Traverse Energy Ltd. Reports Unaudited Earnings and Production Results for the Second Quarter and Six Months Ended June 30, 2018; Revises Capital Budget for 2018
For the six months, the company reported petroleum and natural gas revenue of $3,758,000 against $5,641,000 a year ago. Cash from operating activities was $1,624,000 against $2,492,000 a year ago. Adjusted funds flow were $1,033,000 or $0.01 per basic and diluted share against $2,588,000 or $0.03 per basic and diluted share a year ago. Net loss was $8,303,000 or $0.08 per basic and diluted share against $1,502,000 or $0.02 per basic and diluted share a year ago. Capital expenditures were $1,989,000 against $5,092,000 a year ago.
For the quarter, the company reported natural gas production of 1,551 Mcf per day against 2,300 Mcf per day a year ago. Oil and NGL production was 262 bbls per day against 384 bbls per day a year ago. Total production was 521 BOE per day against 767 BOE per day a year ago. Production declined as no new production has been added in 2018 and decreased natural gas pricing resulted in the shut-in of natural gas wells during the quarter.
For the six months, the company reported natural gas production of 1,899 Mcf per day against 2,363 Mcf per day a year ago. Oil and NGL production was 280 bbls per day against 425 bbls per day a year ago. Total production was 596 BOE per day against 819 BOE per day a year ago.
The company's 2018 capital budget has currently been reduced to $3.0 million while the assessment of assets and evaluation of the Chigwell Duvernay well continues. The remaining capital budget for 2018 will be financed with adjusted funds flow.