Eagle Energy Trust (TSX:EGL.UN) has reported its financial and operating results for the second quarter of 2014.
Eagle reported increased production volumes and revenue in the second quarter of 2014 compared to the second quarter of 2013, according to a release. The trust also reported premium netbacks during the quarter and distributed $8.8 million to its unitholders.
For the three months ended June 30, 2014, Eagle:
- Reported second quarter average working interest production of 3,341 barrels of oil equivalent per day (boe/d) (82% oil, 9% natural gas liquids, 9% natural gas), an 11% increase from the first quarter of 2014 and an 11% increase from the comparable 2013 quarter.
- Generated second quarter 2014 funds flow from operations of $10.5 million ($0.32 per unit), consistent with first quarter 2014 results.
- Posted premium second quarter field netbacks of $53.10 per boe. Canadian dollar realized oil prices were $109.17 per barrel (approximately US$100 per barrel), giving Eagle a substantial revenue advantage compared to producers of oil in Canada.
- Maintained second quarter unitholder distributions at $0.26 per unit ($0.0875 per unit per month).
- Drilled, completed and brought on stream two wells in Midland during the quarter. To date, 75% of Eagle's US$28 million capital program has been executed, with results performing to expectations.
On August 13, 2014 the trust announced that its US operating subsidiary has entered into a binding agreement to sell its entire working interest in its oil and natural gas properties in the Permian Basin, located near Midland, Texas, to an undisclosed buyer for cash consideration of US$140 million before closing adjustments. The disposition is expected to close on August 29, 2014, with an effective date of July 1, 2014.
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