Valeura Energy Inc. reported operating results for the first quarter of 2014. The company reported net corporate petroleum and natural gas sales in the first quarter of 2014 averaged approximately 1,306 barrels of oil equivalent per day, up 10% from the fourth quarter of 2013 reflecting the contribution from two new horizontal wells completed with multi-stage fracs, frac completions on two vertical wells drilled in 2013 and six shallow gas well recompletions in the Thrace Basin of Turkey. Net sales in Turkey in the first quarter of 2014 averaged 1,274 boe/d, including 7.6 million cubic feet per day of natural gas at an average wellhead price of $9.64 per thousand cubic feet and 7 barrels of oil per day. Net sales in Canada averaged 32 boe/d.

First quarter 2014 net sales are tracking 2014 annual guidance, which targets 5 to 10% annualized growth from fourth quarter 2013 sales (1,250 to 1,310 boe/d average sales in 2014) based on a self-funded capital expenditure program of $14 to 17 million (net).