Dundee Energy Ltd. (TO: DEN.TO) detailed its second-quarter 2014 financial results, the company said July 17. The quarter ended June 30, the company added.
There was CA$11.1 million in revenues, higher than second-quarter 2013’s $9.7 million in revenues, Dundee said. The increase was due to “improvements in commodity prices” offset by lower oil and liquids production volumes, the company added.
The quarter’s capex was $1.6 million, Dundee noted. Less capex--$3 million compared with the first half of 2013’s $5.4 million--was due to “severe winter weather” that delayed projects, the company said.
Regarding capex for the rest of the year, $4.2 million should be spent on projects. Of this amount, about $3.3 million will support oil fields in southern Ontario, $0.7 million will support offshore natural gas assets and about $0.2 million will be incurred for acquisition of mineral rights, the company said. The mineral rights will support producing and undeveloped properties, Dundee added. Drilling and completions of two new vertical wells, and one horizontal re-entry, should cost $2.4 million, the company noted.
Regarding liquidity, there was $10.9 million in available credit on June 30, the company said.
During the quarter, natural gas production increased by about 4% per day “on a period-over-period basis,” the company said. Higher production was the result of additional working interest on southern Ontario assets, Dundee said. The daily production of oil and liquids declined by 6%, due to the assets’ natural declines, the company noted.
Toronto-based Dundee Energy Ltd. explores, develops and produces oil and natural gas in Ontario. It also works in Span and Tunisia.
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