Rock Energy Inc - upp på rapport

2011-02-05 10:21, Edited at: 2011-02-05 10:23

Utklipp från rapporten.

FEB 3, 2011

-- Daily production for the year averaged 3,615 boe per day (66% crude oil
and natural gas liquids and 34% natural gas), fourth quarter of 2010
production averaged 3,472 boe per day and production is currently
estimated to be 3,800 boe per day;
-- Rock's net undeveloped lands increased to 91,517 acres as at December
31, 2010 and to more than 100,000 acres by January 31, 2011;
-- Three vertical 100% working interest Montney natural gas wells were
successfully tested at Elmworth and a 50% working interest Montney
horizontal was drilled, cased and completed;
-- Rock's inventory of heavy oil drilling locations in the Plains area
increased to 170 and the number of horizontal Montney natural gas
drilling locations at Elmworth were expanded;
-- Drilled 39 (36.3 net) wells in 2010 with a success rate of 97%.

Plains

Rock drilled 31 (31.0 net) successful heavy oil wells and one (1.0 net) dry and abandoned well in the Plains area in 2010. Three (3.0 net) heavy oil wells were drilled in January 2011 as part of a planned 40 heavy oil well program for 2011. In addition to the drilling activity, Rock has successfully added more than 2,000 acres of undeveloped land in the Neilburg Saskatchewan core area and is actively pursuing re-completion and stimulation projects to improve production and recovery factors.

Outlook

Rock continues to develop an inventory of drilling opportunities and now has over 170 heavy oil drilling locations and an expanding number of horizontal natural gas drilling locations on its resource play at Elmworth. Rock's Board of Directors have approved a capital budget of $52 million for 2011 that will provide significant growth in our daily production and reserve base while testing our Elmworth resource play.

Rock is maintaining its previously announced forecast production guidance to average between 4,200 and 4,400 boe per day in 2011, an increase of approximately 20% above 2010 average production levels. Exit production rates for 2011 are anticipated to be between 4,700 and 4,900 boe per day.

Det går enligt plan och lite till, bolaget står fast vid sin prognos. Aktien är fortfarande mycket billig.

Aktien steg 10 %

Fullständig rapport - http://www.rockenergy.ca/