015.
• Natural gas production of 98.2 MMcf/d decreased seven percent from 105.1 MMcf/d in the fourth quarter of 2015, reflecting natural declines and the decision to defer drilling and completion projects and preserve inventory and value with a view to eventual commodity price recovery. Compared to the first quarter of 2015, natural gas production decreased 18 percent, reflecting natural declines and theWest Edson property swap.
• Natural gas liquids (“NGL” or “liquids”) production increased 17 percent to 836 bbl/d in the first quarter of 2016 compared to 713 bbl/d during the same period in 2015, consistent with increased liquids-rich natural gas production from 2015 capital development in East Edson.
• Crude oil production of 1,174 bbl/d declined eight percent from the previous quarter (Q4 2015 – 1,278 bbl/d) and 43 percent compared to the prior year (Q1 2015 – 2,045 bbl/d) due to natural declines and the decision to defer drilling and stage waterflood activities in light of depressed crude oil prices.

Click here for the full press release.