TORC Oil & Gas Reports 2015 Third Quarter Results

TORC Oil & Gas Ltd (TSX:TOG) announced its financial and operating results for the three and nine months ended September 30, which showed a cash flow of $35.2 million compared to $37.4 million in Q2 2015.
As quoted in the press release:

The third quarter of 2015 represented the continued execution of TORC’s long term objective of delivering disciplined growth while providing a sustainable dividend.    The Company was active in executing capital programs in both southeast Saskatchewan and the Cardium.    Operational efficiency improvements and cost reductions across all areas were a major theme in the third quarter with significant capital savings realized and expected to continue into the fourth quarter.  As a result of these efficiency improvements, the Company has been able to reduce the planned 2015 capital expenditure program by 20% to $100 million while maintaining previous production guidance. The third quarter represents the first full quarter of operations that include the strategic acquisitions in southeast Saskatchewan which closed during the first half of the year.  Continued focus on cost reductions along with the strong performance of these acquisitions have resulted in TORC solidifying the decline profile, significantly improving capital efficiencies and reducing cash costs.

Key achievements:

• Achieved record quarterly production of 17,709 boepd, up from 13,910 boepd in the second quarter of 2015 and 11,436 boepd in the third quarter of 2014;
• Generated cash flow of $35.2 million relative to $37.4 million in the second quarter of 2015 and $49.0 million in the third quarter of 2014;
• Generated cash flow per share of $0.22 as compared to $0.31 in the second quarter of 2015 and $0.52 in the third quarter of 2014;
• Drilled 19 (14.4 net) wells in the third quarter of 2015;
• Maintained a diligent focus on cost reductions including capital, operating and administrative initiatives to drive improvements in capital efficiencies and cash costs per boe;
• Paid dividends of $0.135 per share to shareholders;
• At quarter end, the Company had drawn $224.3 million on the credit facility, with net debt of approximately $285.7 million
• Subsequent to quarter end, TORC reduced its planned 2015 capital program from $125 million to $100 million while maintaining production guidance for 2015 as a result of improving capital efficiency realizations.

Click here to read the full TORC Oil & Gas Ltd (TSX:TOG) press release.