Thursday, June 16, 2011

Vero Energy reported Operational Update for First quarter 2011; Increased oil production by 120% to 1,051 bpd over the same quarter last year; Disclosed 2011 average production guidance of 10,000 – 10,500 boepd (27-28% liquids)

Vero Energy Inc. (Vero) is a Canadian energy company involved in the exploration, development and production of oil, natural gas and liquids in Alberta.  In third quarter 2010, the company has entered into farm-in agreements to earn up to 19 sections of land in Edson core, Alberta. Vero Energy increased the liquids proportion of total production to 25% in the first quarter of 2011 from 20% in the first quarter of 2010. The company also increased oil production by 120% to 1,051 bpd.

Operational Highlights:

During the quarter, Vero participated in the drilling of 11 (9.2 net) horizontal wells and one vertical deep basin gas well. Horizontal drilling activities achieved success on 10 of 11 wells resulting in five Cardium oil wells, four Notikewin wells, and one Viking well. The drilling program enabled the Company to add significant production since Q4 2010, adding approximately 2,700 boepd and yielding current production field estimates of approximately 11,000 boepd (27-28% liquids). 

"In a challenging operating environment, our team has efficiently and effectively executed an active program that added a significant amount of production in a short period of time on our asset base. Many of the production additions have come from exploratory wells and step out locations.  The results have exceeded our expectations and will be followed up throughout the year and into the future“, said Doug Bartole, President and CEO, Vero Energy.

Plans for the Rest of the Year:
For the remainder of the year Vero plans to drill approximately 25-28 gross (17-19 net) horizontal wells with a focus on Cardium light oil which will comprise approximately 20-23 gross (13-15 net) of the horizontal wells. Gas drilling will continue to be high-graded to target high impact, liquids rich wells that have strong economics.  The Company's gas production is liquids rich and averages ~30 bbls/mmcf.
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Vero reiterates its previously released 2011 average production guidance of between 10,000 - 10,500 boed (27-28% liquids). Upon successful implementation of the Company's 2011 program, the production mix is expected to have changed from approximately 22% oil and liquids in 2010 to an estimated 31 - 35% by year end 2011.

Here is an Interactive Tool with regards to Vero Energy's Production and Capital spending data:

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