Cequence Energy Ltd. announced operating results for the first quarter ended March 31, 2019. For the quarter, the company reported total production in the first quarter of 2019 of 5,964 boe/d against 6,970 boe/d a year ago. Crude oil production increased by 274% to 916 bbl/d for the three months ended March 31, 2019 compared to the first quarter 2018. The increase was due to 3.0 gross (2.0 net) and 2.0 gross (2.0 net) Dunvegan horizontal oil wells that were completed in each of the first quarter 2018 and 2019, respectively, and tied into permanent facilities. Operating costs per boe increased for the three months ended March 31, 2019 compared to the same prior year period due to workover, swabbing and chemical expenses incurred to optimize and reactivate production. Optimization of the new Dunvegan horizontal oil wells and reactivation of 3.0 gross (3.0 net) Montney wells resulted in March 2019 production of 6,475 boe/d. Operating costs are expected to trend between $9.50 per boe and $10.50 be boe for the remainder of 2019.

The company provided operating guidance for the year ending December 31, 2019. For the year, the company expects average production of 5,800 BOE/d against 6,507 BOE/d a year ago.