Production improves at Great Divide despite financial woes
Calgary-based Connacher Oil & Gas reported a second quarter loss of $15.5 million this week, as the company continues to bleed cash while it sits under creditor protection.
Q2 production at its Great Divide SAGD facility rose over 40% y/y to 12,060 bbl/day. Capital expenditures have totalled $2.7 million so far this year, spent mostly on well servicing. 41 well pairs were reported to be in production at the end of June.
This past quarter marks the fourth consecutive quarter of positive netbacks thanks to higher oil prices, lower operating costs and improved reliability. Great Divide, which includes the original Pod One site and the Algar expansion, has a nameplate capacity of 15,000 bbl/day.
Connacher Oil & Gas has been under creditor protection since May of 2016. The company says it continues to "investigate, evaluate, and consider possible sale and restructuring alternatives."
CONNACHER OIL & GAS CONNACHER ANNOUNCES Q2 2017 RESULTS