Progress Energy Resources Corp. announced results for the three months ended September 30, 2011.
Highlights
“ We have set out to establish Progress as a premier investment in the natural gas business, ” said Michael Culbert, President and Chief Executive Officer of Progress . “ The study completed by our independent reserve evaluator affirms the scope and scale of our North Montney asset while our partnership with PETRONAS provides the capital required to continue to delineate our resource base and position us for long-term growth .”
Cash flow for the Quarter was $51.6 million or $0.22 per share, diluted. Capital investment was $113.8 million. Debt-to-total capitalization as at September 30, 2011 was eight percent. Progress’ average gas price in the Quarter was $3.73 per thousand cubic feet (mcf). The Company’s high heat content gas stream achieves a premium to AECO prices. Royalty rates averaged 12.3 percent in the Quarter which was lower than the same period in 2010 due to the higher proportion of Montney production which benefits from the British Columbia Deep Well Credit Program. Operating costs averaged $5.56 per boe, or $0.93 per mcf, in the Quarter reflecting the Company’s continued focus on operational efficiencies and maximization of volumes through existing facilities.
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Source: Progress Energy, October 28, 2011