On May 5, Emerald Oil Inc. (NYSE: EOX) detailed the updates to its 2014 production guidance, and also detailed the financial results for the first-quarter 2014, which ended March 31.
The year’s drilling and completions capex guidance was increased by $68 million, to $250 million, the company said, noting that it was increased due to a fourth rig.
Over the first-quarter this year, production increased 136% over last year’s first-quarter, the company said. Production was 225,905 barrels of oil equivalent (boe), the company added.
The production forecast for second-, third- and fourth-quarter 2014’s production guidance was updated,—3,500 barrels of oil equivalent per day (boe/d), 4,200 boe/d and 4,600 boe/d were forecast, respectively, the company said.
During the first-quarter, total production volumes had increased 136% over first-quarter 2013, and the average price of oil per barrel dropped, to $81.96 from $84.21, the company said.
Production expenses for first-quarter 2014 were up 7% from the same time period last year, at $2.6 million ($11.59/boe), Emerald said.
Revenues from oil and natural gas were $19.1 million, up from first-quarter 2013’s $8.2 million, the company added. Of the current amount, 97% was crude oil revenue, the company noted.
Additionally, Emerald noted that lenders increased its borrowing base during a semiannual redetermination. The amount was raised to $100 million from $75 million, and the next redetermination is scheduled for October, the company said. The facility is currently undrawn, the company added.
Denver-based Emerald Oil Inc. explores and produces oil in the Williston Basin.
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