Vital Energy Inc. Announces Financial Results for 3rd Quarter of 2015
CALGARY, ALBERTA--(Marketwired - Nov. 27, 2015) - Vital Energy Inc. ("Vital" or the "Corporation") (TSX VENTURE:VUX) announced today the filing of its management discussion and analysis and the unaudited condensed interim financial statements for the period ended September 30, 2015. Such filings can be accessed electronically from the SEDAR website at www.sedar.com.
- Production increased to approximately 190 boe/d for the 3 months ended September 30, 2015 up 160% from the daily production at the end of the second quarter 2015 and up over 400% from year end 2014.
- Operating costs have been significantly reduced due to the installation of water injection and other company owned infrastructure in the Gull Lake Area, S.W. Saskatchewan. Operating costs were $17.45 per boe in Q3 as compared to $22.93 per boe for the first 6 months of 2015.
- Average oil price for the Corporation's production for the 9 months ended September 30, 2015 was $46.06 per boe.
- Operating net back for the 9 months ended September 30, 2015 was $22.82 per boe.
- General and administrative costs were reduced over $200,000 from the comparable 9 month period in 2014, excluding the 2014 listing costs.
Vital Energy Inc. is a publicly traded junior oil and gas company (TSX VENTURE:VUX) whose primary focus is developing light and medium crude oil production in Western Canada.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved nor disapproved the information contained herein.
BOE Presentation. References herein to "boe" mean barrels of oil equivalent derived by converting gas to oil in the ratio of six thousand cubic feet (Mcf) of gas to one barrel (bbl) of oil. Boe may be misleading, particularly if used in isolation. A boe conversion ratio of 6 Mcf: 1 bbl is based on an energy conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.
(November 27, 2015 - 2:08 PM EST)
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